Delaware Investments Dividend and Income Fund, Inc. announces completion of reorganization into abrdn Global Dynamic Dividend Fund
03/13/2023 - 07:48 AM
PHILADELPHIA --(BUSINESS WIRE)--
Today, Delaware Investments Dividend and Income Fund, Inc. (the “Fund”), a New York Stock Exchange -listed closed-end fund trading under the symbol “DDF,” announced that the acquisition of substantially all of the assets of the Fund by abrdn Global Dynamic Dividend Fund (the “Acquiring Fund”), a New York Stock Exchange -listed closed-end fund trading under the symbol “AGD,” was completed on March 10, 2023 at approximately 5:00 pm ET (the “Reorganization”). Fund shareholders approved an Agreement and Plan of Acquisition that provided for the Reorganization at a Special Meeting of Shareholders held on November 30, 2022 .
Relevant details as of the closing of the Reorganization are as follows:
FUND
NAV/SHARE ($)
CONVERSION RATIO
abrdn Global Dynamic Dividend Fund
10.5040
N/A
Delaware Investments Dividend and Income Fund, Inc.
8.4221
0.801802
Any applicable fractional shares will be paid as cash-in-lieu to the applicable holder.
The Reorganization was structured as a tax-free transaction. In early 2024, shareholders of the Fund will receive a Form 1099-DIV for the calendar year 2023 that will tell shareholders how to report Fund distributions for federal income tax purposes.
The Fund will be de-listed from the New York Stock Exchange and dissolved. Questions regarding the exchange of shares of the Fund in connection with the Reorganization should be directed to 800 522-5465.
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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Investors
delawarefunds.com/closed-end
Media contact
Lee Lubarsky
Lee.Lubarsky@macquarie.com
Source: Delaware Investments Dividend and Income Fund, Inc.
Delaware Investments Dividend and Income Fund, Inc.
DDF Rankings
N/A Ranked by Stock Gains
DDF Stock Data
Industry
Securities and Commodity Exchanges
Sector
Finance and Insurance
Tags
Miscellaneous, Investment Trusts/Mutual Funds
Country
US
City
Philadelphia
About DDF
The primary investment objective of the Fund is to seek high current income with capital appreciation as a secondary objective.
The Fund is a diversified closed-end fund. The primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities. Up to 35% of the Fund's total assets may be invested in nonconvertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.
