The Asia Pacific Fund, Inc. Board to Submit Proposal for Liquidation of the Fund to Vote of Stockholders
24 5월 2018 - 6:08AM
The Asia Pacific Fund, Inc. (NYSE:APB) (the “Fund”) announced today
that the Board of Directors (‘Board’) of the Fund will submit a
proposal to stockholders to liquidate the Fund at the Fund’s 2018
Annual Meeting of Stockholders, unless the Board identifies a
viable merger partner by its next Board meeting. The
Board has decided to submit the liquidation proposal to
stockholders at the request of institutional stockholders.
The Board believes that the Asia Pacific region remains a
favorable investment opportunity for stockholders. In
addition, the Board notes that as of March 31, 2018 (according to
information provided by the Fund’s investment adviser and Thomson
Reuters), the Fund’s price-to-earnings and price-to-book multiples
and its yield compared very favorably to its benchmark index, which
is the MSCI AC Asia ex-Japan Index:
|
Fund |
Benchmark |
|
|
|
Price to earnings |
8.9x |
12.5x |
Price to book |
1.2x |
1.7x |
Yield |
4.2% |
2.2% |
Accordingly, the Board will recommend that stockholders vote
against the liquidation.
In the event that Fund stockholders do not vote to liquidate the
Fund at the 2018 Annual Meeting of Stockholders, the Board commits
to re-submit the liquidation proposal at subsequent annual meetings
thereafter, to continually give Fund stockholders the opportunity
to consider and decide upon the Fund’s future
existence.
For more information, contact:
Pristine
Advisers – 1-888-4-ASIA-PAC
(1-888-427-4272) or
via email at at
pbaronowski@pristineadvisers.com
The Asia Pacific Fund, Inc. is a diversified,
closed-end management investment company, organized as a Maryland
corporation and is registered with the SEC under the Investment
Company Act of 1940, as amended.
The investment objective of the Fund is to
achieve long-term capital appreciation through investment primarily
in equity securities in the Asia Pacific countries (excluding
Japan). The Fund is managed by Value Partners Hong Kong
Limited.
Past performance is no guarantee of future
performance. An investment in the Fund is subject to certain risks,
including market risk. In general, shares of closed-end funds often
trade at a discount from their net asset value and at the time of
sale may be trading on the exchange at a price that is more or less
than the original purchase price or the net asset value. An
investor should carefully consider the Fund’s investment objective,
risks, charges and expenses. Please read a Fund’s disclosure
documents before investing.
In addition to historical information, this
release contains forward-looking statements, which may concern,
among other things, domestic and foreign markets, industry and
economic trends and developments and government regulation and
their potential impact on the Fund’s investment portfolio. These
statements are subject to risks and uncertainties, including the
factors set forth in the Fund’s disclosure documents, filed with
the SEC, and actual trends, developments and regulations in the
future, and their impact on the Fund could be materially different
from those projected, anticipated or implied. The Fund has no
obligation to update or revise forward-looking statements.
Asia Pacific Fund (The) (NYSE:APB)
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Asia Pacific Fund (The) (NYSE:APB)
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