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Delaware Enhanced Global Dividend and Income Fund announces final distribution amounts
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) announced a final distribution of $0.0509 per share due to its reorganization into the Global Dynamic Dividend Fund (AGD). This distribution will be payable on March 3, 2023, to shareholders of record as of February 24, 2023. The paid amount comprises the Fund's undistributed tax-exempt interest income and capital gains through March 10, 2023. The reorganization plan, approved by shareholders on December 12, 2022, involves transferring assets to AGD and will lead to the Fund's dissolution and delisting post-acquisition.
Positive
Final distribution of $0.0509 per share reflects the Fund's undistributed income.
Successful acquisition plan approved by shareholders, ensuring continuity for investors.
Negative
The Fund will be delisted following the acquisition, potentially affecting liquidity for current shareholders.
PHILADELPHIA--(BUSINESS WIRE)--
Today, Delaware Enhanced Global Dividend and Income Fund(the “Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “DEX”, announced that the Fund will make a final distribution of $0.0509 per share in connection with the reorganization of the Fund into arbdn Global Dynamic Dividend Fund (the “Acquiring Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “AGD” (the “Reorganization”). The final distribution will be payable March 3, 2023 to common shareholders of record on February 24, 2023 and will be paid out in cash (no dividends will be reinvested). The final Fund distribution will consist of substantially all of the Fund’s undistributed tax-exempt interest income, ordinary income and capital gain net income, if any, earned and anticipated to be earned through the close of business on March 10, 2023. In early 2024, common shareholders of the Fund will receive a Form 1099-DIV for the calendar year 2023 that will tell shareholders how to report these distributions for federal income tax purposes.
The final distribution is being made in connection with an Agreement and Plan of Acquisition (the “Plan of Acquisition”) providing for (i) the acquisition by the Acquiring Fund of substantially all of the assets of the Fund, in exchange for newly issued common shares of the Acquiring Fund; (ii) the distribution of such newly issued common shares of the Acquiring Fund to holders of common shares of the Fund; and (iii) the dissolution of the Fund thereafter. The Plan of Acquisition was approved by shareholders at the Special Meeting of Shareholders held on December 12, 2022, and the transaction is currently anticipated to close on or about March 10, 2023 at approximately 5:00 pm ET. Following completion of the acquisition, the Fund will be delisted.
In connection with the Agreement and Plan of Reorganization, the Fund has filed relevant materials with the U.S. Securities and Exchange Commission, including a Form N-14 registration statement for the Acquiring Fund that contained a prospectus. The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of any fund.
All shareholders are advised to read the proxy statement/prospectus in its entirety because it contains important information regarding the Fund, the Acquiring Fund, the Agreement and Plan of Reorganization, the Board’s considerations in recommending the Agreement and Plan of Reorganization, and related matters. Shareholders may obtain a free copy of the proxy statement/prospectus and other documents filed with the SEC, including the Fund’s most recent annual reports to shareholders, on the SEC’s website at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. Copies of all of these documents may be obtained upon request without charge by visiting the Fund’s website at delawarefunds.com/closed-end, or by writing to the Fund at 610 Market Street, Philadelphia, PA 19106-2354, or calling 866 437-0252.
About the Fund
Delaware Enhanced Global Dividend and Income Fund, a diversified closed-end fund, is listed on the New York Stock Exchange. The Fund’s investment adviser is Delaware Management Company (“Investment Adviser”), a series of Macquarie Investment Management Business Trust, which is a subsidiary of Macquarie Management Holdings, Inc. (“MMHI”). MMHI is a subsidiary, and subject to the ultimate control, of Macquarie Group Limited. Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US508 billion in assets globally,1 we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments and renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.
The Fund's primary investment objective is to seek current income, with a secondary objective of capital appreciation. Under normal market conditions, the Fund invests globally at least 80% of its assets in a combination of dividend-paying or income-generating securities across multiple asset classes, including but not limited to: equity securities of large, well-established companies; securities issued by real estate companies (including real estate investment trusts and real estate industry operating companies); debt securities (such as government bonds; investment grade and high risk, high yield corporate bonds; and convertible bonds); and emerging market securities. The Fund also uses enhanced income strategies by engaging in dividend capture trading; option overwriting; and realization of gains on the sale of securities, dividend growth, and currency forwards. There is no assurance that the Fund will achieve its investment objectives.
Under normal market conditions, the Fund will invest: (1) at most 60% of its net assets in securities of US issuers; (2) at least 40% of its net assets in securities of non-US issuers, unless market conditions are not deemed favorable by the Manager, in which case, the Fund would invest at least 30% of its net assets in securities of non-US issuers; and (3) up to 25% of its net assets in securities issued by real estate companies (including real estate investment trusts and real estate industry operating companies). In addition, the Fund utilizes leveraging techniques in an attempt to obtain higher return for the Fund.
1 As of September 30, 2022
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this press release is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this press release relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
