Business Context and Reporting Period
This Form 8-K is a current report filed by First Trust Intermediate Duration Preferred & Income Fund on October 20, 2020. The report details corporate governance actions taken by the Board of Trustees on October 19, 2020.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on amendments to the Fund's By-Laws and does not contain financial performance data.
Material Changes
The primary material change reported is the amendment and restatement of the Fund's By-Laws, effective immediately as of October 19, 2020. Key revisions include:
- Enhancements to procedural matters regarding meetings, shareholder nominations, and shareholder proposals.
- Enhanced voting standards in the event of a contested board election.
- Addition of trustee qualifications.
- Addition of control share provisions.
- Other clarifying and conforming amendments.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies. The document serves solely to disclose the legal amendment of the By-Laws, with the full text attached as Exhibit 3.1.
Key Facts for Investor Verification
- Verify the specific language of the new "control share provisions" and "enhanced voting standards" in the attached Exhibit 3.1 to understand potential impacts on shareholder rights.
- Confirm the effective date of the By-Law amendments is October 19, 2020.
- Note that this filing does not reflect any changes in the Fund's investment strategy or financial position.