Welcome to our dedicated page for abrdn Income Credit Strategies Fund news (Ticker: ACP), a resource for investors and traders seeking the latest updates and insights on abrdn Income Credit Strategies Fund stock.
abrdn Income Credit Strategies Fund (ACP) is a diversified, closed-end management investment company listed on the New York Stock Exchange under the symbol ACP. The primary investment objective of ACP is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund predominantly invests in debt and loan instruments across various industries and geographic regions, providing a diversified portfolio that aims to maximize returns while managing risks.
Recently, ACP has been involved in significant corporate actions aimed at enhancing shareholder value. On October 23, 2023, the Board of Trustees announced the proposed reorganization of several closed-end investment companies advised by First Trust Advisors, L.P. into ACP. This strategic move, subject to shareholder approval, is designed to increase the Fund's scale, liquidity, and marketability, potentially leading to a tighter discount or a premium to NAV over time. The reorganization is expected to be completed by the first quarter of 2024.
Financially, ACP is committed to maintaining a stable distribution policy. For example, on December 11, 2023, ACP declared a cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA), payable on January 2, 2024. This highlights ACP's consistent approach to delivering value to its shareholders.
abrdn, the marketing name for several affiliated, registered investment advisers, manages ACP. These advisers include abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited, and abrdn ETFs Advisors LLC. The Fund's performance and returns are subject to fluctuations in market conditions, and past performance does not guarantee future results.
In summary, ACP offers investors an opportunity to gain exposure to a diversified portfolio of debt and loan instruments with a focus on high current income and capital appreciation. The Fund's proactive management and strategic initiatives aim to enhance shareholder value and ensure long-term viability.
abrdn National Municipal Income Fund (NYSE American:VFL) held its Annual Meeting of Shareholders on September 30, 2024. Shareholders voted to re-elect the Board of Trustees. As of the record date, August 6, 2024, the Fund had 12,278,003 outstanding common shares and 990 outstanding preferred shares. 82.83% of common shares and 100% of preferred shares were voted, representing a quorum.
The election results were as follows:
- Christian Pittard: 9,823,801 votes for, 346,551 votes against/withheld
- Todd Reit: 9,843,574 votes for, 326,778 votes against/withheld
- Nancy Yao (preferred only): 990 votes for
- C. William Maher (preferred only): 990 votes for
The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.250% Series A Perpetual Preferred Shares (NYSE:ACP PRA). The distribution is payable on September 30, 2024, to shareholders of record on September 20, 2024. The Series A Preferred Shares, rated 'A2' by Moody's, have an annual dividend rate of $1.3125 per share and were initially issued at $25.00 per share on May 10, 2021. The Fund notes that distributions may come from various sources, including short-term and long-term capital gains or return of capital. Shareholders will receive a Form 1099-DIV in January 2025 detailing the tax treatment of these distributions.
The abrdn Global Infrastructure Income Fund (NYSE:ASGI) announced a distribution of $0.2100 per share, payable on September 30, 2024, to shareholders of record as of September 20, 2024. The fund follows a managed distribution policy to provide stable income. The distribution sources are estimated as:
- 14% from net investment income
- 56% from net realized long-term gains
- 30% from return of capital
ASGI's 5-year average annual total return on NAV is 9.26%, with a current fiscal period's annualized distribution rate on NAV of 9.56%. Shareholders are advised not to draw conclusions about the fund's performance from the distribution amount or policy.
The abrdn Total Dynamic Dividend Fund (NYSE:AOD) announced that the proposed acquisition of assets from First Trust Specialty Finance and Financial Opportunities Fund (NYSE:FGB) did not proceed as planned. At the adjourned special meeting of FGB shareholders on August 29, 2024, the required 1940 Act quorum was not attained, resulting in insufficient votes to pass the reorganization proposal. This outcome means that the proposed asset transfer between the two funds will not take place as initially intended.
