abrdn Total Dynamic Dividend Fund (AOD) Announces Update on Proposed Acquisition of Assets from First Trust Specialty Finance and Financial Opportunities Fund

Rhea-AI Summary

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.

Positive

• None.

Negative

• Failed acquisition attempt of FGB's assets
• Inability to achieve strategic expansion through proposed reorganization
• Potential loss of synergies and growth opportunities

PHILADELPHIA, PA / ACCESSWIRE / August 29, 2024 / The Board of Trustees of abrdn Total Dynamic Dividend Fund (NYSE:AOD) ("AOD"), announces that shareholders of First Trust Specialty Finance and Financial Opportunities Fund (NYSE:FGB) ("FGB"), advised by First Trust Advisors L.P., did not attain a 1940 Act quorum at its adjourned special meeting of shareholders on August 29, 2024 and therefore there were insufficient votes to pass the proposed reorganization proposal.

Important Information

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

The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Closed-end funds are traded on the secondary market through one of the stock exchanges. Each Acquiring Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that each Acquiring Fund will achieve its investment objective. Past performance does not guarantee future results.

If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com

www.abrdnaod.com

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For More Information Contact:

abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com

SOURCE: abrdn Total Dynamic Dividend Fund

View the original press release on accesswire.com

FAQ

What happened to AOD's proposed acquisition of FGB's assets?

The proposed acquisition did not proceed as FGB shareholders failed to attain the required 1940 Act quorum at the adjourned special meeting on August 29, 2024, resulting in insufficient votes to pass the reorganization proposal.

Why did the AOD and FGB reorganization proposal fail?

The reorganization proposal failed due to insufficient shareholder participation at FGB's adjourned special meeting, which did not meet the required 1940 Act quorum.

What are the implications of the failed acquisition for AOD shareholders?

The failed acquisition means AOD will not be able to expand its asset base or potentially benefit from synergies that could have resulted from the proposed reorganization with FGB.

Will there be another attempt by AOD to acquire FGB's assets?

The press release does not indicate any plans for another acquisition attempt. Future actions would depend on decisions by the fund's management and board of trustees.