Korea Equity Fund, Inc. Announces the Expiration of Rights Offering.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Korea Equity Fund, Inc. (NYSE NYSE See: New York Stock Exchange : KEF kef n. Variant of kif. ) (the "Fund") announced today that its rights offering (the "Rights Offering"), which commenced on January 19, 2007 and expired on February 16, 2007 (the "Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. "), was over-subscribed. The subscription price pursuant to the Rights Offering is $9.76, which was determined based on 80% of the Fund's net asset value on the Expiration Date as described in the Fund's prospectus. Shares will be issued promptly after completion of shareholder payments and the pro-rata allocation of shares with respect to the over-subscription privilege. Nomura Asset Management U.S.A. Inc., the Fund's Manager, Nomura Asset Management Co., Ltd., the Fund's Investment Adviser, and the Fund's sub-advisers intend to invest the net proceeds from the Rights Offering to pursue attractive investment opportunities in equity securities of South Korean companies This is a list of major companies based in South Korea. Please note that the list is highly incomplete and does not have thousands of companies of different sizes. Links should only point to the Wikipedia article, and not to a web page URL. in accordance with the Fund's investment objective and policies. It is anticipated that the investment of the proceeds will take approximately seven business days after completion of the Rights Offering, subject to market conditions and the availability of appropriate securities. The Manager, the Investment Adviser and the sub-advisers are affiliated with Nomura Securities Co., Ltd., the largest securities company in Japan. The Manager and the Investment Adviser, together with their affiliates, had approximately $201.6 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of October 31, 2006. UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Bank acted as financial advisor and dealer manager for the Rights Offering. The Fund is a non-diversified closed-end, management investment company that invests primarily in the equity securities of South Korean companies and is designed for investors seeking long-term capital appreciation. Because the Fund is non-diversified, it can take larger positions in fewer companies, increasing its overall risk. Investments in securities of foreign issuers present greater risks, including currency fluctuations and changes in political and economic conditions. Foreign securities markets generally exhibit greater price volatility and less liquidity than U.S. markets. Shares of closed-end funds frequently trade at a discount to net asset value. |
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