The Swiss Helvetia Fund Announces Special Meeting
The Swiss Helvetia Fund (NYSE: SWZ) has announced a special stockholders meeting scheduled for February 21, 2025, to consider two major proposals: (1) approving an investment advisory agreement with Bulldog Investors, LLP, and (2) modifying the Fund's investment objective, strategies, and restrictions to broaden its investment capabilities.
If shareholders approve these proposals, the Board plans to: (1) sell substantially all portfolio securities, (2) declare a special cash distribution of approximately 30% of the Fund's net assets, and (3) authorize a tender offer for at least 15% of outstanding shares at 98% of NAV if shares trade at a >10% discount from NAV for 10 consecutive business days in 2025.
Only stockholders of record as of January 24, 2025, are eligible to vote. The complete proposal details are available in the Fund's Definitive Proxy Statement filed with the SEC on January 27, 2025.
Il Swiss Helvetia Fund (NYSE: SWZ) ha annunciato una riunione straordinaria degli azionisti programmata per il 21 febbraio 2025, per considerare due importanti proposte: (1) approvare un accordo di consulenza sugli investimenti con Bulldog Investors, LLP, e (2) modificare l'obiettivo di investimento, le strategie e le restrizioni del Fondo per ampliare le sue capacità di investimento.
Se gli azionisti approveranno queste proposte, il Consiglio prevede di: (1) vendere sostanzialmente tutti i titoli in portafoglio, (2) dichiarare una distribuzione di cassa speciale di circa il 30% delle attività nette del Fondo, e (3) autorizzare un'offerta di acquisto per almeno il 15% delle azioni in circolazione al 98% del valore netto d'inventario se le azioni vengono scambiate con uno sconto >10% dal valore netto d'inventario per 10 giorni lavorativi consecutivi nel 2025.
Solo gli azionisti registrati al 24 gennaio 2025 possono votare. I dettagli completi delle proposte sono disponibili nella Dichiarazione di Pubblica Offerta Definitiva del Fondo depositata presso la SEC il 27 gennaio 2025.
El Swiss Helvetia Fund (NYSE: SWZ) ha anunciado una reunión especial de accionistas programada para el 21 de febrero de 2025, para considerar dos propuestas principales: (1) aprobar un acuerdo de asesoría de inversiones con Bulldog Investors, LLP, y (2) modificar el objetivo, las estrategias y las restricciones de inversión del Fondo para ampliar sus capacidades de inversión.
Si los accionistas aprueban estas propuestas, la Junta planea: (1) vender prácticamente todos los valores de la cartera, (2) declarar una distribución en efectivo especial de aproximadamente el 30% de los activos netos del Fondo, y (3) autorizar una oferta de compra por al menos el 15% de las acciones en circulación al 98% del NAV si las acciones se negocian con un descuento >10% del NAV durante 10 días hábiles consecutivos en 2025.
Solo los accionistas registrados al 24 de enero de 2025 son elegibles para votar. Los detalles completos de las propuestas están disponibles en la Declaración de Poder Definitiva del Fondo presentada ante la SEC el 27 de enero de 2025.
스위스 헬베티아 펀드 (NYSE: SWZ)는 2025년 2월 21일로 예정된 특별 주주 총회를 공지하였으며, 두 가지 주요 제안을 고려할 예정입니다: (1) Bulldog Investors, LLP와의 투자 자문 계약 승인, (2) 펀드의 투자 목표, 전략 및 제한 사항 변경하여 투자 능력을 확대.
주주들이 이러한 제안을 승인할 경우, 이사회는: (1) 포트폴리오 증권의 대부분을 매각할 계획이며, (2) 펀드의 순자산의 약 30%에 해당하는 특별 현금 배당을 선언할 것입니다. (3) 주식이 NAV에서 10% 이상의 할인으로 2025년 10일 연속으로 거래될 경우, 미지급 주식의 최소 15%에 대한 입찰 제안을 98% NAV로 승인할 것입니다.
2025년 1월 24일 기준 등록된 주주만 투표할 수 있습니다. 제안의 전체 세부 사항은 2025년 1월 27일 SEC에 제출된 펀드의 최종 위임장 성명서에서 확인할 수 있습니다.
