Aberdeen Fund MGF Approves 1-for-5 Reverse Stock Split
Aberdeen Government Markets Income Fund's board has approved a 1-for-5 reverse stock split of its common shares listed on the NYSE.
The Board of Trustees of Aberdeen Government Markets Income Fund (NYSE: MGF) has approved a 1-for-5 reverse stock split of the fund's issued and outstanding common shares, the Philadelphia-based fund announced Thursday.
Under the terms of the transaction, every five common shares held by investors will be consolidated into a single share. Reverse stock splits are typically used by funds and companies to raise their per-share price without altering the overall market capitalization or an individual shareholder's proportional ownership stake.
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The announcement was made via press release from Philadelphia. Aberdeen Government Markets Income Fund, which trades on the New York Stock Exchange under the ticker MGF, is a closed-end fund focused on government-related fixed-income securities.
Reverse splits in the closed-end fund space can reflect efforts to improve share price optics, meet exchange listing thresholds, or reduce administrative costs associated with low-priced shares. Shareholders should expect the number of shares they hold to decrease by a factor of five while the per-share net asset value adjusts proportionally.
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