NEW YORK, Aug. 23, 2018 /PRNewswire/ -- The Swiss
Helvetia Fund, Inc. (NYSE: SWZ) (the "Fund") today announced that
the Board of Directors (the "Board") has approved a tender offer to
purchase up to 65% of the Fund's outstanding shares for cash at a
price equal to 98% of the net asset value per share on the
expiration date. The tender offer is expected to commence
promptly following the completion of the distribution described
below and to be completed during the fourth quarter of 2018.
In accordance with the rules of the U.S. Securities and Exchange
Commission, the Fund may purchase in the tender offer additional
shares of the Fund not to exceed 2% of the Fund's outstanding
shares without amending or extending the tender offer.
Prior to commencing the tender offer, the Fund intends to (1)
dispose of a significant portion of its portfolio securities in an
orderly fashion, and (2) distribute substantially all of its
realized capital gains to stockholders. Based on management's
current estimate of the Fund's unrealized and realized capital
gains, the distribution is currently estimated to be $4.91 per share, or 36% of the Fund's net assets,
and will be paid in newly issued shares of the Fund.
Stockholders will have an opportunity to elect to receive cash in
lieu of stock subject to a limitation on the total amount of cash
to be distributed by the Fund equal to 20% of the aggregate
distribution. The number of shares of stock to be issued will
be based upon a price equal to the volume weighted average price of
the Fund's shares on the New York Stock Exchange over the three-day
period commencing on the day after the final date for making such
election.
In view of these extraordinary actions, the Board has determined
to suspend until further notice any distributions that would
otherwise be payable pursuant to the Fund's managed distribution
plan. In addition, pending the completion of the tender offer, the
Fund has suspended its previously announced stock repurchase
program.
The actual amount of the distribution will be announced after
the record and payment dates for the distribution are determined
and may change, possibly materially, from management's current
estimate. The final determination of the sources of all
distributions in 2018 will be made after year end.
For additional information, please contact the Fund at (800)
730-2932.
Further information about the tender offer and the distribution
will be announced via future press releases. This press release is
for informational purposes only and is not a recommendation, an
offer to purchase or the solicitation of an offer to sell any
shares of the Fund. The tender offer will be made, and the
stockholders of the Fund will be notified, in accordance with the
Securities Exchange Act of 1934, as amended, the Investment Company
Act of 1940, as amended, and other applicable rules and
regulations.
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 $593.3 billion under management and
administration as of June 30, 2018.
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.
This announcement is not a recommendation, an offer to
purchase or a solicitation of an offer to sell shares of the Fund.
At the time the tender offer commences, the Fund will file with the
SEC a tender offer statement on Schedule TO and related exhibits,
including an offer to purchase, letter of transmittal, and other
related documents. Stockholders of the Fund should read these
documents carefully once they are filed with the SEC and become
available, as they will contain important information about the
tender offer. Stockholders will be able to obtain these documents
free of charge, when they become available, from the SEC's website
(www.sec.gov) or the Fund's website
(www.swzfund.com).
Contact:
Jennifer Brogadir
212-641-3863
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SOURCE The Swiss Helvetia Fund, Inc.