The Greater China Fund, Inc. (NYSE: GCH) Announces No Extension of Tender Offer
2011年10月13日 - 5:17AM
Marketwired
The Greater China Fund, Inc. (NYSE: GCH) (the "Fund") reminds
investors that the Fund's tender offer (the "Tender Offer") to
purchase up to 20% of the Fund's outstanding shares of common stock
will expire this Friday, October 14, 2011, at 11:59 p.m, unless
extended. The Fund continues to believe it appropriate to provide
stockholders with the opportunity to exchange their shares at a
price per share, in cash, equal to 98% of the Fund's net asset
value per share as determined by the Fund on the next business day
following the expiration date of the tender offer.
The Fund is aware of the recent press release by City of London
Investment Management Company Limited ("COL"), the Fund's largest
stockholder, announcing that it will not tender its shares in the
Tender Offer. The Fund is also aware of other statements by COL in
that press release. The Fund's policy is not to comment on rumors.
However, in light of the Fund's ongoing tender offer, the
specificity of the details in the statements made by COL and the
size of COL's beneficial ownership of the Fund, the Fund believes
it is important to make a one-time exception to its policy. The
Fund has not received a proposal to merge with any other closed end
fund and does not expect to receive any such proposal in the near
future. The Fund does not intend to update this statement except as
required by applicable law, including the rules and regulations
applicable to tender offers.
This announcement is not a recommendation, an offer to purchase
or a solicitation to sell any securities of the Fund. The Tender
Offer will be made only pursuant to the Offer to Repurchase,
related Letter of Transmittal and other documents, which were filed
by the Fund with the Securities and Exchange Commission (the "SEC")
on September 16, 2011 on Schedule TO as amended, through the date
hereof. Shareholders of the Fund should read the Fund's Schedule
TO, as amended, the Offer to Repurchase and other related exhibits
as they contain important information about the Tender Offer. These
and other filed documents are available to investors for free both
at the website of the SEC and from the Fund. Shareholders may
obtain further information regarding the Tender Offer from The
Altman Group, Inc., the Fund's Information Agent for the Tender
Offer, by calling toll-free (800) 884-5101 between the hours of
9:00 a.m. and 5:00 p.m., Eastern Time, Monday through Friday
(except holidays).
In connection with the Tender Offer, the Fund has temporarily
suspended any purchase of shares in the open market pursuant to its
Share Repurchase Plan until on or about 10 business days after the
termination of the Tender Offer.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and once issued,
shares of closed-end funds are sold in the open market through a
share exchange. Shares of closed-end funds frequently trade at a
discount to the net asset value. The price of a fund's shares is
determined by a number of factors, several of which are beyond the
control of the fund. Therefore, a fund cannot predict whether its
shares will trade at, below or above net asset value.
This press release shall not constitute an
offer to sell or a solicitation to buy, nor shall there be any sale
of the Fund's shares in any state or jurisdiction in which such
offer or solicitation or sale would be unlawful prior to
registration or qualification under the laws of such state or
jurisdiction.
For more information, contact: Tender Offer Queries Warren
Antler (212) 400-2605 Fund Information: Patricia Baronowski
1-(877)-FUND-GCH
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