Korea Fund Announces Adoption of Conditional Tender Offer Policy
03 Décembre 2020 - 10:05PM
Business Wire
The Korea Fund, Inc. (NYSE: KF) (the “Fund”) has announced that
its Board of Directors (the “Board”) has adopted a policy (the
“Policy”) pursuant to which it will cause the Fund to conduct an
issuer tender offer for up to twenty-five percent (25%) of its then
issued and outstanding shares of common stock on or before
September 30, 2024, and thereafter on each third year anniversary
of September 30, 2024, if the Fund’s total return investment
performance measured on a net asset value basis does not equal or
exceed the total return investment performance of the MSCI Korea
25/50 Index (as described and measured in the Fund’s June 30, 2020
annual shareholder report) during the period commencing on April 1,
2021 and ending on June 30, 2024 (and for three-year testing
periods thereafter). The size of any such tender offer (up to
twenty-five percent (25%)), the price at which shares are to be
tendered and other terms and conditions of such tender offer would
be determined by the Board of Directors in its discretion based on
its review and consideration of the then‑current size of the Fund,
market conditions and other factors it deems relevant. The Board
will not eliminate or materially modify the Policy without
shareholder approval.
The Board has adopted the Policy in connection with a proposed
transition of the Fund’s day-to-day portfolio management,
administration, fund accounting, custody and other services to
JPMorgan Asset Management (Asia Pacific) Limited and its affiliates
(“JPMorgan”), as described in the Fund’s definitive proxy statement
filed with the Securities and Exchange Commission on December 1,
2020.
The Korea Fund, Inc. is a non-diversified, closed-end investment
company. The Fund seeks long-term capital appreciation through
investing primarily in equity securities trading on the Korean
stock exchanges. Its shares are listed on the New York Stock
Exchange under the symbol “KF.”
About Allianz Global
Investors
Allianz Global Investors is a leading active asset manager with
754 investment professionals in 25 offices worldwide and managing
USD 641 billion in assets for individuals, families and
institutions.
Active is the most important word in our vocabulary. Active is
how we create and share value with clients. We believe in solving,
not selling, and in adding value beyond pure economic gain. We
invest for the long term, employing our innovative investment
expertise and global resources. Our goal is to ensure a superior
experience for our clients, wherever they are based and whatever
their investment needs.
Active is: Allianz Global Investors
Data as of September 30, 2020
Disclaimer
The Korea Fund, Inc. is a non-diversified, closed-end investment
company. The Fund seeks long-term capital appreciation through
investing primarily in equity securities trading on the Korean
stock exchanges. Its shares are listed on the New York Stock
Exchange under the symbol “KF.”
Allianz Global Investors U.S. LLC is the Fund’s investment
manager. Investment in closed-end funds involves risks. Additional
risks are associated with international investing, such as currency
fluctuation, government regulations, economic changes and
differences in liquidity, which may increase the volatility of your
investment. Foreign securities markets generally exhibit greater
price volatility and are less liquid than the U.S. market.
Additionally, this Fund focuses its investments in certain
geographical regions, thereby increasing its vulnerability to
developments in that region. All of these factors potentially
subject the Fund’s shares to greater price volatility. The NAV of
the Fund will fluctuate with the value of the underlying
securities. Closed-end funds trade on their market value, not NAV,
and closed-end funds often trade at a discount to their NAV.
The Fund’s daily New York Stock Exchange closing market price
and NAV per share, as well as other information, including updated
portfolio statistics and performance are available at
www.thekoreafund.com or by calling the Fund’s stockholder servicing
agent at (800) 254-5197.
Statements made in this release that look forward in time
involve risks and uncertainties and are forward looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such risks and uncertainties include, without limitation,
the adverse effect from a decline in the securities markets or a
decline in the Fund’s performance, a general downturn in the
economy, competition from other companies, changes in government
policy or regulation, inability to attract or retain key employees,
inability to implement its operating strategy and/or acquisition
strategy, and unforeseen costs and other effects related to legal
proceedings or investigations of governmental and self-regulatory
organizations.
This announcement is not an offer to purchase or the
solicitation of an offer to sell shares of the Fund or a
prospectus, circular or representation intended for use in the
purchase or sale of Fund shares.
Fund shares are not FDIC-insured and are not deposits or other
obligations of, or guaranteed by, any bank. Fund shares involve
investment risk, including possible loss of principal.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201203006054/en/
For further information on The Korea Fund, Inc., please contact:
Financial Advisors: (800) 926-4456 Shareholders:
(800) 254-5197 Media Relations: (212) 739-3172 Julian
Reid (Chairman of the Board): +44 7768 068 200
Korea (NYSE:KF)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Korea (NYSE:KF)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024