BOSTON, Dec. 16, 2020 /PRNewswire/ -- The Board of
Directors of the Taiwan Fund, Inc. (NYSE: TWN) (the "Fund")
announced today that its Board has adopted a conditional tender
offer policy (the "Policy") in lieu of the Fund's Discount
Management Program (the "Program").
Under the Policy, the Fund would conduct a tender offer to purchase
up to 25% of its outstanding shares at 98% of net asset value
("NAV") if the Fund's NAV performance for the five year period
ending December 31, 2025 were
exceeded by the performance of the Fund's benchmark (the TAIEX
Total Return Index) over that period.
The Board believes that adopting the Policy in lieu of the
Program is in the best interest of stockholders. Stockholders will
benefit either from the Fund's over performing the benchmark or
from a tender offer that will provide stockholders with a better
source of liquidity than the Program – an ability to sell to the
Fund a more meaningful number of shares than available under the
volume-constrained purchases permitted under the Program and at a
significantly better price.
*****
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.
(End)
View original
content:http://www.prnewswire.com/news-releases/the-taiwan-fund-inc-announces-conditional-tender-offer-policy-301194513.html
SOURCE The Taiwan Fund, Inc.