NEW YORK, March 1, 2012 /PRNewswire/ --
Results of the Annual Stockholders
Meeting
The Taiwan Fund, Inc. (NYSE: TWN) announces today that at the
Annual Stockholders Meeting held on February
23, 2012, the stockholders of the Fund voted to
approve the election of all nominees for Director and the proposed
Investment Advisory and Management Agreement between the Fund and
Martin Currie, Inc. ("Martin Currie") and the proposed Sub-Advisory
Agreement between Martin Currie and
APS Asset Management Pte Ltd.
Discount Management Policy
As previously announced, the Fund will implement, during
March 2012, a Discount Management
Policy. Under this Policy, the Fund will repurchase its common
shares in the open market on any day that the Fund's shares are
trading at a discount of 9% or more from net asset value the prior
day and there is a daily average discount of 9% or more from net
asset value over the five-day period ending the prior day. On
each day that shares are repurchased, the Fund will repurchase its
shares to the maximum extent permitted by law unless the Fund's
investment management determines that such a repurchase would be
detrimental to the Fund and its shareholders. Under the
program, the Fund is authorized to repurchase in each twelve month
period ended August 31 up to 10% of
its common shares outstanding as of August
31 the prior year. For example, for the year
September 1, 2012 to August 31, 2013, the Fund may repurchase up to
10% of its common shares outstanding as of August 31, 2012.
The discount management program will replace the Fund's existing
share repurchase program under which the Fund is required to
consider repurchase of its common shares in the open market if the
discount exceeds 15%. During the current fiscal year and last
fiscal year of the Fund, the Fund did not repurchase shares under
this program.
The discount management program is intended to enhance
shareholder value, as repurchases made at a discount have the
effect of increasing the net value per share of the Fund's
remaining shares.
There is no assurance that the market price of the Fund's
shares, either absolutely or relative to net asset value, will
increase as a result of any share repurchases. These
repurchases may be suspended at any time or from time to time
without prior notice. The Fund's repurchase activity will be
disclosed in its stockholder reports for the relevant fiscal
periods.
Approval in Principle of One-Time
Tender Offer
As previously announced, the Board of Directors has voted to
approve in principle a one-time tender offer (the "Tender Offer")
to repurchase up to 50% of its outstanding shares at 99% of net
asset value, subject to regulatory and other confirmations.
It is expected that the Tender Offer will be launched during the
second calendar quarter of 2012. The Tender Offer, if made,
will be made on the terms and subject to the conditions to be
determined by the Board of Directors and set forth in an Offer
Notice and related Letter of Transmittal.
This announcement is not a recommendation, an offer to purchase
or a solicitation to sell any securities of the Fund. The
Tender Offer, if made, will be made only by an Offer Notice, a
related Letter of Transmittal and other documents which will be
filed with the Securities and Exchange Commission as exhibits to a
tender offer statement on Schedule TO. Stockholders of the
Fund should read the Offer Notice and tender offer statement on
Schedule TO and related exhibits, as they will contain important
information about the Tender Offer.
The Fund is a diversified closed-end investment company, which
seeks long term capital appreciation primarily through investments
in equity securities listed on the Taiwan Stock Exchange.
Shares of the Fund are listed on the New York Stock Exchange under
the ticker symbol "TWN."
For additional information on the Fund, including information on
the Fund's holdings, visit the Fund's website at
www.thetaiwanfund.com or call 1-877-864-5056.
SOURCE The Taiwan Fund, Inc.