The European Equity Fund, Inc. and The New Germany Fund, Inc. Announce Expiration and Preliminary Results of Tender Offers
August 23 2012 - 9:00AM
Business Wire
The European Equity Fund, Inc. (NYSE: EEA) and The New
Germany Fund, Inc. (NYSE: GF) (each a “Fund”) each
announced the expiration and preliminary results of its tender
offer for up to 529,026, and up to 863,598, respectively, of its
shares of common stock, with each such tender offer representing
approximately 5% of the Fund’s issued and outstanding shares. Each
tender offer expired at 5:00 p.m. Eastern time on August 22,
2012.
Based upon current information, approximately 5,328,160 shares
of common stock of EEA, or approximately 50% of its common stock
outstanding, and approximately 10,704,185 shares of common stock of
GF, or approximately 62% of its common stock outstanding, were
tendered through the stated expiration date, including shares
tendered pursuant to notices of guaranteed delivery. These numbers
are subject to adjustment and should not be regarded as final. No
more than a total of 529,026 and 863,598 properly tendered shares
of EEA and GF, respectively, will be accepted in exchange for cash,
at a price equal to 98% of each Fund’s respective net asset value
(“NAV”) per share as determined by each Fund today, August 23,
2012. Each Fund normally calculates its NAV per share at 11:30 a.m.
New York time on each day during which the New York Stock Exchange
is open for trading. The final number of shares validly tendered
and accepted pursuant to each Fund’s tender offer and each Fund’s
tender offer price per share will be announced at a later date.
For more information on EEA and GF, including the most recent
month-end performance, visit www.dws-investments.com or call (800)
349-4281.
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 or equity-linked securities of companies
domiciled in European countries utilizing the Euro currency.
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.
The New Germany Fund, Inc. is a diversified, closed-end
investment company seeking capital appreciation primarily through
investment in equity or equity-linked securities 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. 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.
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 NAV. 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 NAV.
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.
Certain statements contained in this release may be
forward-looking in nature. These include all statements
relating to plans, expectations, and other statements that
are not historical facts and typically use words like “expect,”
“anticipate,” “believe,” “intend,” and similar expressions. Such
statements represent management’s current beliefs, based
upon information available at the time the statements are
made, with regard to the matters addressed. All
forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such
statements. Management does not undertake any obligation to update
or revise any forward-looking statements, whether as a
result of new information, future events, or
otherwise.
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-20423-6 (8/12)
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