Swiss Helvetia Fund Announces Expiration, Prelim Results Of One-Time Cash Tender Offer
Benzinga 9 years ago
News
NEW YORK, April 25, 2017 /PRNewswire/ -- The Swiss Helvetia Fund, Inc. (NYSE:SWZ), a non-diversified registered closed-end investment company, announced today the expiration and preliminary results of its one-time tender offer to acquire, in exchange for cash, up to 2,812,653 of its issued and outstanding shares of common stock (the "Offer") (representing approximately 10% of the Fund's issued and outstanding shares as of the commencement of the Offer). The Offer expired at 5:00 p.m., Eastern Time, on April 24, 2017 (the "Expiration Date").
Based on preliminary information provided by American Stock Transfer & Trust Company, LLC, the depositary for the Offer, approximately 17,795,965 shares of common stock, or approximately 63% of the Fund's outstanding shares as of the commencement of the Offer, were tendered through the Expiration Date. This number is subject to adjustment and should not be regarded as final because the number of shares tendered exceeded 2,812,653 (the maximum number of shares being sought in the Offer) and thus the number of shares that will be purchased by the Fund will be prorated based on the number of shares validly tendered by each stockholder. No more than a total of 2,812,653 validly tendered shares will be accepted for payment at a price per share equal to 98% of the Fund's net asset value per share determined as of the close of the regular trading session of the New York Stock Exchange today, April 25, 2017. The final number of shares validly tendered and accepted pursuant to the Offer and the Offer price per share will be announced at a later date.
Based on preliminary information provided by American Stock Transfer & Trust Company, LLC, the depositary for the Offer, approximately 17,795,965 shares of common stock, or approximately 63% of the Fund's outstanding shares as of the commencement of the Offer, were tendered through the Expiration Date. This number is subject to adjustment and should not be regarded as final because the number of shares tendered exceeded 2,812,653 (the maximum number of shares being sought in the Offer) and thus the number of shares that will be purchased by the Fund will be prorated based on the number of shares validly tendered by each stockholder. No more than a total of 2,812,653 validly tendered shares will be accepted for payment at a price per share equal to 98% of the Fund's net asset value per share determined as of the close of the regular trading session of the New York Stock Exchange today, April 25, 2017. The final number of shares validly tendered and accepted pursuant to the Offer and the Offer price per share will be announced at a later date.