Key Developments: Turkish Investment Fund Inc (TKF)
19.29USD
24 May 2013
$-0.05 (-0.26%)
$19.34
$19.30
$19.42
$19.23
24,157
35,377
$19.92
$11.50
Latest Key Developments (Source: Significant Developments)
Turkish Investment Fund Inc Announces Commencement Of Tender Offer
Turkish Investment Fund Inc announced the commencement of a tender offer by the Fund to acquire in exchange for cash up to 15% of the Fund’s outstanding shares at a price equal to 98.5% of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange on the business day immediately following the day the offer expires (the Tender Offer). If more than 15% of the Fund’s outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98.5% of the Fund’s net asset value per share. The Tender Offer is being made on the terms and subject to the conditions set forth in the Offer Notice and related Letter of Transmittal in connection with commencement of the Tender Offer on June 13, 2012, and termination of the Tender Offer at 11:59 p.m. New York time on July 10, 2012, unless extended. The pricing date will be July 11, 2012, unless the Tender Offer is extended. Full Article
Turkish Investment Fund Inc Announces Share Repurchase Program
Turkish Investment Fund Inc announced that its Board of Directors has approved a tender offer to acquire in exchange for cash up to 15% of the Fund’s outstanding shares at a price equal to 98.5% of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange on the business day immediately following the day the offer expires. The timing of the Tender Offer will be announced as soon as practicable. Additional terms and conditions of the Tender Offer will be set forth in its offering materials, which will be distributed to the Fund’s stockholders. If more than 15% of the Fund’s outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98.5% of the Fund’s net asset value per share. The Fund continues to maintain a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Fund’s shares trade from their net asset value. Since the inception of the Program on September 15, 1998, the Fund has repurchased 20.6% of its shares. Full Article
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