First Trust Announces Adjournment of Special Meeting of Shareholders Relating to the Reorganization of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund with and into abrdn Global Infrastructure Income Fund

Rhea-AI Summary

First Trust Advisors (FTA) announced the adjournment of the special meeting of shareholders of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE: MFD) from May 30, 2024, to June 18, 2024. The delay aims to allow more time for additional shareholder solicitation and voting on the proposed reorganization with abrdn Global Infrastructure Income Fund (ASGI). The meeting will reconvene at FTA’s offices in Wheaton, Illinois. Shareholders of record as of October 23, 2023, are eligible to vote. The Board of Trustees recommends voting in favor of the reorganization. Detailed information is available in the proxy statement on FTA's and SEC's websites. FTA manages $218 billion in assets across various investment products.

Positive

• FTA manages $218 billion in assets.
• The Board of Trustees recommends the reorganization, suggesting confidence in its benefits.
• Shareholders have additional time to vote, potentially leading to higher participation.
• FTA offers diversified investment products, indicating robust business operations.
• Availability of detailed proxy statement enhances transparency.

Negative

• Adjournment might indicate insufficient initial shareholder support.
• Delays can create uncertainty, potentially affecting stock performance.
• Shareholders need to take additional steps to participate, which might cause inconvenience.
• Potential risks involved in transitioning to a new fund (ASGI).
• Increased solicitation efforts may imply higher costs.

WHEATON, Ill.--(BUSINESS WIRE)-- First Trust Advisors L.P. (“FTA”) announced today that the special meeting of shareholders of Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE: MFD) (the “Fund”) held on May 30, 2024 has been adjourned in order to permit additional solicitation of shareholders and to allow shareholders additional time to vote on the reorganization of the Fund with and into abrdn Global Infrastructure Income Fund (“ASGI”). The special meeting of shareholders of the Fund will reconvene on Tuesday, June 18, 2024 at 12:00 Central time in the offices of FTA at 120 East Liberty Drive, Suite 400, Wheaton, Illinois (the “Meeting”).

Shareholders of record of the Fund as of the close of business on October 23, 2023, are entitled to vote at the Meeting. Whether or not shareholders plan to attend the Meeting, it is important that their shares be represented and voted at the Meeting. Shareholders may vote their shares by one of the methods described in the proxy materials previously mailed to them, which includes a combined proxy statement and prospectus (the “proxy statement”). The proxy statement contains important information regarding the proposed reorganization and shareholders of the Fund are urged to read the proxy statement and accompanying materials carefully. The proxy statement is also available at https://www.ftportfolios.com/Common/ContentFileLoader.aspx?ContentGUID=4abc7449-93e1-4e79-b1c8-95f2d0c033a7 and the Securities and Exchange Commission’s website at www.sec.gov. If shareholders have any questions regarding the proposals, or need assistance voting, they may call EQ Fund Solutions, LLC at (877) 864-5057. The Board of Trustees of the Fund believes the reorganization is in the best interests of the Fund and recommend that shareholders vote “FOR” the reorganization.

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 $218 billion as of April 30, 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, abrdn Private Equity (Europe) 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 ASGI; nor is this press release intended to solicit a proxy from any shareholder of the Fund. The Fund and their trustees and officers, FTA, abrdn and certain of their respective officers and employees, and other persons may be deemed under the rules of the Securities and Exchange Commission to be participants in the solicitation of proxies from shareholders in connection with the matters described above. Information about the Fund’s trustees and officers, FTA and its officers and employees, and other persons may be found in the proxy statement.

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 ASGI undertake no responsibility to update publicly or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240531977536/en/

Jeff Margolin – (630) 517-7643

Daniel Lindquist – (630) 765-8692

Chris Fallow – (630) 517-7628

Source: First Trust Advisors L.P.

FAQ

Why was the special meeting of shareholders for MFD adjourned?

The meeting was adjourned to allow additional time for shareholder solicitation and voting on the proposed reorganization with ASGI.

When will the adjourned special meeting for MFD reconvene?

The meeting will reconvene on June 18, 2024, at 12:00 Central time.

Where will the reconvened MFD special meeting take place?

The meeting will take place at FTA’s offices at 120 East Liberty Drive, Suite 400, Wheaton, Illinois.

Who is eligible to vote at the reconvened MFD special meeting?

Shareholders of record as of October 23, 2023, are entitled to vote.

What is the proposed reorganization about in the MFD special meeting?

The proposed reorganization involves merging Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund into abrdn Global Infrastructure Income Fund.

How can MFD shareholders vote on the reorganization?

Shareholders can vote using methods described in the previously mailed proxy materials, which include a combined proxy statement and prospectus.

Where can MFD shareholders find more information about the reorganization?

Detailed information is available in the proxy statement on FTA's website and the SEC's website.

What does the Board of Trustees recommend regarding the MFD reorganization?

The Board of Trustees recommends that shareholders vote 'FOR' the reorganization.