The Greater China Fund, Inc. Approves and Announces Terms of Rights Offering
2010年3月13日 - 6:30AM
Marketwired
The board of directors of The Greater China Fund, Inc. (NYSE: GCH)
has approved the Fund's intention to conduct a transferable rights
offering of additional shares of common stock of the Fund. The
primary purpose of the offer is to increase the Fund's assets
available for investment, thereby enabling the Fund to take
advantage more fully of available existing and future investment
opportunities consistent with its investment objective of long-term
capital appreciation through investment primarily in listed equity
securities of China companies. The offer is expected to provide
shareholders the opportunity to purchase shares at a discount to
market price of the shares. The offer will be made only by means of
a prospectus.
Pursuant to announced terms of the offer, the Fund will issue to
record date shareholders one transferable right for each share of
common stock held on the record date. Each record date shareholder
and each other holder of rights is entitled to subscribe for one
share of common stock for every three rights held (1 for 3);
however any record date shareholder who is issued fewer than three
rights will be entitled to subscribe for one share of common stock.
Fractional shares will not be issued.
The record date for the rights offering is currently expected to
be March 23, 2010. The proposed subscription period is currently
anticipated to expire on April 16, 2010, unless extended by the
Fund.
The subscription price will be determined on the date on which
the offer expires (the expiration date) based on a formula equal to
90% of the average of the last reported sales price of shares of
the Fund's common stock on the New York Stock Exchange on the
expiration date and each of the four preceding trading days (the
"formula price"). If, however, the formula price is less than 75%
of the net asset value per share of the Fund's common stock on the
expiration date, then the subscription price will be 75% of the net
asset value per share of the Fund's common shares on the expiration
date. The subscription price will include a sales load.
The Fund expects that subscription forms, together with the
prospectus, will be mailed to record date shareholders within the
United States shortly following the record date. Shareholders who
hold their shares in street name will receive these materials from
their bank or broker.
Record date shareholders who exercise all rights issued to them
will be entitled to subscribe for additional shares of the Fund's
common stock at the subscription price pursuant to an
over-subscription privilege. To the extent that sufficient shares
are not available to honor all requests for over-subscriptions, any
remaining unsubscribed shares will be allocated pro rata among
those record date shareholders who over-subscribe based on the
number of shares of the Fund's common stock they owned on the
record date.
To exercise their rights, holders who hold their shares through
a broker, custodian or trust company, should contact them to
forward their instructions to either exercise or sell their rights
on their behalf. Holders who do not hold shares through a broker,
custodian or trust company, should forward their instructions to
either exercise or sell their rights by completing the subscription
certificate and delivering it back to the subscription agent for
the offer, together with their payment, at one of the locations
indicated on the subscription certificate or in the prospectus.
A definitive announcement of the commencement of the offer and
the record date will be made through a prospectus as well as the
public media. The final terms of the offer may be different from
those discussed above. Shareholders should be sensitive to these
subsequent announcements. Shareholders who have questions regarding
the rights offering, or are interested in obtaining a prospectus,
when available, should contact their broker or nominee, or contact
the information agent for the offer, The Altman Group, Inc., at
(866) 530-8655.
The Fund is a non-diversified, closed-end management investment
company that seeks long-term capital appreciation through investing
primarily in listed equity securities of China companies, which are
companies that (i) are organized under the laws of, and have their
principal place of business in, China or Hong Kong or (ii) during
their most recent fiscal year derived at least 50% of their
revenues or profits from goods produced or sold, investments made
or services performed in China or Hong Kong or have at least 50% of
their assets in China or Hong Kong. The Fund's investment manager
is Baring Asset Management (Asia) Limited.
Shares of closed-end investment companies frequently trade at a
discount to their 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 their net asset value.
Before investing in the Fund, investors should carefully
consider the investment objectives, risks, and charges and expenses
of the Fund. The information, including other information
concerning the Fund, can be found on file with the U.S. Securities
and Exchange Commission. An investor should carefully read the
registration statement before investing.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission but has not
yet become effective. The information in the registration statement
is not complete and may be changed. These securities may not be
sold nor may offers be accepted prior to the time the registration
statement becomes effective. This announcement is not an offer to
sell these securities and is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.
Contact: Warren Antler (212) 400-2605 Email Contact
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