NEW YORK, Dec. 7, 2018 /PRNewswire/ -- The Swiss Helvetia
Fund, Inc. (NYSE: SWZ), a non-diversified registered closed-end
investment company, announced today that its Board of Directors has
approved a stock repurchase program, pursuant to which the Fund may
purchase up to 250,000 shares of its common stock. The principal
purpose of the stock repurchase program is to enhance stockholder
value by increasing the Fund's net asset value per share.
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. The
Fund's Board of Directors may amend this program, solely in its
discretion, at any time during the duration of the program. Any
such amendment will be publicly disclosed.
The Fund also announced today the continued suspension of its
managed distribution plan due to the significant reduction in the
size of the Fund and the increased weight of illiquid securities as
a result of the completion of the tender offer. The Board of
Directors will consider whether to reinstitute or modify the
plan.
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.
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 $590.8 billion under management and
administration as of September 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.
Contact:
Jennifer Brogadir
212-641-3863
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SOURCE The Swiss Helvetia Fund, Inc.