PHILADELPHIA, May 27, 2020 /PRNewswire/ -- Aberdeen Global Premier Properties Fund (NYSE: AWP) (the "Fund") held its Special Meeting of Shareholder (the "Meeting") on May 27, 2020. At the Meeting, shareholders of the Fund voted to change the Fund's fundamental investment objectives and fundamental investment restriction related to borrowing.
As of the record date, February 27, 2020, there were 85,407,951 outstanding shares of the Fund. 52.73% of the outstanding shares were voted at the Meeting representing a quorum.
The description of the proposals and number of shares voted at the Meeting are as follows:
To amend the Fund's fundamental investment objectives:
To amend the Fund's fundamental investment restriction related to borrowing:
These changes are intended to highlight the income component of the Fund and to provide the portfolio managers with additional flexibility to pursue an increase in yield over time through the increased use of leverage, but there is no expectation that material changes in the Fund's portfolio composition will result. Aberdeen Asset Managers Limited ("AAML"), the Fund's investment adviser, and the Board each believe that the changes to the Fund's principal investment strategies and the proposed changes to the Fund's investment objectives and investment restriction related to borrowing are in the best interests of the Fund's shareholders.
Following the meeting the Fund has a single investment objective, which is as follows:
The Fund seeks high current income and capital appreciation.
Fundamental Investment Restriction Related to Borrowing
As of today, the Fund is permitted to borrow for investment purposes as may be permitted by the Investment Company Act of 1940, or any rule, order or interpretation thereunder. This would allow the Fund to borrow for investment purposes in an amount up to 33⅓% of the Fund's total assets.
Additional information regarding the changes to the Fund's investment objectives and fundamental investment restriction related to borrowing will be included in a proxy statement that will filed with the Securities and Exchange Commission and be mailed to shareholders. A special meeting of shareholders for the purpose of voting on such proposals is anticipated to be held in the second quarter of 2020.
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
If you wish to receive this information electronically, please contact Investor.Relations@aberdeenstandard.com
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SOURCE Aberdeen Global Premier Properties Fund