Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material
September 16 2024 - 9:18AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 14A
INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the
Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
|
|
|
| ☐ |
|
Preliminary Proxy Statement |
|
|
| ☐ |
|
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
|
|
| ☐ |
|
Definitive Proxy Statement |
|
|
| ☒ |
|
Definitive Additional Materials |
|
|
| ☐ |
|
Soliciting Material Pursuant to Rule 14a-12 |
NYLI CBRE GLOBAL INFRASTRUCTURE MEGATRENDS TERM FUND
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of filing fee (Check the appropriate box):
|
|
|
|
|
| ☒ |
|
No fee required. |
|
|
| ☐ |
|
Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. |
|
|
|
|
|
1) |
|
Title of each class of securities to which transaction applies: N/A
|
|
|
2) |
|
Aggregate number of securities to which transaction applies: N/A
|
|
|
3) |
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11
(Set forth the amount on which the filing fee is calculated and state how it was determined): N/A
|
|
|
4) |
|
Proposed maximum aggregate value of transaction: N/A
|
|
|
5) |
|
Total fee paid: N/A
|
|
|
| ☐ |
|
Fee paid with preliminary materials. |
|
|
| ☐ |
|
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
|
|
|
|
|
1) |
|
Amount Previously Paid: N/A
|
|
|
2) |
|
Form, Schedule or Registration Statement No.: N/A
|
|
|
3) |
|
Filing Party: N/A
|
|
|
4) |
|
Date Filed: N/A
|
September 16, 2024
Dear Shareholder:
This year’s September 27, 2024
Annual Meeting of Shareholders is critical to determining the future of the NYLI CBRE Global Infrastructure Megatrends Term Fund (the “Fund” or “MEGI”). Your vote, no matter the number of shares you own, will have a significant
impact on your Fund’s success. MEGI’s Board of Trustees recommends that you vote on the WHITE proxy card today.
|
|
|
|
|
|
|
|
|
| |
|
|
|
Vote all WHITE proxy cards you
receive from MEGI. |
|
|
|
Discard any and all GOLD proxy
cards you receive from Saba Capital Management,
L.P. (“Saba”). |
We encourage you to consider the following as you make your decision:
|
|
|
| MEGI’s board has been proactive in efforts
to close the discount: |
|
Saba’s proposed change to the Fund’s
Independent trustee is not warranted: |
|
|
| – Approved an 15% increase to the Fund’s monthly
distribution.
– Renamed the Fund with the goal of highlighting limited-term structure designed to
benefit long-term shareholders.
– Initially structured the Fund as a term trust to ensure long term investors receive NAV
upon termination of the trust. |
|
– The Board maintains confidence in its ability and the investment
managers ability to deliver attractive total returns and income over the life of the Fund.
– The Board and Fund management are committed to continued thoughtful actions designed to
enhance long-term shareholder value and improving the relationship between the Fund’s Net Asset Value (NAV) and its market price. |
The Fund’s discount to NAV has improved materially from its low and is trading
in-line with the peer group average.
| |
• |
|
As infrastructure market conditions have improved demand for Fund shares has increased. |
| |
• |
|
The Fund’s discount has narrowed by 42% from its low of -18.25% on December 28th, 2022 to -10.53% as of August 30, 2024.1 |
| 1 |
Source: Morningstar Direct, as of 8/31/2024 |
Source: Morningstar Direct, as of 8/31/2024. Peer group includes (Tickers): ASGI, BUI, UTF, DPG, TEAF, MFD,
UTG
Bottom Line
The Fund is under
attack by Saba. Saba is a New York City based hedge fund with a long and established history of acting in its own self-interest including implementing initiatives that are intended to generate short-term profits to the benefit of Saba and its
investors. Adding Saba’s nominee could disrupt MEGI’s operations, and Saba’s nominee may propose a liquidity event that could adversely impact the Fund. The Fund plans to fight vigorously against Saba’s nominee and will continue
fighting for ALL shareholder. As such, we ask that Saba’s Gold proxy cards should be discarded.
If you have already signed and returned a gold proxy card, you have the right as a shareholder of the Fund to change your vote before the
meeting takes place. You can do this by signing and returning the WHITE proxy card sent to you by the Fund, which will replace the proxy card you previously voted. If you have any questions, please contact our Proxy Solicitor, EQ Fund Solutions, at 800-848- 3374, Monday through Friday between the hours of 9:00 AM and 10:00 PM Eastern Time. Thank you for voting.
Sincerely,
|
|
|
|
|
| |
|
/s/ Kirk C. Lehneis |
|
|
Kirk C. Lehneis President
NYLI CBRE Global Infrastructure Megatrends Term Fund |
“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors
affiliated with New York Life Insurance Company.
NYLI CBRE Global Infrast... (NYSE:MEGI)
Historical Stock Chart
From Oct 2024 to Nov 2024
NYLI CBRE Global Infrast... (NYSE:MEGI)
Historical Stock Chart
From Nov 2023 to Nov 2024
