Abrdn Japan Equity Fund Announces Reorganization with Abrdn Global Infrastructure Income Fund

ABRDN Japan Equity Fund (JEQ) has announced the results of its annual general meeting and special meeting, where stockholders approved the reorganization of JEQ into ABRDN Global Infrastructure Income Fund (ASGI). As of June 13, 2025, JEQ had outstanding shares, with 74.7% voted at the special meeting. The Reorganization is expected to be completed in Q4 2025, subject to customary closing conditions and payment of a cash tender offer.

ABRDN Japan Equity Fund, Inc. (JEQ), a diversified closed-end fund, has announced significant developments following its annual general meeting and special meeting of stockholders held on July 25, 2025. Stockholders of JEQ voted overwhelmingly to approve the reorganization of JEQ into ABRDN Global Infrastructure Income Fund (ASGI), a New York Stock Exchange-listed closed-end fund.

As of the record date, June 13, 2025, JEQ had outstanding 14,145,970 shares of common stock. A quorum was reached with 74.7% of shares voted at the special meeting. The proposal to transfer all of JEQ's assets to ASGI in exchange for newly issued common shares of beneficial interest of the Acquiring Fund, with the assumption of liabilities, was approved by 10,016,314 votes for, 528,477 votes against, and 19,050 votes withheld or abstained. This reorganization is expected to be completed in the fourth quarter of 2025, subject to the payment of a cash tender offer and satisfaction of customary closing conditions.

Prior to the reorganization, JEQ will conduct a cash tender offer to purchase up to 50% of its issued and outstanding shares at a price per share equal to 98% of the Fund's net asset value (NAV) per share. Full details and timing of the tender offer will be shared with stockholders in August 2025. The reorganization aims to streamline operations and potentially enhance the Fund's investment strategy.

In addition to the reorganization, stockholders also voted on proposals related to the election of directors. Proposal 1, to elect two Class II Directors, was approved with 12,223,657 votes for, 421,607 votes against, and 31,020 votes withheld or abstained. Proposal 2, to continue one Class I Director under the Fund's Corporate Governance Policies, was approved with 12,207,346 votes for, 438,964 votes against, and 29,975 votes withheld or abstained.

The reorganization and director elections highlight JEQ's commitment to enhancing its governance and investment strategies. Investors should closely monitor the progress of the reorganization and the upcoming cash tender offer for further details.

References:
[1] https://www.marketscreener.com/news/abrdn-japan-equity-fund-inc-jeq-announces-results-of-special-stockholder-meeting-relating-to-pro-ce7c5fdbdc8df424
[2] https://www.prnewswire.com/news-releases/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-302514139.html
[3] https://www.marketscreener.com/quote/stock/ABRDN-JAPAN-EQUITY-FUND-I-111319079/