The Board of Trustees of abrdn Income Credit Strategies Fund (NYSE:ACP) has announced that the previously approved reorganization with First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) is expected to close on September 20, 2024. FAM shares will cease trading on the NYSE at market close on that date, and FAM shareholders will receive newly issued ACP shares based on relative net asset values. The combined fund's net assets are estimated to be approximately $845 million as of August 21, 2024.
This reorganization aims to benefit shareholders by realizing economies of scale, increasing the fund's scale, liquidity, and marketability. The move is expected to ensure the viability of the resulting combined fund and provide greater opportunities for shareholders.
abrdn Income Credit Strategies Fund (NYSE:ACP) has announced that shareholders of First Trust/abrdn Global Opportunity Income Fund (NYSE:FAM) have approved the proposed reorganization into ACP. The reorganization is targeted to complete by the end of September 2024, subject to closing conditions. FAM shares will cease trading on the NYSE, and shareholders will receive new ACP shares based on relative net asset values. Post-reorganization, ACP's combined net assets are estimated at $830 million.
The reorganization aims to benefit shareholders through economies of scale, increased fund size, enhanced liquidity, and improved marketability. It's expected to ensure the viability of the resulting combined fund. The press release emphasizes that this information is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy securities.
abrdn Income Credit Strategies Fund (NYSE:ACP) and First Trust High Income Long/Short Fund (NYSE:FSD) have completed their reorganization on July 19, 2024. FSD shareholders received ACP common shares with an equivalent net asset value. The conversion ratio was 1.893482, with ACP's NAV per share at $6.6326 on the closing date. No changes are planned for ACP's investment objectives, strategies, or policies post-reorganization.
abrdn, managing over $472.8 billion in assets as of March 31, 2024, welcomes FSD shareholders to its fund family. The company emphasizes its global presence and commitment to creating long-term value for clients. First Trust Advisors LP, FSD's former advisor, manages approximately $228 billion in assets as of June 30, 2024.
The abrdn Income Credit Strategies Fund (NYSE:ACP) has announced the closing date for its acquisition of assets from the First Trust High Income Long/Short Fund (NYSE:FSD). The reorganization, approved by FSD shareholders, will finalize on July 19, 2024, assuming all customary conditions are met. This reorganization will result in the cessation of FSD shares trading on the NYSE after the market closes on July 19, 2024. FSD shareholders will receive ACP shares equivalent to the net asset value of their FSD holdings.
Post-reorganization, ACP's combined net assets are projected to be approximately $765.3 million. The merger aims to provide shareholders with benefits such as economies of scale, increased liquidity, and marketability. Additionally, ACP announced a distribution payment of $0.10 per share, payable on July 31, 2024, to shareholders of record as of July 19, 2024.
On June 25, 2024, abrdn U.S. Closed-End Funds held their Annual Meeting of Shareholders. Three funds were involved: abrdn Healthcare Investors (HQH), abrdn Healthcare Opportunities Fund (THQ), and abrdn World Healthcare Fund (THW). Shareholders voted to elect trustees for each fund.
For HQH, Rose DiMartino and C. William Maher were elected with over 90% of the votes. THQ's Kathleen Goetz and Todd Reit were elected with more than 97% of the votes. Lastly, Jeffrey A. Bailey and C. William Maher were elected for THW with around 97% support.
The record date for these votes was April 1, 2024, with HQH having 50,624,847 shares, THQ 41,356,058, and THW 38,244,601.
The Board of Trustees of abrdn Income Credit Strategies Fund has declared a quarterly cash distribution of $0.328125 per share for its 5.25% Series A Perpetual Preferred Shares (NYSE: ACP PRA).
The dividend is payable on July 1, 2024, to shareholders on record as of June 21, 2024.
The annual dividend rate of these shares is $1.3125 per share, and they were initially issued on May 10, 2021, at $25 per share.
Payments may come from various income sources, including capital gains and return of capital, and tax treatment will be detailed in Form 1099-DIV sent in January 2025.
Investors should note that the Fund's value may fluctuate, and shares can trade at a premium or discount relative to NAV.
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