NEW YORK, Oct. 18, 2018 /PRNewswire/ -- The Board of
Directors of The Taiwan Fund, Inc. (the "Fund") (NYSE: TWN), today
announced an enhancement to the Fund's Discount Management Program
intended to provide increased value to stockholders, by providing
the Board greater flexibility to meet the objectives of the program
in response to market conditions and other factors. The Fund will
continue to repurchase, in each twelve month period ending
August 31, up to 10% of its common
shares outstanding as of the close of business on August 31 the prior year, but will permit shares
to be repurchased at differing discount trigger levels that will
not be announced.
The Fund will repurchase its common shares in the open market on
any day that the Fund's shares are trading at a discount that
exceeds the trigger level. 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 Manager determines that such a
repurchase would be detrimental to the Fund and its
stockholders.
The trigger level will be determined by the Board and/or its
Share Repurchase Program Committee in consultation with the Fund's
Investment Manager based on their evaluation of market conditions
and other factors. There is no assurance that the Fund will
purchase shares at any particular discount levels or in any
particular amounts. Under certain conditions, regulatory
requirements and/or other legal considerations may limit the Fund's
ability to repurchase shares.
The Discount Management Program is intended to enhance
shareholder value, as repurchases made at a discount have the
effect of increasing the net asset 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. The repurchases may
be commenced or 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 and will be
announced on Monday of each week for repurchases made during the
prior week.
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 1-877-217-9502.
View original
content:http://www.prnewswire.com/news-releases/the-taiwan-fund-inc-announces-enhancement-to-discount-management-program-300733701.html
SOURCE The Taiwan Fund, Inc.