The Swiss Helvetia Fund, Inc. Announces Final Results Of One-time Cash Tender Offer
Benzinga 9 years ago
News
NEW YORK, April 26, 2017 /PRNewswire/ -- The Swiss Helvetia Fund, Inc. (NYSE:SWZ), a non-diversified registered closed-end investment company, announced today the final 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.
Based on 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 properly tendered, and the Fund has accepted 2,812,653 shares for cash payment at a price equal to $12.85 per share, which represents 98% of the Fund's net asset value per share as of the close of the regular trading session of the New York Stock Exchange ("NYSE") on April 25, 2017. As the total number of shares tendered exceeds the number of shares the Fund offered to purchase pursuant to the Offer, on a pro-rated basis, approximately 15.8% of the Fund's shares tendered by each tendering stockholder were accepted for payment. Following the purchase of the properly tendered shares, the Fund will have approximately 25,313,872 outstanding shares.
About The Swiss Helvetia Fund, Inc.
The Fund (www.swzfund.com) is a non-diversified, closed-end investment company seeking long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. Its shares are listed on the NYSE under the symbol "SWZ." The Fund seeks to achieve its investment objective by investing generally in Swiss equity and equity-linked securities that are traded on a Swiss stock exchange, traded at the pre-bourse level of one or more Swiss stock exchanges, traded through a market maker or traded over the counter in Switzerland. The Fund also may invest in Swiss equity and equity-linked securities of Swiss companies that are traded on other major European stock exchanges.
Closed-end funds, unlike open-end funds, are not continuously offered. Typically, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.
Based on 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 properly tendered, and the Fund has accepted 2,812,653 shares for cash payment at a price equal to $12.85 per share, which represents 98% of the Fund's net asset value per share as of the close of the regular trading session of the New York Stock Exchange ("NYSE") on April 25, 2017. As the total number of shares tendered exceeds the number of shares the Fund offered to purchase pursuant to the Offer, on a pro-rated basis, approximately 15.8% of the Fund's shares tendered by each tendering stockholder were accepted for payment. Following the purchase of the properly tendered shares, the Fund will have approximately 25,313,872 outstanding shares.
About The Swiss Helvetia Fund, Inc.
The Fund (www.swzfund.com) is a non-diversified, closed-end investment company seeking long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. Its shares are listed on the NYSE under the symbol "SWZ." The Fund seeks to achieve its investment objective by investing generally in Swiss equity and equity-linked securities that are traded on a Swiss stock exchange, traded at the pre-bourse level of one or more Swiss stock exchanges, traded through a market maker or traded over the counter in Switzerland. The Fund also may invest in Swiss equity and equity-linked securities of Swiss companies that are traded on other major European stock exchanges.
Closed-end funds, unlike open-end funds, are not continuously offered. Typically, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.