Welcome to our dedicated page for First Trust Specialty Finance news (Ticker: FGB), a resource for investors and traders seeking the latest updates and insights on First Trust Specialty Finance stock.
This page provides a historical news archive for First Trust Specialty Finance and Financial Opportunities Fund (FGB), a diversified, closed-end management investment company that focused on specialty finance and other financial companies. Company announcements describe FGB as seeking a high level of current income, with a secondary objective of attractive total return, by investing at least 80% of its managed assets in securities of specialty finance and other financial firms that its sub-advisor believed offered opportunities for income and capital appreciation.
The news flow for FGB has included regular distribution declarations, detailing its quarterly per-share distributions and explaining that portions of these payments could come from net investment income, capital gains, or return of capital. Releases also routinely outlined principal risk factors, such as market risk, current market conditions risk, risks tied to investments in business development companies (BDCs), real estate investment trusts (REITs), mortgage-related and other asset-backed securities, sector concentration in financials, and the effects of leverage.
A significant portion of the more recent news coverage concerns the fund’s corporate actions and reorganization. Press releases and a Form 8-K report that shareholders approved, and the fund completed, a reorganization of FGB into FT Confluence BDC & Specialty Finance Income ETF (FBDC), an actively managed ETF managed by First Trust Advisors L.P. and sub-advised by Confluence Investment Management LLC. These items explain that FGB’s assets were transferred to FBDC, its liabilities were assumed by FBDC, and FGB shareholders received FBDC shares equal in value to their FGB holdings.
Investors and researchers can use this news archive to review FGB’s historical distribution announcements, risk disclosures, shareholder meeting results, and the sequence of events leading to its ETF reorganization and subsequent removal from NYSE listing.
First Trust Advisors (FTA) announced the adjournment of a special shareholder meeting for the reorganization of the First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) with abrdn Total Dynamic Dividend Fund (AOD). Initially held on August 22, 2024, the meeting will reconvene on August 29, 2024, at 1:00 PM Central time in Wheaton, Illinois. This adjournment allows more time for shareholders to vote. Shareholders of record as of October 23, 2023, are entitled to vote. The proxy statement, containing details about the reorganization, is available online. The Board recommends voting 'FOR' the reorganization, which they believe is in the Fund's best interests.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) has declared a quarterly distribution of $0.10 per share, payable on August 30, 2024, to shareholders of record as of August 22, 2024. The distribution rate is 9.55% based on the August 9, 2024 NAV of $4.19, and 10.39% based on the closing market price of $3.85. The Fund seeks to provide high current income and attractive total return by investing in specialty finance and financial companies. As of July 31, 2024, First Trust Advisors L.P., the Fund's investment advisor, had approximately $235 billion in assets under management or supervision. Confluence Investment Management serves as the Fund's sub-advisor, with $12.2 billion in assets under management and advisement as of June 30, 2024.
First Trust Advisors L.P. announced the adjournment of the special meeting of shareholders for First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB). The meeting, originally held on July 25, 2024, will reconvene on August 22, 2024 to allow additional time for shareholders to vote on the proposed reorganization of FGB with and into abrdn Total Dynamic Dividend Fund (AOD).
Shareholders of record as of October 23, 2023, are eligible to vote. The Fund's Board of Trustees recommends voting 'FOR' the reorganization, believing it to be in the best interests of the Fund. Shareholders can vote using methods described in the previously mailed proxy materials. For questions or voting assistance, shareholders can contact EQ Fund Solutions, at (866) 796-7172.
First Trust Advisors L.P. (FTA) announced the adjournment of a special meeting of shareholders for the First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB). The meeting, originally held on July 11, 2024, has been rescheduled to July 25, 2024, at 1:00 PM Central time to allow additional time for shareholder voting regarding the proposed reorganization of the Fund with and into the abrdn Total Dynamic Dividend Fund (AOD).
The Board of Trustees recommends voting 'FOR' the reorganization, which they believe is in the best interest of the Fund. Shareholders of record as of October 23, 2023, are entitled to vote. Voting options are detailed in previously mailed proxy materials, also available online. FTA manages approximately $228 billion in assets as of June 30, 2024.
First Trust Advisors announced the adjournment of the special meeting for shareholders of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) initially held on June 18, 2024. The meeting has been rescheduled to July 11, 2024, to allow additional time for shareholder voting on the proposed reorganization with abrdn Total Dynamic Dividend Fund (AOD). Shareholders of record as of October 23, 2023, are eligible to vote. The board recommends voting in favor of the reorganization, which they believe is in the best interest of the Fund. Shareholders are encouraged to read the detailed proxy statement available online. For assistance, they can contact EQ Fund Solutions at (866) 796-7172.
First Trust Advisors (FTA) announced the adjournment of a special shareholder meeting for First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) held on May 30, 2024. The meeting will reconvene on June 18, 2024, to allow more time for shareholder voting on the proposed reorganization with abrdn Total Dynamic Dividend Fund (AOD). Shareholders of record as of October 23, 2023, are eligible to vote. The proxy materials, containing critical information on the reorganization, are available online. The FGB Board recommends voting in favor of the reorganization, which they believe is in the best interest of the Fund. FTA and its affiliate First Trust Portfolios L.P. manage around $218 billion in assets.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) announced an increase in its quarterly distribution to $0.10 per share, up from $0.0825, effective May 31, 2024. This represents a 21.21% increase. The distribution rate is 8.95% based on the NAV of $4.47 and 10.31% based on the market price of $3.88 as of May 10, 2024. The ex-dividend date is May 22, 2024, and the record date is May 23, 2024. A portion of this distribution may be sourced from capital gains and return of capital. The Fund aims to provide high current income and attractive total returns by investing at least 80% of its managed assets in specialty finance and financial companies. First Trust Advisors manages the Fund, boasting approximately $218 billion in assets as of April 30, 2024. Confluence Investment Management serves as the investment sub-advisor, managing $13 billion in assets as of March 31, 2024.
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