ALPINE TOTAL DYNAMIC DIVIDEND FUND (NYSE: AOD), ALPINE GLOBAL DYNAMIC DIVIDEND FUND (NYSE: AGD) and ALPINE GLOBAL PREMIER PRO...
March 20 2018 - 4:01PM
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 at the Special Meetings of
Shareholders of the Funds held on Wednesday, March 14, 2018,
shareholders approved a new investment advisory agreement with
Aberdeen Asset Managers Limited (“AAML”) (and for AWP, also a
subadvisory agreement with Aberdeen Asset Management Inc. ("AAMI"))
and the election of four new Trustees.
The advisory agreements with AAML (and for AWP, the subadvisory
agreement for AAMI) were presented to shareholders of each
Fund in light of an agreement between 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 acquisition
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 shareholder approval of
reorganizations of Alpine-advised open-end funds into newly
organized series of Aberdeen Funds.
Following the closing of the acquisition related to the
AAML/Alpine Agreement, AAML will become the investment adviser (and
for AWP, AAMI will become the subadviser) of each Fund and will
assume responsibility for the design and implementation of each
Fund’s investment program. Pending the closing of the acquisition,
the Funds will continue to be managed by Alpine.
Effective upon the AAML assuming the investment management
responsibilities of the Funds, each Fund’s name will be changed as
follows:
Current Fund Name |
Will change to |
Alpine Global Dynamic
Dividend Fund |
Aberdeen Global Dynamic
Dividend Fund |
Alpine Total Dynamic
Dividend Fund |
Aberdeen Total Dynamic
Dividend Fund |
Alpine Global Premier
Properties Fund |
Aberdeen Global Premier
Properties Fund |
In connection with the closing of the acquisition, and following
the effective resignation by each Fund's current Trustees, the four
new elected Trustees will take office. The table below
summarizes the new composition of each Fund’s Board once the new
Trustees take office.
Trustee |
Class |
Term
Ending |
John Sievwright |
Class
I |
2018 |
P. Gerald Malone |
Class
II |
2019 |
Martin Gilbert |
Class
III |
2020 |
Nancy Yao Maasbach |
Class
III |
2020 |
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 of $885.92 billion in assets as
of December 31, 2017 on behalf of clients in 80 countries.
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.
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.Attachment:
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/1e96c28e-8934-4044-b421-64c645d12222
Patrick Coyne
Alpine Woods Capital Investors, LLC
914.251.0880
pcoyne@alpinefunds.com
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