ABRDN JAPAN EQUITY FUND, INC. (JEQ) ANNOUNCES RESULTS OF SPECIAL STOCKHOLDER MEETING RELATING TO PROPOSED REORGANIZATION WITH ABRDN GLOBAL INFRASTRUCTURE INCOME FUND (ASGI) AND RESULTS OF THE ANNUAL GENERAL MEETING
abrdn Japan Equity Fund (NYSE: JEQ) stockholders have approved a significant reorganization plan to merge with abrdn Global Infrastructure Income Fund (NYSE: ASGI). At the Special Meeting, where 74.7% of shares were voted, stockholders overwhelmingly approved the reorganization with 10,016,314 votes in favor.
Prior to the merger, JEQ will conduct a cash tender offer for up to 50% of outstanding shares at 98% of NAV in August 2025. The reorganization is expected to complete in Q4 2025. Additionally, at the Annual Meeting, stockholders elected two Class II Directors (Alan Goodson and Rose DiMartino) and approved the continuation of one Class I Director (Radhika Ajmera).
Gli azionisti di abrdn Japan Equity Fund (NYSE: JEQ) hanno approvato un importante piano di riorganizzazione per la fusione con abrdn Global Infrastructure Income Fund (NYSE: ASGI). Durante l'Assemblea Straordinaria, a cui ha partecipato il 74,7% delle azioni, gli azionisti hanno approvato con ampio margine la riorganizzazione con 10.016.314 voti a favore.
Prima della fusione, JEQ effettuer脿 un offerta in contanti per l'acquisto fino al 50% delle azioni in circolazione al 98% del NAV nell'agosto 2025. La riorganizzazione 猫 prevista per il completamento nel quarto trimestre del 2025. Inoltre, durante l'Assemblea Annuale, gli azionisti hanno eletto due Direttori di Classe II (Alan Goodson e Rose DiMartino) e hanno approvato la continuazione di un Direttore di Classe I (Radhika Ajmera).
Los accionistas de abrdn Japan Equity Fund (NYSE: JEQ) han aprobado un plan significativo de reorganizaci贸n para fusionarse con abrdn Global Infrastructure Income Fund (NYSE: ASGI). En la Junta Especial, donde se vot贸 el 74,7% de las acciones, los accionistas aprobaron abrumadoramente la reorganizaci贸n con 10.016.314 votos a favor.
Antes de la fusi贸n, JEQ realizar谩 una oferta p煤blica de adquisici贸n en efectivo por hasta el 50% de las acciones en circulaci贸n al 98% del NAV en agosto de 2025. Se espera que la reorganizaci贸n se complete en el cuarto trimestre de 2025. Adem谩s, en la Junta Anual, los accionistas eligieron a dos Directores de Clase II (Alan Goodson y Rose DiMartino) y aprobaron la continuaci贸n de un Director de Clase I (Radhika Ajmera).
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Les actionnaires d'abrdn Japan Equity Fund (NYSE : JEQ) ont approuv茅 un plan important de r茅organisation pour fusionner avec abrdn Global Infrastructure Income Fund (NYSE : ASGI). Lors de l'Assembl茅e Sp茅ciale, o霉 74,7 % des actions ont 茅t茅 vot茅es, les actionnaires ont approuv茅 massivement la r茅organisation avec 10 016 314 votes en faveur.
Avant la fusion, JEQ proc茅dera en ao没t 2025 脿 une offre publique d'achat en esp猫ces pour jusqu'脿 50 % des actions en circulation 脿 98 % de la valeur liquidative. La r茅organisation devrait 锚tre finalis茅e au quatri猫me trimestre 2025. De plus, lors de l'Assembl茅e Annuelle, les actionnaires ont 茅lu deux administrateurs de Classe II (Alan Goodson et Rose DiMartino) et ont approuv茅 la poursuite d'un administrateur de Classe I (Radhika Ajmera).
Die Aktion盲re des abrdn Japan Equity Fund (NYSE: JEQ) haben einen bedeutenden Reorganisationsplan zur Fusion mit dem abrdn Global Infrastructure Income Fund (NYSE: ASGI) genehmigt. Bei der au脽erordentlichen Hauptversammlung, bei der 74,7 % der Aktien abgestimmt wurden, stimmten die Aktion盲re mit 10.016.314 Stimmen daf眉r dem Reorganisationsplan 眉berw盲ltigend zu.
