PHILADELPHIA -- (Business Wire)
Today, Delaware Enhanced Global Dividend and Income Fund(the “Acquired Fund”), a New York Stock Exchange-listed closed-end fund trading under the symbol “DEX”, announced that the Acquired Fund will make final distributions in connection with the reorganization of the Acquired 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. The final Acquired Fund distributions will consist of substantially all of the Acquired 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 Acquired 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 as follows:
ESTIMATED DIVIDEND PER SHARE
Delaware Enhanced Global Dividend and Income Fund
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 Acquired 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 Acquired Fund; and (iii) the dissolution of the Acquired 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 Acquired Fund will be delisted.
About the Acquired 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 & 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.
© 2023 Macquarie Management Holdings, Inc.
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Source: Macquarie Investment Management
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