NEW YORK, Dec. 4, 2018 /PRNewswire/ -- The Board of
Directors of The Taiwan Fund, Inc. (the "Fund") (NYSE: TWN),
announced today that it is well under way with a search for an
Investment Manager to manage the Fund's assets. The Board expects
to make a decision on the candidates identified in the search in
January 2019 and, to seek stockholder
approval of a new Investment Manager at the Fund's Annual Meeting
of Stockholders in April 2019.
On October 18, 2018, the Board
announced that, under the Fund's Discount Management Program:
The Fund would continue to
repurchase, in each twelve month period ended October 31, up to 10% of its common shares
outstanding as of the close of business on October 31 the prior year, but would permit
shares to be repurchased at differing discount trigger levels that
would not be announced. The Fund would 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 would 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 Board announced today a further adjustment to the Discount
Management Program. With this adjustment, the Fund will
continue to repurchase its shares to the maximum extent permitted
by law, but also intends once a week to seek to repurchase a block
of its shares.
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 or other legal
considerations may limit the Fund's ability to repurchase shares.
The share repurchase 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 without prior notice. The
Fund's repurchase activity will be disclosed in its shareholder
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.
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SOURCE The Taiwan Fund, Inc.