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Feb. 8, 2013 /PRNewswire/ -- The Greater China Fund, Inc. (NYSE: GCH) ( the "Fund") announced today that it will pay a price of
$13.32 per share for each share of the Fund properly tendered and accepted in the Fund's tender offer (the "Tender Offer") for up to 16,987,608 of its issued and outstanding shares of common stock, par value
$0.001 per share. This price is equal to 99% of the Fund's net asset value per share as of the close of regular trading on the New York Stock Exchange on
February 7, 2013. The Tender Offer was for up to 70% of the Fund's issued and outstanding shares and expired at
11:59 p.m., Eastern Time, on
February 6, 2013 (the "Expiration Date").
The Fund also announced that due to the upcoming Chinese
Lunar New Year holiday period next week, which will result in the closure of the
Hong Kong and other markets from
February 11, 2013 through
February 13, 2013, and the required foreign currency conversion necessary to pay holders in U.S. dollars, it is anticipated that the Fund will pay the purchase price for shares accepted in the Tender Offer on or about
February 20, 2013. Investors that hold shares in street name will receive payment for shares tendered in the Tender Offer in the normal course through their broker.
Based upon current information, approximately 15,966,299 shares, or approximately 65.8% of the Fund's issued and outstanding common stock, were tendered through the Expiration Date, including shares tendered pursuant to notices of guaranteed delivery. These numbers remain subject to adjustment and should not be regarded as final. Because less than 75% of the Fund's shares were tendered in the Tender Offer, the Tender Offer was not cancelled and the Fund will not be required pursuant to its previously disclosed agreement to solicit proxies from stockholders for the liquidation and dissolution of the Fund. The final number of shares validly tendered and accepted pursuant to the Tender Offer will be announced at a later date.