NEW YORK, Feb. 8, 2013 /PRNewswire/ -- The Greater
China Fund, Inc. (NYSE: GCH) ( the "Fund") announced today that it
will pay a price of $13.32 per share
for each share of the Fund properly tendered and accepted in
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. This price is
equal to 99% of the Fund's net asset value per share as of the
close of regular trading on the New York Stock Exchange on
February 7, 2013. The Tender
Offer was for up to 70% of the Fund's issued and outstanding shares
and expired at 11:59 p.m., Eastern
Time, on February 6, 2013 (the
"Expiration Date").
The Fund also announced that due to the upcoming Chinese
Lunar New Year holiday period next
week, which will result in the closure of the Hong Kong and other markets from February 11, 2013 through February 13, 2013, and the required foreign
currency conversion necessary to pay holders in U.S. dollars, it is
anticipated that the Fund will pay the purchase price for shares
accepted in the Tender Offer on or about February 20, 2013. Investors that hold
shares in street name will receive payment for shares tendered in
the Tender Offer in the normal course through their broker.
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 remain 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. The final number of
shares validly tendered and accepted pursuant to the Tender Offer
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 are traded on the secondary market
through one of the stock exchanges. The Fund's investment return
and principal value will fluctuate so that an investor's shares may
be worth more or less than the original cost. Shares of closed-end
funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund's portfolio. There is no assurance
that a fund will achieve its investment objective. Past performance
does not guarantee future results.
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.