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The Board of Directors of Duff & Phelps Utility and Infrastructure Fund Inc. (NYSE:DPG), a closed-end fund advised by Duff & Phelps Investment Management Co. (the "Adviser"), today announced two actions as part of the Fund's ongoing efforts to enhance shareholder value and reduce the current discount to net asset value ("NAV") at which its shares currently trade.
At its regular June meeting, the Board adopted a share repurchase program that seeks to enhance shareholder value by purchasing shares of the Fund in the open market at a discount to NAV. The program, which is effective immediately, could result in incremental accretion to the Fund's NAV and is expected to enhance value for the Fund's shareholders. The Fund is authorized to purchase, on a discretionary basis, up to 5% of the Fund's outstanding shares through June 30, 2025. Under the program, the amount and timing of repurchases will be at the discretion of the Adviser and subject to market conditions and investment considerations. There is no assurance that the Fund will purchase shares at any particular discount levels or in any particular amounts. Any repurchases made under the program will be subject to exchange requirements and volume, timing, and other limitations under federal securities laws. The Fund's repurchase activity will be disclosed in the annual and semi-annual reports to shareholders.
Posted In: DPG
