NEW YORK, July 29, 2019 /PRNewswire/ -- The Swiss Helvetia
Fund, Inc. (NYSE: SWZ) (the "Fund"), a non-diversified registered
closed-end investment company, announced today that it has filed
preliminary proxy materials (the "Proxy Materials") with the
U.S. Securities and Exchange Commission (the "SEC") in
connection with the Fund's 2019 Annual Meeting of Stockholders (the
"Meeting"). The Proxy Materials include proposals to approve a
new investment objective for the Fund and revised fundamental
investment restrictions in order to provide the Fund with greater
investment flexibility and an investment advisory agreement with
Bulldog Investors, LLC ("Bulldog"). If approved by
stockholders, the investment advisory agreement with Bulldog would
replace the investment advisory agreements between the Fund and its
current investment advisers.
If approved by stockholders, the Fund's current fundamental
objective of long-term capital appreciation through investment in
equity and equity-linked securities of Swiss companies would be
replaced with a non-fundamental objective of total return. If
the proposed advisory agreement with Bulldog is approved, which
approval is contingent on stockholder approval of the
aforementioned change in the Fund's investment objective and
changes to the Fund's fundamental investment restrictions, Bulldog
will seek to achieve the objective through an "activist" strategy
designed to unlock the underlying value of securities acquired by
the Fund.
If stockholders approve the Fund's new investment advisory
agreement with Bulldog, the new investment objective and the
changes to the Fund's fundamental investment restrictions, the Fund
intends, as soon as practicable thereafter, to commence a
tender offer for up to 15% of the Fund's outstanding shares at a
price of 95% of the Fund's net asset value per share.
If stockholders do not approve each of the foregoing proposals,
the Board will consider what actions, if any, would be
appropriate.
The Board has fixed the close of business on August 19, 2019 as the record date for the
determination of stockholders entitled to notice of and to vote at
the Meeting, which is expected to be held late in the third quarter
or early in the fourth quarter of 2019.
* * * * *
About The Swiss Helvetia Fund, Inc.
The Fund (www.swzfund.com) is a non-diversified, closed-end
investment company currently seeking long-term capital appreciation
through investment in equity and equity-linked securities of Swiss
companies. As noted above, it is proposed that the Fund
change its investment objective. The Fund's shares are
listed on the NYSE under the symbol "SWZ." .
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 filing today with the SEC its preliminary Proxy
Materials (Filing Type: PRE 14A). The Fund's definitive Proxy
Materials currently are anticipated to be filed with the SEC in
late August 2019 (Filing Type: DEF
14A). Stockholders can obtain these documents (when available)
free of charge from the SEC's website at www.sec.gov. The
definitive Proxy Materials for the Fund also will be posted (when
available) on the Fund's website at www.swzfund.com. Stockholders
also may call the Fund's proxy solicitor, InvestorCom LLC, at
877-972-0090 for additional information about the Meeting or
to obtain free of charge the definitive Proxy Materials and other
definitive documents that may be filed by the Fund with the SEC in
connection with the Meeting, when those documents become
available. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF
THE FUND SHOULD READ CAREFULLY THOSE PROXY MATERIALS AND ALL OTHER
RELEVANT DOCUMENTS FILED BY THE FUND WITH THE SEC, AS THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE MEETING, THE PROPOSED ADVISORY
ARRANGEMENTS AND OTHER PROPOSALS CONTAINED THEREIN.
The Fund, the Fund's directors and officers, and Bulldog may
be deemed to be participants in the solicitation of proxies of the
Fund's stockholders in connection with the
Meeting. Stockholders of the Fund may obtain information about
the Fund's directors and executive officers, including their
beneficial ownership of shares of the Fund's common stock, and
information about Bulldog, in the Proxy Materials and other
relevant documents (when available) that may be filed by the Fund
with the SEC in connection with the Meeting.
This announcement is for informational purposes only
and is neither an offer to purchase nor a solicitation of an offer
to sell shares of the Fund's common stock. The tender offer for the
outstanding shares of our common stock described in this press
release has not commenced and will only be commenced if the above
conditions are satisfied. Subject to the satisfaction of the
above conditions, at the time the tender offer is commenced, the
Fund will file a Tender Offer Statement on Schedule TO with the SEC
related to the tender offer. The Tender Offer Statement (including
an Offer to Purchase, a related Letter of Transmittal and other
tender offer documents) will contain important information,
including the terms and conditions of the tender offer, that should
be read carefully before any decision is made with respect to 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 current website
(www.swzfund.com) or a successor Fund
website.
Contact:
Jennifer Brogadir
212-641-3863
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SOURCE The Swiss Helvetia Fund, Inc.
