ALPINE TOTAL DYNAMIC DIVIDEND FUND (NYSE: AOD), ALPINE GLOBAL DYNAMIC DIVIDEND FUND (NYSE: AGD) and ALPINE GLOBAL PREMIER PRO...
December 27 2017 - 3:04PM
The Board of Trustees of each of Alpine Total Dynamic Dividend Fund
(NYSE: AOD), Alpine Global Dynamic Dividend Fund (NYSE: AGD) and
Alpine Global Premier Properties Fund (NYSE: AWP) (each, a “Fund”
and collectively, the “Funds”) announced today that it had approved
a new investment advisory (and for AWP, also a subadvisory)
agreement. The new fund agreements were considered in light
of an agreement between Aberdeen Asset Managers Limited (“AAML”)
and Alpine Woods Capital Investors, LLC (“Alpine”), the Funds’
investment adviser, for AAML to acquire certain assets related to
the investment management business of Alpine (the “AAML/Alpine
Agreement”). The transaction related to the AAML/Alpine Agreement
is targeted to close in the second quarter of 2018, but is subject
to certain approvals and other conditions to closing, including the
approval of the new investment advisory (and, for AWP, subadvisory)
agreements by the shareholders of the Funds and shareholder
approval of reorganizations of Alpine-advised open-end funds into
newly organized series of Aberdeen Funds.
Each Fund’s Board of Trustees has approved a new investment
advisory agreement with AAML, subject to approval by each Fund's
shareholders of the investment advisory agreement. With
respect to AWP, the Board also approved a subadvisory agreement
with Aberdeen Asset Management Inc. ("AAMI"), subject to approval
by AWP’s shareholders of the investment advisory and subadvisory
agreements. If a Fund's shareholders approve the new
investment advisory agreement (and for AWP, the subadvisory
agreement), and following the closing of the transaction related to
the AAML/Alpine Agreement, AAML will become the investment adviser
(and for AWP, AAMI will become the subadviser) of the Fund and will
assume responsibility for the design and implementation of each
Fund’s investment program.
The current investment policies and strategies of the Funds will
remain unchanged if AAML is appointed as investment adviser (and
AAMI as subadviser for AWP), so there will be continuity of
strategy for the Funds. AAML and its affiliates have
extensive experience managing U.S. registered closed-end funds,
with dedicated fund support.
A special meeting of shareholders of each Fund is scheduled to
be held on March 14, 2018 (the “Special Meeting”) to consider the
new advisory arrangements at which shareholders of record on
December 14, 2017 will be entitled to vote. If approved by
shareholders, the transition is planned to occur following the
closing of the transaction related to the AAML/Alpine
Agreement.
Aberdeen Asset Management PLC, the parent of AAML and AAMI, is
an independent asset manager founded in 1983 and is a subsidiary of
Standard Life Aberdeen plc. Standard Life Aberdeen plc and its
affiliates offer a comprehensive range of investment capabilities,
and overall manage worldwide assets worth $764 billion (as of
September 30, 2017) on behalf of clients in 80 countries.
Closed-end management investment companies have formed part of
Aberdeen's business since its inception and remain an important
element of its client base in the United States and globally.
Each Fund is a diversified, closed-end management investment
company that is traded on the New York Stock Exchange and does not
continuously offer or redeem its shares. AOD’s primary investment
objective is to seek high current dividend income, with a secondary
investment objective of long-term growth of capital. AGD’s primary
investment objective is to seek high current dividend income, more
than 50% of which qualifies for the reduced Federal income tax
rates created by the Jobs and Growth Tax Relief Reconciliation Act
of 2003, with a secondary investment objective of long-term growth
of capital. AWP’s primary investment objective is capital
appreciation, with a secondary investment objective of high current
income. Pending the transition, the Funds will continue to be
managed by Alpine.
In connection with the proposal to approve the new investment
advisory agreement with respect to each Fund (and for AWP, the
subadvisory agreement), each Fund intends to file a definitive
proxy statement with the Securities and Exchange Commission (the
"SEC"). Investors and shareholders are advised to read their Fund’s
proxy statement when it becomes available because it will contain
important information. When filed with the SEC, the proxy statement
and other documents filed by the Funds will become available for
free on the SEC website, www.sec.gov. Copies of the proxy statement
will also be mailed to each shareholder of record as of the record
date for the shareholder meeting.
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact are
forward-looking and can be identified by the use of words such as
"may," "will," "expect," "anticipate," "estimate," "believe,"
"continue" or other similar words. Such forward-looking statements
are based on each Fund's current plans and expectations, and are
subject to risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Additional information concerning such risks and
uncertainties are contained in each Fund's filings with the
SEC.
Alpine Woods Capital Investors, LLC advises Alpine’s closed-end
funds. Quasar Distributors, LLC provides filing
administration for Alpine’s closed-end funds. The Funds are
not bought or sold through Quasar Distributors.
Attachments:
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/5e9c5592-5da1-44b7-aace-4e146ef05868
Patrick Coyne
Alpine Woods Capital Investors, LLC
914.251.0880
pcoyne@alpinefunds.com
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