NEW YORK, Dec. 4, 2017 /PRNewswire/ -- The Swiss
Helvetia Fund, Inc. (NYSE: SWZ), a non-diversified registered
closed-end investment company, announced today that its Board of
Directors declared a distribution of $0.12 per share, consisting entirely of net
investment income. The distribution will be paid on
December 22, 2017 to stockholders of
record on December 15, 2017.
The distribution will trade "ex-dividend" on December 14, 2017. The Fund will send
stockholders a Form 1099-DIV for calendar year 2017 in early 2018
informing them of how to report this distribution for federal
income tax purposes.
The Fund also announced the Board's approval of an annual stock
repurchase program for 2018, pursuant to which the Fund may
purchase up to 500,000 shares of its common stock in open market
transactions throughout the year. The principal purpose of
the stock repurchase program is to enhance stockholder value by
increasing the Fund's net asset value per share without creating a
meaningful adverse effect on the Fund's expense ratio. Since
1999, with the exception of 2014, the Fund's Board of Directors has
authorized an annual stock repurchase program permitting open
market purchases by the Fund of its shares of common
stock.
Any repurchase by the Fund of its common stock is subject to
various factors, including the limitations imposed by the federal
securities laws governing the repurchase of an issuer's stock by
the issuer, the ability of the Fund's investment adviser to raise
cash to repurchase shares of the Fund's common stock in a
tax-efficient manner and general market conditions. There can
be no assurance that the program will enhance stockholder value or
increase the market value of the Fund's shares. The Fund's
Board of Directors may amend this program, solely in its
discretion, at any time during the duration of the program. Any
amendment to the Fund's announced stock repurchase program will be
publicly disclosed.
About The Swiss Helvetia Fund, Inc.
The Fund (www.swzfund.com) is a non-diversified, closed-end
investment company seeking long-term capital appreciation through
investment in equity and equity-linked securities of Swiss
companies. Its shares are listed on the NYSE under the symbol
"SWZ." The Fund seeks to achieve its investment objective by
investing generally in Swiss equity and equity-linked securities
that are traded on a Swiss stock exchange, traded at the pre-bourse
level of one or more Swiss stock exchanges, traded through a market
maker or traded over the counter in Switzerland. The Fund
also may invest in Swiss equity and equity-linked securities of
Swiss companies that are traded on other major European stock
exchanges.
Closed-end funds, unlike open-end funds, are not continuously
offered. Typically, shares of closed-end funds are sold in
the open market through a stock exchange. Shares of
closed-end funds frequently trade at a discount to 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 net asset value.
The Fund is managed by Schroder Investment Management North
America Inc. and Schroder Investment Management North America
Limited.
About Schroder Investment Management North America
Inc.
Schroder Investment Management North America Inc. and Schroder
Investment Management North America Limited, investment advisors
registered with the U.S. SEC, are units of Schroders plc (SDR.L), a
global asset management company with approximately $577.3 billion under management and
administration as of September 30,
2017. Schroder's clients include major financial institutions
including banks and insurance companies, as well as local and
public authorities, public and private pension funds, endowments
and foundations, intermediaries and advisors, as well as high net
worth individuals and retail investors. The firm has built
one of the largest networks of offices of any dedicated asset
management company with more than 500 portfolio managers and
analysts covering the world's investment markets, offering a
comprehensive range of products and services.
Schroder Investment Management North America Inc. provides asset
management products and services to clients in the U.S. and
Canada. Schroder Investment Management North America Inc. is
an indirect, wholly-owned subsidiary of Schroders plc, a U.K.
public company with shares listed on the London Stock Exchange.
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.
Contact:
Jennifer Brogadir
212-641-3863
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SOURCE The Swiss Helvetia Fund, Inc.