Alpine Total Dynamic Dividend Fund (NYSE:AOD) and Alpine Global Dynamic Dividend Fund (NYSE:AGD) Announce Completion of Reverse Stock Splits
PURCHASE, N.Y.--(BUSINESS WIRE)--
Alpine Total Dynamic Dividend Fund (NYSE:AOD) and Alpine Global Dynamic
Dividend Fund (NYSE:AGD) announced today that the previously disclosed 1
for 2 reverse stock split for each Fund was executed today prior to the
opening of trading on the New York Stock Exchange. Trading of the Funds'
shares on a split-adjusted basis will begin today under new CUSIP
numbers of 021060207 for AOD and 02082E205 for AGD.
As a result of the reverse stock splits, every two outstanding shares
were converted into one share, thereby reducing the number of
outstanding shares by a factor of two. For AOD, the number of
outstanding shares was reduced from 217,485,664 to approximately
108,742,832. For AGD, the number of outstanding shares was reduced from
25,206,164 to approximately 12,603,082. Each shareholder will hold the
same percentage of the Funds' outstanding common shares immediately
following the reverse stock split as held immediately prior to the
split, subject to adjustments for the intended sale of fractional shares
resulting from the transaction. Shareholders will be paid cash for any
fractional shares that may result from the reverse split, except for
shareholders participating in the Funds' Dividend Reinvestment Plan, who
will receive fractional shares.
Shareholders of record will receive a letter with additional information
regarding the reverse stock split from the Funds' transfer agent, Boston
Financial Data Services, Inc. Any holders of certificates representing
pre-split shares of the Funds' common shares, upon submitting their
pre-split certificate shares, will receive non-certificated post-split
shares of the Funds' common stock (i.e., a shareholder's holdings of
post-split shares will be reflected only in the Funds' record books - no
new share certificates will be issued). Please note that holders of
certificates will not be able to trade their shares until they surrender
their pre-split share certificates. However, they will continue to
receive dividends or other distributions.
An investment in these Funds presents a number of risks and is not
suitable for all investors. Investors should carefully review and
consider potential risks before investing. An investment in the Funds'
common shares is subject to investment risk, including the possible loss
of the entire principal amount that you invest. Your investment in
common shares represents an indirect investment in the securities owned
by the Fund most of which are traded on a national securities exchange
or in the over-the-counter markets. The value of these securities, like
other market investments, may move up or down, sometimes rapidly and
unpredictably. Your common shares at any point in time may be worth less
than your original investment, even after considering the reinvestment
of Fund dividends and distributions. Other risks associated with
investing in these Funds include, but are not limited to, risks involved
with smaller and medium sized companies, illiquid, foreign and
restricted securities, and short-term trading. The Funds' strategy of
investing in dividend-paying stocks involves the risk that such stocks
may fall out favor with investors and underperform the market. In
addition, there is the possibility that such companies could reduce or
eliminate the payment of dividends in the future. The Funds may hold
securities for short periods of time related to the dividend payment
periods and may experience loss during those periods.
More information about the Funds is available on www.alpinefunds.com.
Based in Westchester, New York, Alpine Woods Capital Investors, LLC was
founded in 1998.
The Funds' actual results could differ materially from those anticipated
due to various risks and uncertainties. Alpine Total Dynamic Dividend
Fund and Alpine Global Dynamic Dividend Fund are closed-end funds and do
not continuously offer or redeem shares. The Funds trade in the
secondary market and investors wishing to buy or sell shares must place
orders through a financial intermediary or broker. Also, share prices of
closed-end funds will fluctuate with market conditions and, at the time
of sale, may be worth more or less than your original investment. Shares
of closed-end funds may trade at a discount or premium to their original
offering price, and often trade at a discount to their net asset value
(a price that reflects the value of the fund's underlying portfolio plus
other assets, less the fund's liabilities divided by the number of
shares outstanding). Investment return, price and net asset value will
fluctuate with changes in market conditions.
To read about the Funds, access the Annual and Semi-Annual Reports in
the Related Documents section of the website www.alpinefunds.com
or call 1-800-617-7616 to receive a copy of the annual and semi-annual
reports by mail. An investor should consider the investment objectives,
risks, charges and expenses carefully before investing.
Alpine Woods Capital Investors, LLC advises Alpine's closed-end funds.
Quasar Distributors, LLC provides filing administration for Alpine's
closed-end funds. The Funds are not bought or sold through Quasar
Source: Alpine Woods Capital Investors, LLC