PURCHASE, N.Y., March 20, 2018 (GLOBE NEWSWIRE) -- Each of Alpine Total Dynamic Dividend Fund (NYSE: AOD), Alpine Global Dynamic Dividend Fund (NYSE: AGD) and Alpine Global Premier Properties Fund (NYSE: AWP) (each, a “Fund” and collectively, the “Funds”) announced today that at the Special Meetings of Shareholders of the Funds held on Wednesday, March 14, 2018, shareholders approved a new investment advisory agreement with Aberdeen Asset Managers Limited (“AAML”) (and for AWP, also a subadvisory agreement with Aberdeen Asset Management Inc. ("AAMI")) and the election of four new Trustees.
The advisory agreements with AAML (and for AWP, the subadvisory agreement for AAMI) were presented to shareholders of each Fund in light of an agreement between AAML and Alpine Woods Capital Investors, LLC (“Alpine”), the Funds’ investment adviser, for AAML to acquire certain assets related to the investment management business of Alpine (the “AAML/Alpine Agreement”). The acquisition related to the AAML/Alpine Agreement is targeted to close in the second quarter of 2018, but is subject to certain approvals and other conditions to closing, including shareholder approval of reorganizations of Alpine-advised open-end funds into newly organized series of Aberdeen Funds.
Following the closing of the acquisition related to the AAML/Alpine Agreement, AAML will become the investment adviser (and for AWP, AAMI will become the subadviser) of each Fund and will assume responsibility for the design and implementation of each Fund’s investment program. Pending the closing of the acquisition, the Funds will continue to be managed by Alpine.
Effective upon the AAML assuming the investment management responsibilities of the Funds, each Fund’s name will be changed as follows:
| Current Fund Name | Will change to |
| Alpine Global Dynamic Dividend Fund | Aberdeen Global Dynamic Dividend Fund |
| Alpine Total Dynamic Dividend Fund | Aberdeen Total Dynamic Dividend Fund |
| Alpine Global Premier Properties Fund | Aberdeen Global Premier Properties Fund |
In connection with the closing of the acquisition, and following the effective resignation by each Fund's current Trustees, the four new elected Trustees will take office. The table below summarizes the new composition of each Fund’s Board once the new Trustees take office.
| Trustee | Class | Term Ending |
| John Sievwright | Class I | 2018 |
| P. Gerald Malone | Class II | 2019 |
| Martin Gilbert | Class III | 2020 |
| Nancy Yao Maasbach | Class III | 2020 |
Aberdeen Asset Management PLC, the parent of AAML and AAMI, is an independent asset manager founded in 1983 and is a subsidiary of Standard Life Aberdeen plc. Standard Life Aberdeen plc and its affiliates offer a comprehensive range of investment capabilities, and overall manage worldwide assets of $885.92 billion in assets as of December 31, 2017 on behalf of clients in 80 countries.
Each Fund is a diversified, closed-end management investment company that is traded on the New York Stock Exchange and does not continuously offer or redeem its shares.
This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue" or other similar words. Such forward-looking statements are based on each Fund's current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in each Fund's filings with the SEC.Attachment:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1e96c28e-8934-4044-b421-64c645d12222