Welcome to our dedicated page for Herzfeld Caribbean Basin Fund news (Ticker: CUBA), a resource for investors and traders seeking the latest updates and insights on Herzfeld Caribbean Basin Fund stock.
Herzfeld Caribbean Basin Fund Inc. (NASDAQ: CUBA) is a closed-end management investment company dedicated to providing long-term capital appreciation to its investors. The Fund seeks to achieve this by investing in equity and equity-linked securities of public and private companies, with a particular focus on those based in the United States and the Caribbean Basin. The investment portfolio includes companies operating across various sectors, ensuring a diversified and balanced approach.
Managed by Thomas J. Herzfeld Advisors, Inc., a firm established in 1984 and known for its expertise in closed-end funds and Caribbean Basin investments, the Fund offers customized discretionary account management and fund management services to both individual and institutional investors. The Herzfeld/CUBA division within the advisor firm is specifically tasked with the oversight and strategic direction of the Fund.
The Fund's revenue is primarily generated through dividends received from its investments. The geographic allocation of the Fund's investments spans the United States, Puerto Rico, Mexico, and other Caribbean Basin countries, optimizing regional opportunities and risks.
Recent developments include the implementation of a quarterly distribution policy, allowing stockholders to receive their dividends in cash or additional shares of common stock. This policy aims to enhance the Fund's balance sheet and prepare for future investment opportunities. Important dates related to this policy, such as the expiration date of the Rights Offer and deadlines for election forms, are clearly communicated to stockholders to ensure transparency and informed decision-making.
The Fund's announcements often include updates on self-tender policies, dividend reinvestment plans, and management fee waivers, reflecting a proactive approach to maximizing stockholder value and adapting to market conditions. The Board of Directors regularly reviews the distribution policy to ensure it aligns with the best interests of the Fund and its stockholders, with the flexibility to amend, suspend, or terminate the policy as needed.
Herzfeld Caribbean Basin Fund Inc. emphasizes transparency and compliance with regulatory standards, providing detailed information on the composition of distributions and expected tax implications. Stockholders are encouraged to consult their tax advisors for appropriate tax treatment of distributions.
Investors considering the Fund should be aware of risks including market volatility, political and economic changes in the Caribbean Basin, and other factors that may impact the Fund's performance. The Fund's shares may trade at a discount from their net asset value, and investments are subject to market risks. Prospective investors are advised to thoroughly review the Fund's disclosure documents and consult with financial advisors before making investment decisions.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has announced a cash distribution of $0.2325 per share, to be paid on January 13, 2025, to stockholders of record as of December 31, 2024. This distribution reflects 9.69% of the Fund's market price and 7.22% of its net asset value as of December 19, 2024.
The distribution is part of the Fund's managed distribution policy, which aims to maintain an annual rate of 15% of the Fund's net asset value. The Board recently modified the policy to allow for quarterly, semi-annual, or annual distribution periods. The current distribution is expected to consist entirely of return of capital, which may affect the Fund's total assets and expense ratio.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced significant leadership changes effective December 31, 2024. Thomas J. Herzfeld, the Fund's Chairman since its 1994 launch, will retire from the Board of Directors and his position as Portfolio Manager, becoming Chairman Emeritus with non-voting participation in board meetings.
Cecilia Gondor, a board member since 2014 and former Executive VP of Thomas J. Herzfeld Advisors, will succeed as Chairperson. Additionally, Brigitta Herzfeld, current member of the investment manager's executive committee, will join the Board. She brings experience from Goldman Sachs and Lehman Brothers Japan, along with advanced degrees from prestigious institutions.
The Herzfeld Caribbean Basin Fund (Nasdaq: CUBA) has announced the final results of its cash tender offer. The Fund offered to purchase up to 5% (827,416 shares) of its outstanding common shares at 97.5% of its NAV. The purchase price was set at $3.2273 per share. Due to oversubscription with 11,685,770 shares tendered, the Fund will purchase shares on a pro-rata basis with a factor of 7.08052%. After the tender offer completion, the Fund will have 15,720,897 outstanding common shares.
The Herzfeld Caribbean Basin Fund announced preliminary results of its cash tender offer to purchase up to 5% (827,416 shares) of outstanding common shares at 97.5% of NAV. According to preliminary data, 11,696,106 shares were properly tendered at a purchase price of $3.2273 per share. Due to oversubscription, the Fund will purchase shares on a pro-rata basis. The tender offer expired on November 15, 2024, with final results expected around November 21, 2024.