Vor der Fusion wird JEQ im August 2025 ein Barkaufangebot f眉r bis zu 50 % der ausstehenden Aktien zu 98 % des Nettoinventarwerts (NAV) durchf眉hren. Die Reorganisation soll im vierten Quartal 2025 abgeschlossen sein. Au脽erdem w盲hlten die Aktion盲re auf der Jahreshauptversammlung zwei Direktoren der Klasse II (Alan Goodson und Rose DiMartino) und genehmigten die Fortsetzung eines Direktors der Klasse I (Radhika Ajmera).
- None.
- Tender offer at 98% of NAV represents a 2% discount to asset value
- Only 50% of shares will be eligible for tender offer, potentially leaving some shareholders with unwanted exposure
Insights
JEQ stockholders approved reorganization into ASGI with 50% tender offer at 98% NAV before completion in Q4 2025.
The results of abrdn Japan Equity Fund's (JEQ) special stockholder meeting confirm a significant restructuring event that will substantially impact existing shareholders. With 74.7% of outstanding shares voting and overwhelming approval (10,016,314 votes for versus just 528,477 against), stockholders have authorized the complete reorganization of JEQ into abrdn Global Infrastructure Income Fund (ASGI).
This reorganization represents a fundamental shift in investment strategy for current JEQ shareholders - moving from Japanese equity exposure to global infrastructure assets. The transaction structure is particularly noteworthy as it includes a pre-reorganization cash tender offer for 50% of outstanding shares at 98% of NAV, providing partial liquidity for shareholders who might prefer cash over the new ASGI shares.
The tender offer mechanism is strategically significant as it addresses potential shareholder concerns about the sector pivot while potentially reducing the discount to NAV that often plagues closed-end funds during major transitions. For remaining shareholders post-tender, the reorganization will still proceed with all assets transferring to ASGI in exchange for newly issued ASGI shares.
The expected completion in Q4 2025 gives shareholders time to evaluate their options. Those seeking Japanese equity exposure will need to find alternative vehicles, while those comfortable with global infrastructure assets can maintain their investment through the newly received ASGI shares. This reorganization represents a complete transformation of the investment proposition rather than a mere administrative change.
Stockholders of JEQ (the "Fund") voted to approve the reorganization of JEQ into , a New York Stock Exchange-listed closed-end fund trading under the symbol "ASGI" (the "Reorganization").
As of the record date, June 13, 2025, JEQ had outstanding 14,145,970 shares of common stock, of which
Proposal: To approve an Agreement and Plan of Reorganization providing for the transfer of all of the assets of the Fund to abrdn Global Infrastructure Income Fund (the "Acquiring Fund") in exchange solely for newly issued common shares of beneficial interest of the Acquiring Fund (although cash may be distributed in lieu of fractional shares) and the assumption by the Acquiring Fund of all or substantially all liabilities of the Fund and the distribution of common shares of beneficial interest of the Acquiring Fund to the stockholders of the Fund and complete liquidation of the Fund.
Votes For | Votes Against/Withheld | Votes Abstained |
10,016,314 | 528,477 | 19,050 |
Prior to the Reorganization, the Fund will conduct a cash tender offer to purchase up to
It is currently expected that the Reorganization will be completed in the fourth quarter of 2025 subject to (i) payment of the cash tender offer and (ii) the satisfaction of customary closing conditions. More details on timing of the Reorganization will be announced in due course.
Also held today was the Fund's Annual Meeting at which approximately
Proposal 1:聽To consider and vote upon the election of two Class II Directors of the Fund to serve until the 2028 Annual Meeting of Stockholders, or until each such Director's successor is duly elected and qualified.
Votes For | Votes Against/Withheld | Votes Abstained | |
Alan Goodson | 12,223,657 | 421,607 | 31,020 |
Rose DiMartino | 12,211,238 | 435,130 | 29,916 |
Proposal 2:聽To consider the continuation of one Class I Director under the Fund's Corporate Governance Policies
Votes For | Votes Against/Withheld | Votes Abstained | |
Radhika Ajmera | 12,207,346 | 438,964 | 29,975 |
Important Information
In
The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Closed-end funds are traded on the secondary market through one of the stock exchanges. 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 a fund will achieve its investment objective. Past performance does not guarantee future results.
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SOURCE abrdn Japan Equity Fund, Inc.
FAQ
What is the merger plan between JEQ and ASGI announced on July 25, 2025?
What are the terms of JEQ's tender offer before the reorganization?
When will the JEQ and ASGI reorganization be completed?
Who were elected as Directors at JEQ's 2025 Annual Meeting?
What was the voter turnout for JEQ's Special Meeting in July 2025?
