The European Equity Fund, Inc. (NYSE: EEA)
and The New Germany Fund, Inc.
(“GF”) (each a “Fund”) each announced today that, in accordance with its respective tender offer for up to 5% of its issued and outstanding shares of common stock, which offer expired at 5:00 p.m. Eastern time on August 22, 2012, EEA has accepted 529,026,
and GF has accepted 863,598, properly tendered shares at a price per share equal to 98% of each Fund’s respective net asset value (“NAV”) as determined by each Fund on 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. 5,314,744.107 shares of EEA’s common stock, or 50.23% of its common stock outstanding, and 10,697,485.001 shares of GF’s common stock, or 61.94% of its common stock outstanding, were tendered through the stated expiration date. The tender offer for each Fund was oversubscribed, meaning that pursuant to the terms of each tender offer, not all shares that were tendered were accepted for payment by the Funds. Under the final pro-ration calculations, 9.95% of EEA’s shares, and 8.07% of GF’s shares, that were tendered have been accepted for payment by the respective Fund.
The shares accepted for payment will receive cash at a repurchase offer price of $7.08
for EEA and $15.85
for GF, each of which prices is equal to 98% of the respective Fund’s NAV as determined by each Fund on August 23, 2012. Those shares that were tendered but not accepted for payment will continue to be held by their record owners.
For more information on EEA and GF, including the most recent month-end performance, visit
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
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
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.