Nuveen New York AMT-Free Quality Municipal Income Fund Receives Unanimous Support from Glass Lewis for Nuveen’s Board Nominees and Against Dissident Termination Proposal
2024年8月14日 - 7:48AM
ビジネスワイヤ(英語)
Recommendation from Glass Lewis Follows Full Support From
Institutional Shareholder Services
Nuveen announced today that Glass Lewis, a leading independent
proxy advisory firm, recommended that shareholders vote on the
WHITE proxy card FOR ALL Board nominees of Nuveen New York AMT-Free
Quality Municipal Income Fund (NYSE: NRK), and AGAINST the proposal
to terminate Nuveen as the investment advisor put forth by a
dissident shareholder in connection with the Fund’s annual meeting
scheduled for August 15, 2024.
Glass Lewis’ recommendation follows a report from Institutional
Shareholder Services (“ISS”) directing shareholders to vote in
favor of all Board nominee’s and against the termination proposal.
ISS also issued a parallel recommendation to preferred shareholders
of NRK.
In their report, Glass Lewis supported ALL of the Board’s
independent and qualified nominees: Joanne T. Medero, Loren M.
Starr, Matthew Thornton III, Albin F. Moschner and Margaret L.
Wolff. In issuing its recommendation, Glass Lewis has rejected the
nominees submitted by the dissident.
“We thank Glass Lewis for its sound judgment in recommending
shareholders support the Fund’s incumbent Trustees and reject the
proposal to terminate Nuveen as investment advisor. Glass Lewis was
correct to highlight NRK’s strong performance, the
shareholder-friendly actions the Board has taken, and the overall
quality of the Board’s nominees. Under Nuveen’s stewardship, NRK
continues to deliver outperformance with underlying strong
governance for the benefit of all shareholders. We appreciate their
continued support ahead of the upcoming meeting,” said Dave Lamb,
Head of Nuveen Closed-End Funds.
Important statements by Glass Lewis1 in issuing its voting
recommendations FOR the Fund’s Board Nominees and AGAINST the
termination proposal include:
The Fund’s Manager and Trustees Have Taken Actions to Deliver
Strong Performance, Address Discounts and Enhance Distributions for
the Benefit of All Shareholders
- “We recognize that the discount narrowed after the Fund
implemented an enhanced distribution policy in October 2023, and we
credit the board for taking deliberate action to address the
discount.”
- “We recognize that the Fund outperformed relative to the peer
group selected by the incumbent board over all periods discussed
above, including over longer-term periods ended June 30, 2024 and
over several ‘unaffected’ periods prior to Karpus’s initial
Schedule 13D filing.”
The Dissident’s Unqualified Nominees Have No Board Experience
and No Expertise in Closed-End Funds
- “With respect to the Dissident Nominees, we are somewhat
concerned that the three candidates do not appear to have any prior
closed-end fund experience or other relevant fund management
experience, nor do they appear to have prior board experience at
investment funds or other public companies.”
- “Overall, we find that the Management Nominees appear generally
better qualified to serve as trustees of the Fund than the
Dissident Nominees, including given their prior board and executive
experience.”
The Dissident Offered No Compelling Plan to Create Value for
All Shareholders
- “[the Dissident] may be seeking a liquidity event at the Fund
and may have interests that are not aligned with the interests of
other shareholders, in our view, particularly shareholders who may
prefer to maintain exposure to the Fund as a closed-end
vehicle.”
- “…we do not believe that Karpus has offered a sufficiently
compelling case that electing the Dissident Nominees or supporting
the Dissident’s shareholder proposal to terminate the Fund’s
investment advisory agreement is warranted or likely to lead to a
more favorable outcome for all shareholders, particularly
longer-term shareholders and shareholders who presumedly invested
in the Fund for the purpose of gaining exposure to its investment
strategy and closed-end structure.”
PROTECT YOUR FUND AND YOUR INVESTMENT
VOTE FOR YOUR TRUSTEES ON THE WHITE
PROXY CARD TODAY.
Vote for Nuveen’s three Class III Board Members.
Vote against Karpus’ proposal to terminate the Fund’s investment
advisory agreement.
Do not sign or return any card sent to you by Karpus, even to
vote “against” or to “withhold” or to “abstain” with respect to the
dissident’s proposal. Only your latest proxy will be counted.
If you have any questions about the proposals or the voting
instructions, please feel free to contact Georgeson LLC, the Funds’
proxy solicitor, at (866) 679-3234.
For more information, please visit Nuveen’s CEF homepage
www.nuveen.com/closed-end-funds or contact:
Financial Professionals: 800-752-8700
Investors: 800-257-8787
Media: media-inquiries@nuveen.com
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive
range of outcome-focused investment solutions designed to secure
the long-term financial goals of institutional and individual
investors. Nuveen has $1.2 trillion in assets under management as
of 30 June 2024 and operations in 27 countries. Its investment
specialists offer deep expertise across a comprehensive range of
traditional and alternative investments through a wide array of
vehicles and customized strategies. For more information, please
visit www.nuveen.com.
Nuveen Securities, LLC, member FINRA and SIPC.
The information contained on the Nuveen website is not a part of
this press release.
__________________________
1 Permission to quote from the Glass Lewis
report was neither sought nor obtained.
EPS-3789275CR-E0824W
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version on businesswire.com: https://www.businesswire.com/news/home/20240813085520/en/
For more information, please visit Nuveen’s CEF homepage
www.nuveen.com/closed-end-funds or contact:
Financial Professionals: 800-752-8700
Investors: 800-257-8787
Media: media-inquiries@nuveen.com
Nuveen New York AMT Free... (NYSE:NRK)
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