First Trust Specialty Finance and Financial Opportunities Fund Announces Results of Special Meeting of Shareholders Relating to the Proposed Reorganization with and into abrdn Total Dynamic Dividend Fund

Rhea-AI Summary

First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) announced the results of its special meeting of shareholders held on August 29, 2024. Shareholders were asked to vote on the proposed reorganization of FGB with and into abrdn Total Dynamic Dividend Fund (AOD). The proposal required a majority vote of FGB's outstanding voting securities but failed to secure the necessary support. As a result, FGB will continue to operate independently, pursuing its current investment objectives and policies. The Fund's Board will determine future actions in the best interest of FGB. First Trust Advisors L.P. (FTA), FGB's investment advisor, manages approximately $235 billion in assets as of July 31, 2024, across various investment products.

Positive

• FGB will continue to operate independently, maintaining its current investment strategy
• FTA, the Fund's advisor, manages a substantial $235 billion in assets

Negative

• The proposed reorganization with AOD failed to secure shareholder approval
• Lack of shareholder support for the merger may indicate concerns about the Fund's direction

WHEATON, Ill.--(BUSINESS WIRE)-- First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) (the “Fund”), a diversified, closed-end management investment company organized as a Massachusetts business trust, announced today the results of the special meeting of shareholders held on August 29, 2024 (the “Special Meeting”). At the Special Meeting, shareholders were asked to vote on the reorganization of the Fund with and into abrdn Total Dynamic Dividend Fund (“AOD”) (the “Proposal”). The Proposal required the affirmative vote of a majority of the Fund’s outstanding voting securities, as such term is defined in the 1940 Act. The affirmative vote of less than a majority of the Fund’s outstanding voting securities was received, and therefore the Proposal was not approved. The Fund will continue to operate and pursue its current investment objectives and policies, and the Board will take such action as it deems in the best interest of the Fund.

First Trust Advisors L.P. (“FTA) is a federally registered investment advisor and serves as the investment advisor of the Fund. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $235 billion as of July 31, 2024, through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, and abrdn ETFs Advisors LLC.

Additional Information / Forward-Looking Statements

This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of the Fund or AOD. An investor should carefully consider the investment objectives, risks, charges and expenses of the Fund and AOD before investing.

Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of FTA and the funds managed by FTA and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA, the Fund and AOD undertake no responsibility to update publicly or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240829973393/en/

Jeff Margolin – (630) 517-7643

Daniel Lindquist – (630) 765-8692

Chris Fallow – (630) 517-7628

Source: First Trust Advisors L.P.

FAQ

What was the outcome of FGB's special shareholder meeting on August 29, 2024?

The proposed reorganization of FGB with abrdn Total Dynamic Dividend Fund (AOD) failed to receive the required majority vote from shareholders and was not approved.

Will FGB continue to operate after the failed merger vote?

Yes, FGB will continue to operate independently and pursue its current investment objectives and policies.

How much assets does First Trust Advisors L.P., FGB's investment advisor, manage?

First Trust Advisors L.P. manages approximately $235 billion in assets as of July 31, 2024, across various investment products.

What actions will FGB's Board take following the failed merger vote?

The Board will take actions deemed in the best interest of the Fund, but specific details were not provided in the press release.