ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) ANNOUNCES CLOSING AND REORGANIZATION OF ABRDN JAPAN EQUITY FUND, INC. (JEQ)

Rhea-AI Summary

abrdn Global Infrastructure Income Fund (NYSE: ASGI) completed the reorganization of abrdn Japan Equity Fund (NYSE: JEQ) after market close on October 10, 2025. JEQ common shareholders received ASGI common shares equal in aggregate NAV to their JEQ holdings based on a conversion ratio of 0.378399 and an ASGI NAV per share of $20.9590 as of 10/10/25.

There are no proposed changes to ASGI's investment objective, strategies, structure, or policies following the reorganization. The release notes standard closed-end fund risks and states this information is not an offer to sell securities.

Positive

• Reorganization completed on October 10, 2025
• Conversion ratio set at 0.378399
• ASGI NAV per share $20.9590 (10/10/25)
• No changes to ASGI investment objective or policies

Negative

• None.

Insights

Closed-end funds strategist

An asset-level reorganization completed; shareholders of JEQ were converted into ASGI shares at NAV, with limited immediate change to strategy.

The transaction exchanged **abrdn Japan Equity Fund, Inc. (JEQ)** common shares for **abrdn Global Infrastructure Income Fund (ASGI)** common shares using a conversion ratio of 0.378399 based on an Acquiring Fund NAV per share of $20.9590 determined at close on October 10, 2025. The mechanism preserved aggregate NAV for JEQ common shareholders by delivering ASGI shares with equivalent aggregate NAV.

There are no stated changes to the Acquiring Fund’s investment objective, strategies, structure, or policies. That limits immediate operational impact and reduces execution risk tied to strategy shifts. Key dependencies and risks include possible market-price versus NAV divergence for closed-end funds, and any integration of portfolio holdings (not detailed) that could affect liquidity or tax attributes for former JEQ holders.

Watch for: any post-closing disclosure of portfolio-level changes, realized tax events reported for the October 10, 2025 reorganization, and secondary-market price behavior of ASGI relative to NAV over the next few weeks as former JEQ shares trade as ASGI. Expect near-term effects to center on trading dynamics and tax reporting rather than investment-policy changes.

PHILADELPHIA, Oct. 13, 2025 /PRNewswire/ -- abrdn Global Infrastructure Income Fund (NYSE: ASGI) ("ASGI" or the "Acquiring Fund) and abrdn Japan Equity Fund, Inc. (NYSE: JEQ) ("JEQ" or the "Acquired Fund"), announce today the completed reorganization of the Acquired Fund with the Acquiring Fund after close of business on October 10, 2025.

In the reorganization, common shareholders of JEQ received an amount of ASGI common shares with a net asset value equal to the aggregate net asset value of their holdings of JEQ common shares, as determined at the close of regular business on October 10, 2025.

Relevant details pertaining to the reorganization are as follows:

Acquiring Fund	Acquired Fund	Acquiring Fund NAV per Share ($) 10/10/25	Conversion Ratio
ASGI	JEQ	$20.9590	0.378399

There are no proposed changes to the current investment objective, strategies, structure, or policies of the Acquiring Fund as a result of the reorganization.

Important Information

In the United States, Aberdeen Investments refers to 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 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. A 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 a Fund will achieve its investment objective. Past performance does not guarantee future results.

Closed end funds | Aberdeen

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SOURCE Aberdeen Investments U.S. Closed End Funds

FAQ

When did ASGI complete the reorganization of JEQ (NYSE:ASGI, JEQ)?

The reorganization was completed after close of business on October 10, 2025.

What conversion ratio was used to convert JEQ shares into ASGI shares?

Shareholders received ASGI shares using a conversion ratio of 0.378399.

What ASGI net asset value per share was used for the JEQ reorganization on 10/10/25?

The acquiring fund's NAV per share used was $20.9590 as of 10/10/25.

Will ASGI change its investment objective or policies after acquiring JEQ?

No; there are no proposed changes to ASGI's investment objective, strategies, structure, or policies.

How were JEQ shareholders compensated in the reorganization with ASGI (ASGI symbol)?

JEQ common shareholders received ASGI common shares with aggregate NAV equal to their JEQ holdings as of 10/10/25.