AllianzGI Diversified Income & Convertible Fund (NYSE:ACV) (the “Fund”)
today announced the conclusion of a Repurchase Plan (the “Plan”) with
respect to the Fund’s common shares that had been implemented for a
defined period following the Fund’s initial public offering. The Plan
was implemented, in part, in an attempt to provide additional liquidity
in the marketplace for the common shares and to potentially reduce
declines in the market price of the common shares in comparison to their
net asset value (“NAV”).
Generally, under the terms of the Plan, the Fund has repurchased its
common shares on the open market on any trading day when its common
shares were trading at a discount of 2% or more from their closing NAV
on the prior trading day and subject to other conditions, in an amount
equal to the lesser of $125,000 or the maximum number of shares that it
could purchase under applicable regulations (generally, 25% of the
average trading volume of the shares over the trailing four week
period). Pursuant to the terms of the Plan, the repurchase period
commenced on September 4, 2015 (the 61st day following the
date on which the over-allotment period following the Fund’s initial
public offering ended) and concluded on April 21, 2016, 230 days after
the commencement of the Plan. The Fund has determined not to continue
the Plan or to implement another common share repurchase plan at this
time.
The Fund is a closed-end management investment company. The Fund’s
investment objective is to provide total return through a combination of
current income and capital appreciation, while seeking to provide
downside protection against capital loss. There can be no assurance that
the Fund will achieve its stated objective. As with any stock, the price
of the Fund’s common shares will fluctuate with market conditions and
other factors. If you sell your common shares, the price received may be
more or less than your original investment. Shares of closed-end
management investment companies, such as the Fund, frequently trade at a
discount from their NAV.
Allianz Global Investors Fund Management LLC (“AGIFM”), an indirect,
wholly-owned subsidiary of Allianz Asset Management of America, L.P.,
serves as the Fund’s investment manager and is a member of Munich-based
Allianz Group. Allianz Global Investors U.S. LLC, an AGIFM affiliate,
serves as the Fund’s sub-adviser.
The Fund’s daily New York Stock Exchange closing market prices, net
asset values per share, as well as other information, including updated
portfolio statistics and performance are available at
us.allianzgi.com/closedendfunds or by calling the Fund’s shareholder
servicing agent at (800) 254-5197.
Statements made in this release that look forward in time involve risks
and uncertainties and are forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from a
decline in the securities markets or a decline in the Fund’s
performance, a general downturn in the economy, competition from other
companies, changes in government policy or regulation, inability to
attract or retain key employees, inability to implement its operating
strategy and/or acquisition strategy, and unforeseen costs and other
effects related to legal proceedings or investigations of governmental
and self-regulatory organizations. The Fund’s ability to pay dividends
to common shareholders is subject to the restrictions in its
registration statement, by-laws and other governing documents, as well
as the Investment Company Act of 1940.
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