NEW YORK, April 26, 2017 /PRNewswire/ -- The Swiss Helvetia
Fund, Inc. (NYSE: SWZ), a non-diversified registered closed-end
investment company, announced today the final results of its
one-time tender offer to acquire, in exchange for cash, up to
2,812,653 of its issued and outstanding shares of common stock (the
"Offer") (representing approximately 10% of the Fund's issued and
outstanding shares as of the commencement of the Offer). The
Offer expired at 5:00 p.m., Eastern
Time, on April 24, 2017.
Based on information provided by American Stock Transfer &
Trust Company, LLC, the depositary for the Offer, approximately
17,795,965 shares of common stock, or approximately 63% of the
Fund's outstanding shares as of the commencement of the Offer, were
properly tendered, and the Fund has accepted 2,812,653 shares for
cash payment at a price equal to $12.85 per share, which represents 98% of the
Fund's net asset value per share as of the close of the regular
trading session of the New York Stock Exchange ("NYSE") on
April 25, 2017. As the total
number of shares tendered exceeds the number of shares the Fund
offered to purchase pursuant to the Offer, on a pro-rated basis,
approximately 15.8% of the Fund's shares tendered by each tendering
stockholder were accepted for payment. Following the purchase
of the properly tendered shares, the Fund will have approximately
25,313,872 outstanding shares.
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 $490.7 billion under management as of
December 31, 2016. 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 400 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.