NEW YORK, Oct. 24, 2013 /PRNewswire/ -- The Taiwan Fund,
Inc. (NYSE: TWN) (the "Fund"), announced today that the Fund's
Board of Directors has established a process for identifying an
investment manager to replace the Fund's existing investment
advisory arrangements with Martin
Currie, Inc. ("Martin
Currie") and APS Asset Management PTE Ltd. ("APS"). As
previously announced by the Fund, APS has notified Martin Currie of termination of the Sub-Advisory
Agreement between Martin Currie and
APS.
The Board has engaged a consultant to identify potential
candidates to serve as the Fund's investment adviser, and the
consultant has provided the Board with a recommended "short list"
of candidates for further analysis from a longer list on which the
consultant had conducted preliminary analysis. The consultant
is expected to provide the Board with its analysis of the short
list candidates (along with one or two other candidates that the
Board requested the consultant analyze) in early December
2013. The Board will review that analysis and expects to
identify two or three candidates that will be requested to provide
the Board with additional information. The Board intends to
make a determination on the selection of a replacement investment
manager in the middle of January 2014. Thereafter, the Fund's
stockholders will be asked to approve that selection at a Special
Meeting of Stockholders in March
2014.
The Fund previously announced that it planned to implement a
Managed Distribution Program with a target annual distribution rate
of 5% of market price. Implementation of the Program is
subject to obtaining regulatory approvals, which are being sought
but may take six months or more to obtain. The target
distribution rate will be reevaluated upon obtaining regulatory
approvals and prior to the implementation of the Managed
Distribution Program. The target distribution also will be
reviewed by the Fund's Board regularly and adjusted if the Board
feels that the existing rate does not properly balance the
Program's objective of mitigating the discount at which the Fund's
shares typically trade with the Fund's ability to pay the
distribution out of net investment income and realized capital
gains.
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.