The Central Europe, Russia and Turkey Fund, Inc. (NYSE:CEE), The European Equity Fund, Inc. (NYSE:EEA), and The New Germany Fund, Inc. (NYSE:GF)
(each, a “Fund,” and collectively, the “Funds”) announced today the results of a twelve-week measurement period that began on Monday, September 16, 2013, and expired on Friday, December 6, 2013, in accordance with each Fund’s previously announced Discount Management Program (the “Program”). At the conclusion of the measurement period, shares of common stock of CEE had traded at an average discount to net asset value (“NAV”) of -10.36%, shares of common stock of EEA had traded at an average discount to NAV of -9.33%, and shares of common stock of GF had traded at an average discount to NAV of –9.06%, in each case during the twelve-week measurement period. The terms of the Program require a Fund to conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during the applicable twelve-week measurement period. Therefore, CEE will conduct its tender offer for up to 5% of its outstanding shares at a price equal to 98% of NAV, but EEA and GF will not conduct a tender offer.
In addition, CEE announced today that in accordance with the Fund’s Program, the Board of Directors of the Fund approved a cash tender offer for up to 5% of its issued and outstanding shares of common stock at a price equal to 98% of its NAV per share as determined by the Fund on the next business day after the date on which the offer expires. The 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. If more than 5% of the Fund’s outstanding shares are tendered in the offer and the Fund purchases shares in accordance with the terms of the tender offer, the Fund will purchase shares from tendering stockholders on a pro rata basis. Subject to the Board’s exercise of its fiduciary duties, the tender offer will commence on or about February 14, 2014, after the Fund’s anticipated year-end distribution, and will remain open through March 17, 2014, unless extended. There can be no assurance that the Fund’s tender offer will reduce the spread between the market price of the Fund’s shares and its NAV per share.