The European Equity Fund, Inc., The New Germany Fund, Inc. & The Central Europe & Russia Fund, Inc. Announce Results of Tende...
December 03 2012 - 4:15PM
Business Wire
The European Equity Fund, Inc. (NYSE: EEA), The New Germany
Fund, Inc. (NYSE: GF) and The Central Europe and Russia Fund, Inc.
(NYSE: CEE) (each, a “Fund,” and collectively, the “Funds”)
announced today the results of a twelve-week measurement period
that began on Monday, September 10, 2012 and expired on Friday,
November 30, 2012, in accordance with each Fund’s previously
announced Discount Management Program (the “Program”). At the
conclusion of the measurement period, shares of common stock of EEA
had traded at an average discount to net asset value (“NAV”) of
-9.79%, shares of common stock of GF had traded at an average
discount to NAV of -9.90% and shares of common stock of CEE had
traded at an average discount to NAV of -10.18%, in each case
during the twelve-week measurement period. The terms of the Program
require a Fund to conduct a tender offer if its shares trade at an
average discount to NAV of more than 10% during the applicable
twelve-week measurement period. Therefore, CEE will conduct a
tender offer for up to 5% of its outstanding shares at a price
equal to 98% of NAV, and neither EEA nor GF will conduct a tender
offer. The commencement of the tender offer for CEE is expected to
occur following CEE’s anticipated year-end distribution. Additional
details concerning the tender offer will be announced in the
upcoming weeks.
For more information on EEA, GF or CEE, including the most
recent month-end performance and presentations, visit
www.dws-investments.com or call (800) 349-4281 or 00-800-2287-2750
from outside the US.
The European Equity Fund, Inc. is a diversified, closed-end
investment company seeking long-term capital appreciation through
investment primarily (normally at least 80% of its assets) in
equity or equity-linked securities of companies domiciled in
European countries utilizing the Euro currency. Investing in
foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks. Any fund that
concentrates in a particular segment of the market will generally
be more volatile than a fund that invests more broadly.
The New Germany Fund, Inc. is a diversified, closed-end
investment company seeking capital appreciation primarily through
investment in equity or equity-linked securities of small and
mid-cap German companies. The Fund may invest up to 35% of
its assets in large cap German companies and up to 20% in other
Western European companies. Investing in foreign securities
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks. Any fund that
concentrates in a particular segment of the market will generally
be more volatile than a fund that invests more broadly.
The Central Europe and Russia Fund, Inc. is a
non-diversified, closed-end investment company seeking long term
capital appreciation through investment primarily in equity or
equity-linked securities of issuers domiciled in Central Europe and
Russia. The Fund is non-diversified and can take larger
positions in fewer issues, increasing its potential risk.
Investing in foreign securities, particularly those of emerging
markets, presents certain risks, such as currency fluctuations,
political and economic changes, and market risks. Any fund
that focuses in a particular segment of the market will generally
be more volatile than a fund that invests more broadly.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and, once
issued, shares of closed-end funds are bought and sold in the open
market through a stock exchange. Shares of closed-end funds
frequently trade at a discount to NAV. The price of a fund’s
shares is determined by a number of factors, several of which are
beyond the control of the fund. Therefore, a fund cannot
predict whether its shares will trade at, below or above NAV.
There can be no assurance that the Program will be effective in
reducing the Funds’ market discounts.
Investments in funds involve risk. Additional risks of the
Funds are associated with international investing, such as
government regulations and differences in liquidity, which may
increase the volatility of your investment. Foreign security
markets generally exhibit greater price volatility and are less
liquid than the US market. Additionally, the Funds focus
their investments in certain geographical regions, thereby
increasing their vulnerability to developments in that region and
potentially subjecting the Funds’ shares to greater price
volatility. Some funds have more risk than others.
These include funds, such as EEA, GF and CEE, that allow
exposure to or otherwise concentrate investments in certain
sectors, geographic regions, security types, market capitalization
or foreign securities (e.g., political or economic instability,
which can be accentuated in emerging market countries).
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities 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.
NOT FDIC/NCUA INSURED • MAY LOSE VALUE • NO
BANK GUARANTEENOT A DEPOSIT • NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY
DWS Investments is part of Deutsche Bank’s Asset & Wealth
Management division and, within the US, represents the retail asset
management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and
DWS Trust Company. R-30007-1 (12/12)
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