Taiwan Greater China Fund Announces Expiration of Semi-Annual Repurchase Offer and Preliminary Results.
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 -- The Taiwan Greater China Fund (NYSE NYSE
See: New York Stock Exchange :TFC TFC Traffic
TFC Traffic (logging abbreviation)
TFC Team Fortress Classic (game)
TFC The Filipino Channel
TFC Thin Film Composite (type of reverse osmosis membrane) ), a diversified closed-end registered investment company listed on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (the "Fund"), announced the expiration of its semi-annual repurchase offer for its shares of common stock. The offer and withdrawal rights expired at 5:00 p.m., New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Friday, December 15, 2006.
The Fund offered to repurchase up to 5% of its shares in the semi-annual repurchase offer. Based on current information, approximately 10,383,100 shares or 61.5% of the Fund's outstanding shares of common stock were submitted for repurchase and not withdrawn prior to the expiration of the Fund's repurchase offer. Because the number of shares submitted for repurchase exceeded 5% of outstanding shares, the Fund will repurchase submitted shares on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share.
In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis as described in the repurchase offer materials. The number of shares submitted for repurchase provided above is preliminary and is subject to adjustment as the Fund verifies that all requirements for participation have been met by each shareholder that submitted shares for repurchase.
The repurchase price for the shares will be the Fund's net asset value per share as determined at the close of regular trading on the Taiwan Stock Exchange Taiwan Stock Exchange (TSEC)
Established in 1961, the only centralized securities market in Taiwan. on December 29, 2006 or, if the Taiwan Stock Exchange is not open on December 29, 2006, then at the opening of the New York Stock Exchange on December 29, 2006. The shares repurchased in the repurchase offer will be subject to a repurchase fee of 2% of the net asset value per share to offset expenses related to the repurchase offer.
The Taiwan Greater China Fund is listed and publicly traded in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Fund is organized for investment in securities of Taiwan issuers by non-Taiwan investors and follows an investment strategy of primarily investing in Taiwan listed companies that derive or expect to derive a significant portion of their revenues from operations in or exports to mainland China.
This press release may contain certain forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future circumstances. These forward-looking statements are based upon the Fund's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Fund's filings with the U. S. Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Fund undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Fund or any other person that the events or circumstances described in such statement are material.