NEW YORK, Sept. 7, 2018 /PRNewswire/ -- The Swiss Helvetia
Fund, Inc. (the "Fund") (NYSE: SWZ) today announced that its Board
of Directors declared a dividend of $4.91 per share of common stock, $0.001 par value per share, payable on
October 19, 2018 to common stockholders of record as of the
close of business on September 18,
2018.
As previously announced, the dividend will be payable in shares
of the Fund's common stock. 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. If
stockholders representing more than 20% of the outstanding shares
of the Fund's common stock elect to receive the dividend entirely
in cash, each stockholder making the cash election will receive a
prorated portion of the available cash and will receive the
remainder of the dividend in shares of the Fund's common
stock. 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 beginning October 10, 2018,
to, and including, October 12,
2018. The Fund's Board of Directors has determined to suspend
the Fund's Dividend Reinvestment Plan until the completion of the
stock dividend.
As previously announced, the Fund's Board of Directors 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 for the tender offer. The
dividend declared today is part of the Fund's previously reported
intention to (1) dispose of a significant portion of its
portfolio securities in an orderly fashion, and (2) distribute
substantially all of its estimated realized capital gains to
stockholders. As the Fund disposes of securities for purposes of
paying the cash portion of the dividend and the tender offer
purchase price, the Fund will temporarily hold cash or cash
equivalents in excess of amounts it typically would hold, which may
adversely affect returns.
An information letter and election card will be distributed to
stockholders of record promptly after September 19, 2018. For your cash election
to be effective, your election card must be received by the
transfer agent no later than 5:00 P.M.,
Eastern time, on October 9,
2018. Stockholders with questions regarding the dividend
election may call American Stock Transfer & Trust Company, LLC,
the Fund's transfer agent, toll-free at (888) 556-0425. If
your shares are held through a bank, broker or nominee, please
contact such bank, broker or nominee if you have any questions or
need additional information about the dividend or the election they
may make on your behalf.
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.
