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
Recommendation from Glass Lewis Follows Full Support From Institutional Shareholder Services
Glass Lewis’ recommendation follows a report from
In their report, Glass Lewis supported ALL of the Board’s independent and qualified nominees:
“We thank Glass Lewis for its sound judgment in recommending shareholders support the Fund’s incumbent Trustees and reject the proposal to terminate
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
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“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.”
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“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.”
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“…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 forNuveen’s three Class III Board Members.
Vote againstKarpus’ 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
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
The information contained on the
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1 Permission to quote from the Glass Lewis report was neither sought nor obtained. |
EPS-3789275CR-E0824W
View source 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
Source: