Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (NYSE: MFD) (the “Fund”) announced today that the Board of Trustees of the Fund has authorized the continuation of the Fund’s previously announced share repurchase program, which commenced on February 24, 2011. Through the share repurchase program, the Fund was originally authorized to purchase up to 6% of its outstanding common shares (544,678 shares). As of July 18, 2011, the Fund had repurchased 269,029 shares. The share repurchase program will continue until the earlier of (i) the repurchase of the remaining 275,649 shares, or (ii) February 23, 2012. The Board of Trustees of the Fund authorized the continuation of the share repurchase program with the expectation it would increase shareholder value through the accretive nature of the purchases to the Fund’s net asset value.
There is no assurance that the Fund will purchase shares at any particular discount levels or in any specific amounts. There also is no assurance that the market price of the Fund’s shares will increase as a result of any share repurchases.
The Fund is a non-diversified, closed-end management investment company, investing predominantly in listed infrastructure and utilities companies in selected developed countries globally. The Fund’s investment objective is to seek a high level of current return consisting of dividends, interest and other similar income, while attempting to preserve capital.
First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and competitive municipal underwritings, with collective assets under management or supervision of approximately $51 billion as of June 30, 2011 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
Macquarie Capital Investment Management LLC (“MCIM”) and Four Corners Capital Management, LLC (“Four Corners”) are the Fund’s investment sub-advisors. Both MCIM and Four Corners operate within Macquarie Funds Group (“MFG”) and are wholly-owned, indirect subsidiaries of Macquarie Group Limited (“Macquarie Group”). Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Macquarie Funds Group is the global investment management business of Macquarie Group. The Fund’s Core Component, which consists primarily of equity securities and equity-like securities issued by infrastructure issuers, is managed by MCIM, which started operations in 2004 with the launch of the Fund. MCIM and its Australia-based affiliates managed approximately $3.0 billion of assets as of April 30, 2011, in MFG’s Infrastructure Securities portfolios, which includes the Fund. The Fund’s Senior Loan Component is managed by Four Corners. Four Corners was founded in 2001 and became a wholly-owned, indirect subsidiary of Macquarie Group in 2008. Four Corners managed approximately $1.2 billion of assets as of April 30, 2011, with an emphasis on Senior Loans.
Principal Risk Factors: The Fund invests principally in equity securities of companies in the infrastructure and utilities industry in various developed markets; accordingly the Fund’s net asset value will fluctuate with changes in the value of the Fund’s holdings. Investment in infrastructure and utilities issuers is subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with environmental regulation, the effects of economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. The risks of investing in the Fund are spelled out in the prospectus, shareholder report and other regulatory filings.
The Fund’s daily New York Stock Exchange closing price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.
This press release does not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Forward Looking Statements
Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of First Trust Advisors L.P. and the Fund and their present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. First Trust Advisors L.P. and the Fund undertake no responsibility to update publicly or revise any forward-looking statements.
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Jeff Margolin, 630-915-6784
Broker Inquiries: Jeff Margolin, 630-915-6784
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