The Greater China Fund, Inc. (NYSE: GCH) Announces Update on Investment Manager Replacement; Receives Unsolicited Merger Prop...
2012年8月2日 - 5:40AM
Marketwired
The Greater China Fund, Inc. (NYSE: GCH) (the "Fund") announced
today that it has underway a search for a replacement of the Fund's
current investment manager. This follows the Fund's June 29, 2012
announcement that the Fund's Board would meet in due course to
consider an appropriate course of action following the stockholder
vote to terminate the Fund's agreement with the Fund's current
investment manager, Baring Asset Management (Asia) Ltd. ("Baring").
Following termination of the Fund's current agreement with Baring,
the Fund will enter into an agreement with Baring to continue
providing services to the Fund on an interim basis for up to 150
days.
The process in place for finding a successor to Baring includes
requesting proposals from a short list of highly regarded
investment managers as well as consultation with major
shareholders. The process is intended to result in the
identification of a well qualified investment manager for the Fund
that will be voted on and approved by stockholders.
The Fund also announced that its Board of Directors recently
received a letter from the Chairman of JF China Region Fund, Inc.
("JFC"), outlining the terms of an unsolicited proposal to merge
the Fund with and into JFC. JFC would be the continuing fund. JFC
is also listed on the New York Stock Exchange but it is
significantly smaller than the Fund, with less than one-third of
the net assets of the Fund at March 31, 2012. On July 31, 2012, the
Chairman of the Board of the Fund sent a letter to the Chairman of
JFC stating that the Board of the Fund discussed the JFC proposal
and has concluded that such a merger would not appear to be in the
best interests of the Fund and its shareholders.
For more information on the Fund, including the most recent
month-end performance, visit www.greaterchinafund.com or call
1-877-FUND-GCH (1-877-386-3424).
The Fund is a non-diversified, closed-end management investment
company that seeks long-term capital appreciation through investing
primarily in listed securities of China companies.
Contact: Patricia Baronowski 631-756-2486 Email Contact
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