The France Growth Fund Announces Nominees and Record Date for Annual Meeting.NEW YORK--(BUSINESS WIRE)--Feb. 9, 1999--The independent directors of the France Growth Fund Inc. (NYSE NYSE See: New York Stock Exchange : FRF FRF The ISO 4217 currency code for the French Franc. ) (the "Fund") announce today that they have nominated Michel Longchampt, Michel Rapaccioli and Bernard L. Chauvel to serve as Class II Directors of the fund for a three-year term commencing in April 1999. Longchampt and Rapaccioli have served on the board since the inception of the fund in 1990 and Chauvel has served as president of the fund since June 1997. He is an affiliated person Affiliated Person An individual who is in a position to influence the actions of a corporation. This includes people such as directors, executives, and owners. Notes: Depending on the context, an affiliated person might be referred to simply as an "affiliate. of the adviser and will not receive any director's fee from the fund. The board has reduced the number of Class II directors from four to three and the total number of directors from 12 to 11. The board has set a record date of Feb. 9, 1999 for its April 1999 shareholder meeting. The board also is aware that the advent of the euro could create attractive new investment opportunities for the fund. The chairman has appointed a committee to consider whether it would be advantageous to shareholders to propose an amendment to its investment policies to permit a greater percentage of its assets to be invested in equity securities of issuers located throughout western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . The board has also amended the fund's by-laws to provide that in the event a shareholder seeks to present a proposal at a shareholders meeting, 15 days advance notice of the proposal and its content must be given to the fund. The France Growth Fund with assets of approximately $250 million is a closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. 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 is a diversified, closed-end management investment company whose objective is a long-term capital appreciation through investment primarily in French equity securities. The fund's investment adviser is Indocam International Investment Services, and is managed by the Indocam Asset Management Group, an indirect wholly-owned subsidiary of the Credit Agricole Group. |
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