Thomas J. Herzfeld Advisors, Inc. has announced the commencement of a Tender Offer by The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA). The Fund is offering to purchase up to 5% of its outstanding common shares at 97.5% of NAV per share. The NAV will be determined as of the close of ordinary trading on the NASDAQ Capital Market on November 15, 2024.
The Tender Offer was initially announced on October 3, 2024, and the official Offer to Purchase is dated October 15, 2024. Shareholders are advised to read the Offer to Purchase, Letter of Transmittal, and related exhibits for important information. These documents are available on the SEC website and the Fund's website. For additional information, shareholders can contact EQ Fund Solutions, , the Information Agent for the Tender Offer.
Thomas J. Herzfeld Advisors, Inc. has announced that The Herzfeld Caribbean Basin Fund, Inc. (Nasdaq: CUBA) will commence a Tender Offer on October 14, 2024. This offer is part of the Fund's ongoing plan to address its trading price discount to net asset value (NAV) per share. The plan, initially announced in May 2019 and extended to June 30, 2025, includes a Self-Tender Policy.
Under this policy, the Fund will offer to purchase up to 5% of its outstanding shares at 97.5% of NAV if the average discount was greater than 10% for the previous fiscal year. The formal offer and detailed terms will be announced soon. Shareholders will be notified according to SEC requirements and should review the offer documents carefully when available.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has paid its quarterly distribution of $0.135375 per share on July 15, 2024. The distribution was made under the Fund's Managed Distribution Policy, with 20% paid in cash and 80% in stock. Stockholders who didn't elect a preference received about 0.058 shares for each share owned. The Fund's primary goal is to provide a fixed minimum distribution rate each quarter, currently set at an annual rate of 15% of the Fund's NAV.
The distribution included $0.119929 (88.59%) from net realized long-term capital gains and $0.015446 (11.41%) as return of capital. The Fund's 5-year average annual total return is -3.70%, with a current annualized distribution rate of 17.47% of NAV. The Board has flexibility to adjust distribution timing to account for year-end regulatory capital gains distributions.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced a corrected schedule for its upcoming distribution in stock and cash. The revised Ex-Date is 06/03/2024. The distribution will be paid on 07/15/2024, with a per-share amount of $0.135375. Stockholders may choose to receive their distribution in cash or stock, with the total cash portion to 20%. The rest will be distributed as common stock. The average stock price on June 27, 28, and July 1, 2024, will determine the number of shares issued. This distribution aims to strengthen the Fund's balance sheet and capitalize on future investment opportunities. The distribution includes a return of capital, meaning part of the stockholder's original investment is paid back. The Fund's policy ensures a 15% annual rate of distribution, reviewed quarterly. The policy may be amended or terminated, impacting the market price of the Fund's shares. The current distribution is solely from capital returns and not investment income or capital gains.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) has announced a distribution combining shares of common stock and cash, per their managed distribution policy. Stockholders will receive $0.135375 per share, with 80% of the distribution in stock and 20% in cash. Key dates include the declaration date on May 23, 2024, ex-date on May 31, 2024, record date on June 3, 2024, and payment date on July 15, 2024. Stockholders must elect their preferred form of distribution by July 1, 2024, or default to receiving the distribution in stock. The Fund anticipates these distributions will likely include returns of capital, which may reduce the Fund's total assets and increase its expense ratio. The Policy has been extended through June 30, 2025, with potential adjustments by the Board. Capital gains as of May 15, 2024, stand at approximately $3.6 million.
The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) is celebrating its 30th year on NASDAQ, emphasizing Cuba's economic potential. The Fund extends its Managed Distribution Plan (MDP) and Self-Tender Policy to June 30, 2025. The MDP aims to provide a 15% annual distribution rate, allowing adjustments for regulatory compliance. Capital gains are about $3.6 million as of May 15, 2024. The Fund anticipates that distributions will likely include returns of capital, which could increase the expense ratio and necessitate untimely securities sales. The Self-Tender Policy will initiate a tender offer by October 31, 2024, if the average discount exceeds 10%, repurchasing up to 5% of shares at 97.5% of NAV. Additionally, HERZFELD/CUBA extends a management fee waiver, reducing fees by ten basis points, with further reductions for assets over $30 million.
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