Morgan Stanley Asia-Pacific Fund, Inc. (NYSE: APF) (the “Fund”) announced the results of its measurement period under its previously announced discount management program (the “Program”). Pursuant to the Program, the Fund’s Board of Directors approved up to four consecutive semi-annual tender offers, each to purchase up to 5 percent of the Fund’s outstanding shares of common stock for cash at a price equal to 98 percent of its net asset value (NAV) per share if the Fund’s shares trade at an average discount of at least 10 percent over a 12-week period. For the 12-week measurement period ended September 28, 2012, shares of the Fund traded at an average daily discount to NAV of 11.12 percent. The Fund will therefore conduct a tender offer in accordance with the terms of the Program.
The Fund’s tender offer will commence on or about October 19, 2012. Additional terms and conditions of the Fund’s tender offer will be set forth in its offering materials, which will be distributed to its stockholders. If more than 5 percent 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 percent of the Fund’s NAV per share.
Morgan Stanley Investment Management, together with its investment advisory affiliates, has 600 investment professionals around the world and $311 billion in assets under management or supervision as of June 30, 2012. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts