FORT LAUDERDALE, Fla .– (COMMERCIAL THREAD) –Templeton Global Income Fund [NYSE: GIM] announced today that its board of directors has authorized a takeover bid by the issuer to purchase for cash up to 93,900,910 of its common shares, representing 70% of its issued and outstanding common shares . The tender offer will begin on Monday, November 8, 2021 and will expire, unless extended, at 11:59 p.m. New York time on Tuesday, December 7, 2021. Subject to various terms and conditions described in the offer documents at be distributed to shareholders: (1) purchases will be made at a price per share equal to 99% of the net asset value (NAV) of the Fund per share at the close of trading on the first business day following the expiry of the offer; and (2) if more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase a number of shares equal to the amount of the pro rata offer.
The Fund may sell portfolio instruments during the tender offer in order to raise cash for the purchase of common shares. To the extent that the Fund holds a higher than normal percentage of its net assets in cash and cash equivalents, it may not be able to fully achieve its investment objectives.
In parallel with its approval of the takeover bid, the Board has formally withdrawn the evaluation period of the previously announced takeover offer (the “Valuation Period”). If the shares of the Fund were trading at an average discount to the net asset value of 8% or more during the valuation period, the board would launch a takeover bid for up to 20% of the outstanding shares. of the Fund to 98% of the net asset value. To date, the Fund has traded at an average haircut of less than 8% during the Valuation Period.
Upon completion of the tender offer, the Fund is expected to have sufficient assets to continue to achieve its investment objectives while continuing to fulfill its mandate of providing high current income by paying monthly distributions to shareholders. which remain invested in the Fund. .
The common shares of the Fund have recently traded at a discount to their net asset value per share. During the term of the tender offer, the current net asset value per share will be available by telephone at 800-342-5236 or on the Fund’s website at:
https://www.franklintempleton.com/investments/options/closed-end-funds/products/146/SINGLCLASS/templeton-global- Income-fund-inc / GIM.
Shareholders are advised to read the Offer to Purchase when it becomes available, as it contains important information.
The Offer to Purchase and other documents filed by the Fund with the United States Securities and Exchange Commission (SEC), including the Fund’s Annual Report for the year ended December 31, 2020, will be available free of charge. on the SEC’s website at www.sec. .gov or by calling 800-342-5236.
For more information on Templeton Global Income Fund, please visit our website at: www.franklintempleton.com
Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better results through their investment management expertise, wealth management and technology solutions. Through its specialized investment managers, the company brings extensive capabilities in equities, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has more than 70 years of investment experience and more than $ 1.5 trillion in assets under management as of September 30, 2021. For more information, please visit franklintempleton.com.