PHILADELPHIA–(BUSINESS WIRE) – Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) (the "Fund"), a closed-ended, managed company, today announced the final results of its tender offer for up to 594,367 of its common shares ("Common Shares"), which are up to represent five percent of the issued and outstanding common stock with no par value. The listing ended on Tuesday, June 29, 2021 at 11:59 p.m. New York time.
Based on a count made by Computershare Trust Company, N.A., the depositary for the tender offer, approximately 3,723,615 common shares or approximately 31.32% of the outstanding common shares of the Fund have been tendered. The Fund has accepted 594,367 Shares (subject to an adjustment for fractions of Shares) for cash at a price of US $ 11.05 per Share. This purchase price is 98% of the Fund's net asset value of $ 11.28 as of the close of trading on the New York Stock Exchange (“NYSE”) on June 30, 2021, the price stated in the purchase offer. Since the total number of common shares tendered exceeds the number of common shares offered for sale, all common shares tendered will be subject to prorated shares subject to the terms of the offer to buy. After the final share, 15.97% of the tendered common shares will be accepted for payment, subject to an adjustment for fractions of shares. After purchasing the tendered shares, the Fund will have approximately 11,292,969 common shares outstanding.
The Fund's primary investment objective is to achieve ongoing income with a secondary objective of capital appreciation. The Fund invests worldwide in income or income generating securities of various asset classes including, but not limited to: the equity securities of large, established companies; Securities issued by real estate companies (including real estate funds and real estate operating companies); Debt securities (such as government bonds; investment-grade and high-risk high-yield corporate bonds; and convertibles); and emerging market securities. The fund also uses enhanced income strategies through trading dividend income; Override option; and realizing profits from the sale of securities, dividend growth, and currency forwards. There is no guarantee that the Fund will achieve its investment objectives.
Under normal market conditions, the Fund will: (1) invest a maximum of 60% of its net assets in securities of US issuers; (2) at least 40% of its net assets in securities of non-US issuers, unless market conditions are considered by the Management Company to be unfavorable; in this case the Fund would invest at least 30% of its net assets in securities from non-US issuers; and (3) up to 25% of its net assets in securities issued by real estate companies (including real estate investment trusts and real estate operating companies). In addition, the fund uses leverage techniques to generate a higher return for the fund.
The fund has implemented a managed distribution policy. In accordance with the Directive, the fund is managed with the aim of generating as much of the distribution as possible from net investment income and short-term capital gains. The remainder of the distribution will then consist of long-term capital gains and, if applicable, capital returns to the extent permitted. A principal repayment can occur, for example, when some or all of the money you have invested in the fund is returned to you. A return on investment does not necessarily reflect the investment performance of the Fund and should not be confused with "return" or "income". Even if the fund can realize capital gains in the current year, these gains can be fully or partially offset by the capital loss carryforwards of the fund from previous years.
In accordance with the Fund's managed distribution policy, the Fund pays monthly distributions to common stockholders at a target annual distribution rate of 6.5% of the average NAV per Share of the Fund. The Fund calculates the average net asset value per share for the last three full months immediately prior to distribution based on the number of business days in those three months for which the net asset value is calculated. The distribution is calculated as 6.5% of the average NAV per share for the past three months divided by 12. The Fund generally distributes amounts necessary to comply with the Fund's managed distribution policy and the requirements of the excise tax regulations and sub-chapter M. the internal. to meet revenue code. This distribution methodology is intended to provide shareholders with a consistent, but not guaranteed, stream of income and a target annual distribution rate and to reduce any discount between the market price and the NAV of the common shares of the Fund, but there is no guarantee that the policy will be successful in doing so. The method of determining the monthly distributions under the Fund's managed distribution policy will be reviewed at least annually by the Fund's Board of Trustees and the Fund will continue to evaluate its distribution in light of current market conditions.
The purchase offer and other documents the Fund has filed with the US Securities and Exchange Commission (SEC), including the Fund's annual report for the fiscal year ended November 30, 2020, are available free of charge on the Commission's website (sec.gov ) available. or by calling the Fund Information Agent.
About Macquarie Investment Management
Macquarie Investment Management, a member of the Macquarie Group, is a global asset manager with offices in the US, Europe, Asia and Australia. As active managers, we prioritize autonomy and accountability at the team level in order to seize opportunities that are important to our customers. Macquarie Investment Management is backed by the resources of the Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of wealth management, investment, banking, financial and advisory services.
Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information on Delaware Funds® by Macquarie, visit delawarefunds.com or call 800 523-1918.
With the exception of Macquarie Bank Limited (MBL), none of the entities mentioned in this document are authorized depository institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these companies do not constitute contributions or any other liability of MBL, a subsidiary of Macquarie Group Limited and a subsidiary of Macquarie Investment Management. Unless otherwise stated, MBL makes no guarantees or makes any representations regarding the obligations of these companies.
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