Delaware Enhanced Global Dividend and Income Fund announces completion of reorganization into abrdn Global Dynamic Dividend Fund

Rhea-AI Summary

Delaware Enhanced Global Dividend and Income Fund (DEX) announced the completion of its asset acquisition by abrdn Global Dynamic Dividend Fund (AGD) on March 10, 2023. This reorganization was approved by shareholders on December 12, 2022. As of the closing, the NAV per share for DEX was $8.7778, and the conversion ratio was 0.835659. Shareholders will receive cash for fractional shares and a Form 1099-DIV in early 2024 for reporting distributions. This tax-free transaction will result in DEX being delisted from the New York Stock Exchange and subsequently dissolved.

Positive

• Completion of asset acquisition by AGD is expected to enhance shareholder value.
• The reorganization was structured as a tax-free transaction, benefiting shareholders.

Negative

• DEX will be delisted from the NYSE and dissolved, eliminating the fund as an investment option.

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 acquisition of substantially all of the assets of the Fund by abrdn Global Dynamic Dividend Fund (the “Acquiring Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “AGD,” was completed on March 10, 2023 at approximately 5:00 pm ET (the “Reorganization”). Fund shareholders approved an Agreement and Plan of Acquisition that provided for the Reorganization at a Special Meeting of Shareholders held on December 12, 2022.

Relevant details as of the closing of the Reorganization are as follows:

FUND	NAV/SHARE ($)	CONVERSION RATIO
abrdn Global Dynamic Dividend Fund	10.5040	N/A
Delaware Enhanced Global Dividend and Income Fund	8.7778	0.835659

Any applicable fractional shares will be paid as cash-in-lieu to the applicable holder.

The Reorganization was structured as a tax-free transaction. In early 2024, shareholders of the Fund will receive a Form 1099-DIV for the calendar year 2023 that will tell shareholders how to report Fund distributions for federal income tax purposes.

The Fund will be de-listed from the New York Stock Exchange and dissolved. Questions regarding the exchange of shares of the Fund in connection with the Reorganization should be directed to 800 522-5465.

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.

© 2023 Macquarie Management Holdings, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005463/en/

Investors

Computershare

866 437-0252

delawarefunds.com/closed-end

Media

Lee Lubarsky

347 302-3000

Lee.Lubarsky@macquarie.com

Source: Delaware Enhanced Global Dividend and Income Fund

FAQ

What are the details of the DEX and AGD acquisition?

The acquisition of the Delaware Enhanced Global Dividend and Income Fund (DEX) by abrdn Global Dynamic Dividend Fund (AGD) was completed on March 10, 2023, with a conversion ratio of 0.835659.

When will DEX shareholders receive their 1099-DIV for 2023?

DEX shareholders will receive a Form 1099-DIV in early 2024 for reporting distributions for the calendar year 2023.

How will fractional shares be handled after the DEX acquisition?

Any applicable fractional shares from the DEX acquisition will be paid to holders in cash-in-lieu.

What is the NAV per share for DEX and AGD after the acquisition?

As of the acquisition's closing, the NAV per share for DEX was $8.7778 and for AGD was $10.5040.