The India Fund, Inc. Announces Results Of Special Meeting Of Stockholders And Approval Of Elimination Of The Interval Fund Structure And Implementation Of Tender Offer And Targeted Discount Policy
PHILADELPHIA, Feb. 3, 2014 /PRNewswire/ -- The India Fund, Inc. (the "Fund") (NYSE: IFN) (the "Fund") held a Special Meeting of Stockholders (the "Meeting") today. At the Meeting, stockholders of the Fund voted to eliminate the interval fund structure, a fundamental policy of the Fund ("Policy").
The Fund will eliminate its interval fund structure effective February 3, 2014. As noted in the Fund's proxy statement dated December 11, 2013, the Board of Directors of the Fund (the "Board") expects to (a) authorize a cash tender offer to acquire up to 15% of the Fund's outstanding shares at a price of 98% of the Fund's NAV and (b) extend a targeted discount policy whereby the Fund intends to buy back shares of common stock in the open market at times when the Fund's shares trade at a discount of 10% or more to NAV and review the targeted discount of not more than a 10% volume-weighted average after a two-year period commencing from the completion of the date of the tender. If the 10% volume-weighted average discount is not attained over the two-year period, the Board may, but is not obligated to, consider other actions that, in its judgment, may be effective to address the discount. Additional information regarding the timing of the tender offer described above will be provided in a future press release and SEC filing.
Important InformationTender offers will be made, and the stockholders of the Fund will be notified, in accordance with the Securities Exchange Act of 1934, as amended; the Investment Company Act of 1940, as amended, and other applicable rules and regulations. The tender offer described in this announcement has not yet commenced. The tender offer will be made only by an Offer to Purchase and the related Letter of Transmittal. As soon as the tender offer commences, the Fund will file a tender offer statement with the SEC. STOCKHOLDERS OF THE FUND SHOULD READ THESE DOCUMENTS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Documents filed with the SEC are available to investors; free of charge, at the SEC's website ( http://www.sec.gov). Stockholders can also obtain copies of these documents, when available, free of charge, by contacting Aberdeen Asset Management, Inc., 1735 Market Street, 32nd Floor, Philadelphia, PA 19103, by calling 1-866-839-5205 toll-free or on the Internet at www.aberdeenifn.com. Closed-end funds have a one-time initial public offering and then are subsequently traded on the secondary market through one of the stock exchanges. The investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) NAV of the fund's portfolio. There is no assurance that a fund will achieve its investment objective. Past performance does not guarantee future results.
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