abrdn Global Infrastructure Income Fund Announces Adjournment of Special Shareholder Meeting Relating to Proposed Acquisition of Assets of Macquarie Global Infrastructure Total Return Fund Inc
November 09, 2022 at 16:57 PM EST
PHILADELPHIA, PA / ACCESSWIRE / November 9, 2022 / abrdn Global Infrastructure Income Fund ("ASGI" or the "Acquiring Fund") adjourned its special meeting of shareholders (the "Meeting") held on Wednesday, November 9, 2022 to Wednesday, November 23, 2022 at 11:00am eastern time to allow for the solicitation of additional proxies for the Meeting to achieve the requisite quorum.
The August 11, 2022 record date for shareholders entitled to vote at the Meeting remains unchanged. ASGI shareholders who have already voted do not need to take further action. abrdn encourages all shareholders of record of ASGI on August 11, 2022 who have not yet voted to do so as soon as possible.
The Meeting is to approve the issuance of additional common shares of beneficial interest of ASGI in connection with the reorganization of Macquarie Global Infrastructure Total Return Fund Inc. ("MGU"), which is advised by Delaware Management Company, with and into ASGI (the "Reorganization"). The proposed Reorganization is subject to the receipt of necessary shareholder approvals by each Fund. The stockholders of MGU approved the Reorganization at a special stockholder meeting held on November 9, 2022, subject to the approval of the share issuance proposal by shareholders of ASGI.
The combination of ASGI and MGU will help ensure the viability of the Funds, increasing scale, liquidity and marketability changes that may lead to a tighter discount or a premium to NAV over time. Following the Reorganization, shareholders of ASGI will experience an increase in the assets under management and a reduction in total expense ratio. There are no proposed changes to the current objectives or policies of ASGI as a result of the Reorganization, including ASGI's monthly distribution policies and approach as to the use of leverage. ASGI's Board of Trustees believes that the Reorganization is in the best interest of ASGI's shareholders recognizing the strategic objective of creating scale for the benefit of shareholders.
It is currently expected that the Reorganization will be completed in the first quarter of 2023 subject to (i) approval by the ASGI shareholders of the issuance of shares in connection with the Reorganization, and (ii) the satisfaction of customary closing conditions.
Additional information regarding the Reorganization was presented in a proxy statement sent to ASGI's shareholders.
In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., Aberdeen Asset Managers Ltd., abrdn Australia Limited, abrdn Asia Limited, Aberdeen Capital Management, LLC, abrdn ETFs Advisors LLC and Aberdeen Standard 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.
In connection with the proposed combination, ASGI filed with the Securities and Exchange Commission (the "Commission") a proxy statement. Shareholders are advised to read the proxy statement because it contains important information about the proposed transaction and related matters. The proxy statement is available for free at the Commission's website www.sec.gov.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The 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 the 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
For More Information Contact:
abrdn U.S. Closed-End Funds
SOURCE: abrdn Global Infrastructure Income Fund
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