The Greater China Fund, Inc. (NYSE: GCH) Announces Preliminary
Results of Tender Offer
NEW YORK, Feb. 7, 2013 /PRNewswire/ -- The Greater China
Fund, Inc. (NYSE: GCH) ( the "Fund") announced today the expiration
and preliminary results of the Fund's tender offer (the "Tender
Offer") for up to 16,987,608 of its issued and outstanding shares
of common stock, par value $0.001 per
share. The Tender Offer was for up to 70% of the Fund's
issued and outstanding shares. The Tender Offer expired
at 11:59 p.m., Eastern Time, on
February 6, 2013 (the "Expiration
Date").
(Logo: http://photos.prnewswire.com/prnh/20121106/NE07292LOGO
)
Based upon current information, approximately 15,966,299 shares,
or approximately 65.8% of the Fund's issued and outstanding common
stock, were tendered through the Expiration Date, including shares
tendered pursuant to notices of guaranteed
delivery. These numbers are subject to adjustment and
should not be regarded as final. Because less than 75%
of the Fund's shares were tendered in the Tender Offer, the Tender
Offer was not cancelled and the Fund will not be required pursuant
to its previously disclosed agreement to solicit proxies from
stockholders for the liquidation and dissolution of the Fund.
No more than a total of 16,987,608 properly tendered shares will
be accepted in exchange for cash at a price equal to 99% of the
Fund's net asset value ("NAV") per share, as determined later
today, February 7, 2013, following
the close of business on the New York Stock
Exchange. The final number of shares validly tendered
and accepted pursuant to the Tender Offer and the price per share
will be announced at a later date.
For more information about the Tender Offer please contact AST
Fund Solutions, LLC, the Fund's Information Agent for the Tender
Offer, by calling (212) 400-2605 between the
hours of 9:00 a.m. and 5:00 p.m., Eastern Time, Monday
through Friday (except holidays).
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.
SOURCE The Greater China Fund, Inc.