Delaware Investments Dividend and Income Fund, Inc. Announces Board Approval of Reorganization with abrdn Global Dynamic Dividend Fund

·5 min read

PHILADELPHIA, August 11, 2022--(BUSINESS WIRE)--Today, Delaware Investments Dividend and Income Fund, Inc. (the "Acquired Fund"), a New York Stock Exchange-listed closed-end fund trading under the symbol "DDF", announced that its Board of Directors (the "Board") approved the reorganization of the Acquired Fund into abrdn Global Dynamic Dividend Fund (the "Acquiring Fund"), a New York Stock Exchange-listed closed-end fund trading under the symbol "AGD" (the "Reorganization").

It is currently expected that the Reorganization will be completed in the first quarter of 2023 subject to (i) approval of the Reorganization by the Acquired Fund shareholders, (ii) approval by Acquiring Fund shareholders of the issuance of shares of the Acquiring Fund, and (iii) the satisfaction of customary closing conditions.

Delaware Management Company, a series of Macquarie Investment Management Business Trust, is the investment manager of the Acquired Fund. Macquarie Investment Management Austria Kapitalanlage AG is the sub-adviser of the Acquired Fund and provides asset allocation services to the Acquired Fund. Aberdeen Asset Managers Limited is the investment adviser of the Acquiring Fund.

This press release is not intended to, and does not constitute an offer to purchase or sell shares of the Acquired Fund or Acquiring Fund nor is this press release intended to solicit a proxy from any shareholder of any of the Acquired Fund or Acquiring Fund. The solicitation of the purchase or sale of securities or of proxies to effect the Reorganization will only be made by a definitive Proxy Statement/Prospectus of the Acquired Fund and Acquiring Fund and a definitive Proxy Statement of the Acquiring Fund.

The Proxy Statement/Prospectus and the Proxy Statement have yet to be filed with the US Securities and Exchange Commission (the "SEC"). After the Proxy Statement/Prospectus and Proxy Statement are filed with the SEC, each may be amended or withdrawn. The Proxy Statement/Prospectus will not be distributed to shareholders of the Acquired Fund unless and until a Registration Statement comprising of the Proxy Statement/Prospectus is declared effective by the SEC.

SHAREHOLDERS OF THE ACQUIRED FUND ARE URGED TO READ CAREFULLY THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATION. SHAREHOLDERS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE ACQUIRED FUND AND ACQUIRING FUND. THE PROXY STATEMENT/PROSPECTUS WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE ACQUIRED FUND AND ACQUIRING FUND.

The Proxy Statement/Prospectus will not constitute an offer to buy or sell securities, in any state where such offer or sale is not permitted.

Acquired Fund Shareholders may obtain free copies (when they become available) of the Proxy Statement/Prospectus and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies (when they become available) of the Proxy Statement/Prospectus and other documents filed with the SEC may also be obtained by directing a request to the Acquired Fund at (866) 437-0252 or visiting its website at delawarefunds.com/closed-end.

About the Acquired Fund

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, which may include up to 25% in real estate investment trusts (REITs) and real estate industry operating companies. 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.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than $US579 billion in assets globally,1 we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments & renewables, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Advisory services are provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 18,000 people in 33 markets and is listed on the Australian Securities Exchange. For more information about Delaware Funds by Macquarie®, visit delawarefunds.com or call 800 523-1918.

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.

1 As of March 31, 2022

© 2022 Macquarie Management Holdings, Inc.

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Contacts

Investors
Computershare
866 437-0252
delawarefunds.com/closed-end

Media contact
Lee Lubarsky
347 302-3000
Lee.Lubarsky@macquarie.com