PHILADELPHIA, Feb. 7, 2020 /PRNewswire/ -- Aberdeen Global
Premier Properties Fund (NYSE: AWP) today Board (the "Board has
approved changes to the Fund's fundamental
investment objectives and fundamental investment restriction
related to borrowing, each of which are subject to shareholder
approval. If approved by shareholders, it is currently expected
that the changes to the Fund's fundamental investment objectives
and fundamental investment restriction related to borrowing will be
implemented in the second quarter of 2020. The Fund also today
announced that its Board has approved changes to certain principal
investment strategies, which will take effect immediately.
These changes are intended to provide the portfolio managers
with additional flexibility to meet the Fund's investment
objectives, but there is no expectation that material changes in
the Fund's portfolio composition or investment approach 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.
Investment Objectives
The current and proposed versions of the Fund's investment
objectives are as follows:
Current Investment
Objectives:
|
Proposed
Investment Objectives:
|
The Fund's primary
investment objective is
capital appreciation. The Fund's secondary
investment objective is high current income.
|
The Fund seeks high
current income
and capital appreciation.
|
Fundamental Investment Restriction Related to
Borrowing
Currently, the Fund is subject to a fundamental investment
restriction that only permits borrowing for investment purposes,
commonly referred to as leverage, in an amount of no more than 10%
of the Fund's managed assets. Under the proposed fundamental
investment restriction related to borrowing, the Fund would be
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.
Principal Investment Strategies
In addition, effective immediately, the "Dynamic Dividend
Strategy" will be eliminated from the Fund's principal investment
strategies. The "Dynamic Dividend Strategy" involves the Fund
selling a stock on, or shortly after, the stock's ex-dividend date
and using the sale proceeds to purchase one or more other stocks
that are expected to pay dividends before the next dividend payment
on the stock being sold. The Fund's portfolio management team
employs a top down and bottom up approach to individual securities
selection, as well as country allocation, and seeks to identify
companies globally that the team believes can provide attractive
current income with the potential for capital appreciation through
the different phases of the real estate cycle. The portfolio
management team's investment process is designed to identify listed
real estate investment opportunities with attractive relative
valuations based on net asset value (NAV) and earnings growth,
along with dividend growth.
Additional Information
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.
If you wish to receive this
information electronically, please contact
Investor.Relations@aberdeenstandard.com
aberdeenawp.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/aberdeen-global-premier-properties-fund-announces-proposed-changes-to-investment-objectives-and-fundamental-investment-restriction-related-to-borrowing-and-changes-to-principal-investment-strategies-301001272.html
SOURCE Aberdeen Global Premier Properties Fund