WHEATON, Ill., January 25, 2022--(BUSINESS WIRE)--First Trust Advisors L.P. ("FTA") announced today that the special shareholder meeting for First Trust Merger Arbitrage ETF (NYSE Arca: MARB) (the "Fund"), a series of First Trust Exchange-Traded Fund III (the "Trust"), has been adjourned in order to allow shareholders additional time to vote to approve a new Investment Sub-Advisory Agreement and to permit additional solicitation of shareholders. The special shareholder meeting for MARB will reconvene on Tuesday, February 22, 2022 at 12:15 p.m. Central time at the offices of FTA at 120 East Liberty Drive, Suite 400 in Wheaton, Illinois.
On November 5, 2021, the entity formerly known as Vivaldi Holdings LLC ("Vivaldi Holdings"), which was the parent company of the Fund’s investment sub-advisor (formerly known as Vivaldi Asset Management, LLC ("VAM")), and First Trust Capital Partners, LLC ("FTCP"), an affiliate of the Advisor, announced the creation of a joint venture, First Trust Capital Solutions L.P. ("FTCS"). In connection with the creation of this joint venture, substantially all of the equity of VAM was transferred to FTCS (the "Transaction"), effective as of November 1, 2021. In addition, VAM converted to a Delaware limited partnership and changed its name to First Trust Capital Management L.P. ("FTCM"). Further, Vivaldi Holdings converted to a Delaware limited partnership and changed its name to VFT Holdings LP ("VFT Holdings"). FTCS is owned 50% by VFT Holdings II LP (which is owned by VFT Holdings and certain other parties) and 50% by FTCP. The Transaction may be deemed as an "assignment" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")), resulting in the automatic termination of the Fund’s investment sub-advisory agreement with VAM as of November 1, 2021. FTCM currently provides investment sub-advisory services to the Fund on an interim basis as permitted under the 1940 Act. However, in order for FTCM to continue to act as investment sub-advisor to the Fund beyond the interim period (which ends on March 31, 2022), shareholders of the Fund are being asked to consider and vote on a proposal to approve a new investment sub-advisory agreement (the "New Agreement"), among the Trust, on behalf of the Fund, the Advisor and FTCM. Shareholders will also be asked to transact such other business as may properly come before the Meeting or any adjournments or postponements thereof. As the investment sub-advisor to the Fund, employees of FTCM are the Fund’s portfolio managers and are primarily and jointly responsible for the day-to-day management of the Fund.
FTA is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate, First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $223 billion as of December 31, 2021 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and SMAs. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.
This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals, beliefs, plans or current expectations of FTA and/or FTCM and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current or historical fact. For example, forward-looking statements include the use of words such as "anticipate," "estimate," "intend," "expect," "believe," "plan," "may," "should," "would," "will" or other words that convey uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of a Fund to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this press release, you are cautioned not to place undue reliance on these forward-looking statements, which reflect the judgment of FTA and/or FTCM and their respective representatives only as of the date hereof. No obligation will be undertaken to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.
In connection with the solicitation of proxies to approve the New Sub-Advisory Agreement, the Trust filed with the Securities and Exchange Commission (the "SEC") a joint proxy statement on behalf of the Fund. Because the joint proxy statement contains important information, and the Fund’s shareholders are urged to read the joint proxy statement and accompanying materials carefully. The Fund’s shareholders may also obtain copies of these documents by calling FTA toll-free at 800-621-1675. The joint proxy statement also is available free of charge at the SEC’s website, www.sec.gov. This press release does not constitute an offer to sell, nor a solicitation of an offer to buy, shares of any Fund, nor is it a solicitation of any proxy. The Trust, the Fund, FTA, FTCM and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the matters described above. Information about the trustees and officers of the Trust may be found in the Fund’s annual reports previously filed with the SEC.
The Fund’s daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com.
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First Trust Advisors L.P.
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