European Equity Fund, Inc. & New Germany Fund, Inc. Announce Final Measurement Period to Commence on March 5, 2012 & Expire o...
January 31 2012 - 5:14PM
Business Wire
The European Equity Fund, Inc. (NYSE: EEA) and The New
Germany Fund, Inc. (NYSE: GF) (each a “Fund” and, collectively,
the “Funds”) announced today that the fourth and final measurement
period will commence on March 5, 2012 and will expire on May 25,
2012. The measurement period is being set in accordance with the
terms of each Fund’s previously announced Discount Management
Program (the “Program”). Pursuant to the Program, each Fund’s Board
of Directors approved a series of up to four, consecutive,
semi-annual tender offers each for up to 5% of the Fund’s
outstanding shares of common stock at a price equal to 98% of net
asset value (“NAV”) if the Fund’s shares trade at an average
discount to NAV of more than 10% during the applicable twelve-week
measurement period.
The Funds also announced today the Funds’ Boards of Directors
approved a new Discount Management Program (the “New Program”) on
the same terms of each Fund’s current Program. Pursuant to the New
Program, each Fund’s Board of Directors approved a series of up to
four, consecutive, semi-annual tender offers each for up to 5% of
the fund’s outstanding shares of common stock at a price equal to
98% of NAV if the Fund’s shares trade at an average discount to NAV
of more than 10% during the applicable twelve-week measurement
period. The first measurement period under the New Program is
expected to be announced in late July 2012.
The European Equity Fund, Inc. is a diversified, closed-end
investment company seeking long-term capital appreciation through
investment primarily (normally at least 80% of its assets) in
equity and equity-linked securities of companies domiciled in
European countries utilizing the Euro currency.
The New Germany Fund, Inc. is a diversified, closed-end
investment company seeking capital appreciation primarily through
investment in the Mittelstand – an important group of
small and mid-cap German companies. The Fund may invest up
to 35% of its assets in large cap German companies, and up to 20%
in other Western European companies.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and once issued,
shares of closed-end funds are bought and sold in the open market
through a stock exchange. Shares of closed-end funds frequently
trade at a discount to the net asset value. The price of a fund’s
shares is determined by a number of factors, several of which are
beyond the control of the fund. Therefore, a fund cannot predict
whether its shares will trade at, below or above net asset
value.
Investing in foreign securities presents certain risks, such
as currency fluctuations, political and economic changes, and
market risks. Any fund that concentrates in a particular segment of
the market will generally be more volatile than a fund that invests
more broadly.
Investments in funds involve risk. Some funds have more risk
than others. These include funds that allow exposure to or
otherwise concentrate investments in certain sectors, geographic
regions, security types, market capitalization or foreign
securities (e.g., political or economic instability, which can be
accentuated in emerging market countries).
Past performance is no guarantee of future results.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO
BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY
DWS Investments is part of Deutsche Bank’s Asset Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS
Trust Company. (R-026192-2 1/12)
New Germany (NYSE:GF)
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