abrdn Global Infrastructure Income Fund Announces Results of Special Shareholder Meetings Relating to Proposed Reorganization With Macquarie Global Infrastructure Total Return Fund Inc. and Ratification of Independent Registered Public Accounting Firm

Rhea-AI Summary

abrdn Global Infrastructure Income Fund (NYSE:ASGI) held a special shareholder meeting on December 9, 2022, where shareholders voted to approve the issuance of additional shares as part of the reorganization with Macquarie Global Infrastructure Total Return Fund Inc. (MGU). A significant 82.61% of outstanding shares were voted, with 3,136,748 in favor and 429,816 against the share issuance. Additionally, KPMG LLP was ratified as the Fund's independent accounting firm for the fiscal year ending September 30, 2023, with 6,369,207 votes in favor. The reorganization is expected to complete in Q1 2023, pending customary conditions.

Positive

• Approval of additional share issuance for Fund reorganization strengthens capital base.
• High shareholder participation (82.61%) indicates strong investor interest and support.

Negative

• Potential dilution of existing shares due to additional share issuance.

PHILADELPHIA, PA / ACCESSWIRE / December 9, 2022 / abrdn Global Infrastructure Income Fund (NYSE:ASGI) announced that it held a special meeting of shareholders on December 9, 2022 (the "Meeting") at which shareholders of the Fund voted to approve (i) the issuance of additional shares of the Fund in connection with the proposed reorganization of Macquarie Global Infrastructure Total Return Fund Inc. and (ii) ratified the selection of KPMG LLP as the Fund's independent registered public accounting firm for the fiscal year ending September 30, 2023.

As of the record date, August 11, 2022, the Fund had outstanding 8,855,000 shares of common stock. 82.61% of outstanding common stock were voted, representing a quorum.

Proposal 1: To approve the issuance of additional shares of beneficial interest of the Fund in connection with the reorganization of Macquarie Global Infrastructure Total Return Fund Inc. ("MGU"), another closed-end fund, with and into the Fund.

Votes For	Votes Against	Votes Abstained
3,136,748	429,816	183,879

Proposal 2: To ratify the selection of KPMG LLP as independent registered accounting firm for the Fund for the fiscal year ending September 30, 2023.

Votes For	Votes Against	Votes Abstained
6,369,207	327,294	618,857

The shareholders of MGU approved the reorganization at a special shareholder meeting also held on November 9, 2022. It is currently expected that the reorganization will be completed in the first quarter of 2023 subject to the satisfaction of customary closing conditions.

Important Information

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and abrdn Alternative Funds 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 If you wish to receive this information electronically, please contact Investor.Relations@abrdn.com

https://www.abrdn.com/en-us/cefinvestorcenter/fund-centre/closed-end-funds

For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com

SOURCE: abrdn Global Infrastructure Income Fund

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FAQ

What was approved at the special meeting for ASGI on December 9, 2022?

Shareholders of ASGI approved the issuance of additional shares related to the reorganization with MGU and ratified KPMG LLP as the independent accounting firm for fiscal year 2023.

How many shares were voted at the ASGI shareholder meeting?

A total of 82.61% of outstanding shares were voted at the ASGI shareholder meeting.

What is the expected timeline for the reorganization involving ASGI?

The reorganization with MGU is expected to be completed in the first quarter of 2023, subject to customary closing conditions.

Who is the independent accounting firm for ASGI for fiscal year 2023?

KPMG LLP was ratified as the independent registered public accounting firm for ASGI for the fiscal year ending September 30, 2023.