AllianzGI Diversified Income & Convertible Fund Announces the Conclusion of its Common Share Repurchase Plan
April 21 2016 - 4:00PM
Business Wire
AllianzGI Diversified Income & Convertible Fund (NYSE:ACV)
(the “Fund”) today announced the conclusion of a Repurchase Plan
(the “Plan”) with respect to the Fund’s common shares that had been
implemented for a defined period following the Fund’s initial
public offering. The Plan was implemented, in part, in an attempt
to provide additional liquidity in the marketplace for the common
shares and to potentially reduce declines in the market price of
the common shares in comparison to their net asset value
(“NAV”).
Generally, under the terms of the Plan, the Fund has repurchased
its common shares on the open market on any trading day when its
common shares were trading at a discount of 2% or more from their
closing NAV on the prior trading day and subject to other
conditions, in an amount equal to the lesser of $125,000 or the
maximum number of shares that it could purchase under applicable
regulations (generally, 25% of the average trading volume of the
shares over the trailing four week period). Pursuant to the terms
of the Plan, the repurchase period commenced on September 4, 2015
(the 61st day following the date on which the over-allotment period
following the Fund’s initial public offering ended) and concluded
on April 21, 2016, 230 days after the commencement of the Plan. The
Fund has determined not to continue the Plan or to implement
another common share repurchase plan at this time.
The Fund is a closed-end management investment company. The
Fund’s investment objective is to provide total return through a
combination of current income and capital appreciation, while
seeking to provide downside protection against capital loss. There
can be no assurance that the Fund will achieve its stated
objective. As with any stock, the price of the Fund’s common shares
will fluctuate with market conditions and other factors. If you
sell your common shares, the price received may be more or less
than your original investment. Shares of closed-end management
investment companies, such as the Fund, frequently trade at a
discount from their NAV.
Allianz Global Investors Fund Management LLC (“AGIFM”), an
indirect, wholly-owned subsidiary of Allianz Asset Management of
America, L.P., serves as the Fund’s investment manager and is a
member of Munich-based Allianz Group. Allianz Global Investors U.S.
LLC, an AGIFM affiliate, serves as the Fund’s sub-adviser.
The Fund’s daily New York Stock Exchange closing market prices,
net asset values per share, as well as other information, including
updated portfolio statistics and performance are available at
us.allianzgi.com/closedendfunds or by calling the Fund’s
shareholder servicing agent at (800) 254-5197.
Statements made in this release that look forward in time
involve risks and uncertainties and are forward looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in the Fund’s performance, a general downturn in the
economy, competition from other companies, changes in government
policy or regulation, inability to attract or retain key employees,
inability to implement its operating strategy and/or acquisition
strategy, and unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations. The Fund’s ability to pay dividends to common
shareholders is subject to the restrictions in its registration
statement, by-laws and other governing documents, as well as the
Investment Company Act of 1940.
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version on businesswire.com: http://www.businesswire.com/news/home/20160421006040/en/
For information on Allianz Closed-End
Funds:Financial Advisors: 800-926-4456Shareholders:
800-254-5197Media Relations: 212-739-3501
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