FSD - FSD: Will Get Delisted Time To Divest

2024-07-11 21:35:21 ET

Summary

• This article discusses the upcoming merger of First Trust High Income Long/Short Fund into abrdn Income Credit Strategies Fund.
• The merger of FSD into ACP was approved, with shares to de-list on July 19, 2024.
• FSD shareholders to receive NAV for NAV shares in ACP, which is trading at a premium to NAV.
• ACP contains a risky collateral pool, is highly volatile, and may not be suitable for long-term holding after the merger.

Thesis

We have written about the First Trust High Income Long/Short Fund ( FSD ) before in light of its potential merger into the abrdn Income Credit Strategies Fund ( ACP ) highlighting that while not all approvals had been obtained we were fairly certain the merger will go through....

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