Le Swiss Helvetia Fund (NYSE: SWZ) a annoncé une assemblée générale extraordinaire des actionnaires prévue pour le 21 février 2025, afin d'examiner deux propositions majeures : (1) approuver un accord de conseils en investissement avec Bulldog Investors, LLP, et (2) modifier l'objectif d'investissement, les stratégies et les restrictions du fonds pour élargir ses capacités d'investissement.
Si les actionnaires approuvent ces propositions, le conseil prévoit de : (1) vendre pratiquement tous les titres du portefeuille, (2) déclarer une distribution de liquidités spéciale d'environ 30% des actifs nets du fonds, et (3) autoriser une offre publique d'achat pour au moins 15% des actions en circulation à 98% de la valeur liquidative si les actions se négocient avec un rabais >10% par rapport à la valeur liquidative pendant 10 jours de bourse consécutifs en 2025.
Seuls les actionnaires enregistrés au 24 janvier 2025 peuvent voter. Les détails complets des propositions sont disponibles dans la Déclaration de Pouvoir Définitive du Fonds déposée auprès de la SEC le 27 janvier 2025.
Der Swiss Helvetia Fund (NYSE: SWZ) hat eine außerordentliche Hauptversammlung der Aktionäre für den 21. Februar 2025 angekündigt, um zwei Hauptvorschläge zu prüfen: (1) Genehmigung eines Anlageberatungsvertrages mit Bulldog Investors, LLP, und (2) Änderung des Anlageziels, der Strategien und Einschränkungen des Fonds zur Erweiterung seiner Anlagefähigkeiten.
Wenn die Aktionäre diesen Vorschlägen zustimmen, plant der Vorstand: (1) den Großteil der Portfoliowertpapiere zu verkaufen, (2) eine Sonderbarzahlung von etwa 30% des Nettovermögens des Fonds zu erklären und (3) ein Übernahmeangebot für mindestens 15% der ausstehenden Aktien zu genehmigen, wenn die Aktien über 10% unter dem NAV gehandelt werden und dies für 10 aufeinanderfolgende Geschäftstage im Jahr 2025 der Fall ist.
Nur Aktionäre, die am 24. Januar 2025 im Aktienregister eingetragen sind, sind stimmberechtigt. Die vollständigen Vorschlagsdetails sind im endgültigen Vollmachtschreiben des Fonds zu finden, das am 27. Januar 2025 bei der SEC eingereicht wurde.
- Planned special cash distribution of 30% of net assets
- Potential tender offer at 98% of NAV for 15% of shares if discount exceeds 10%
- Strategic expansion of investment capabilities
- Substantial portfolio liquidation may trigger taxable events
- Significant reduction in fund assets through distribution
- Potential strategy shift risk with new investment advisor
Insights
This announcement marks a pivotal transformation for The Swiss Helvetia Fund, with multiple shareholder-friendly initiatives that could significantly enhance value. The proposed transition to Bulldog Investors, LLP as investment advisor is particularly noteworthy, as they are known for their activist approach in closed-end funds and focus on narrowing trading discounts to NAV.
The planned
The proposal to expand investment strategies and restrictions suggests a fundamental shift from the fund's traditional Swiss-focused mandate. This could provide greater flexibility in asset allocation and potentially improve returns, though it also introduces new investment risks and alters the fund's historical positioning as a Swiss market pure-play.
The implementation of these changes, particularly the liquidation of existing positions, requires careful execution to maximize shareholder value. The timing of the
NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) -- The Swiss Helvetia Fund, Inc. (the “Fund”) (NYSE: SWZ) announced today that a special meeting of stockholders will be held on Friday, February 21, 2025 at 11:00 a.m. at the offices of Sullivan & Cromwell LLP, 535 Madison Avenue, New York, New York 10022 to consider proposals to approve (1) the Fund entering into an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund’s investment objective, strategies, and restrictions in order to expand the types of investments the Fund can make to meet its objective. If shareholders approve all of the proposals, the Board of Directors intends to authorize the sale of substantially all of the Fund’s portfolio securities, and to declare a special cash distribution (consisting largely or entirely of long-term capital gains) representing approximately
Following the special cash distribution, if the Fund’s shares trade at a discount of more than
Only stockholders of record as of Friday, January 24, 2025 will be entitled to vote at the special meeting. The Board urges stockholders that do not plan to attend the meeting to promptly vote by proxy in order to minimize the cost to the Fund of soliciting additional proxies in the event a quorum is not reached and the meeting is adjourned.
The full details of the proposals to be considered at the special meeting are included in the Fund’s Definitive Proxy Statement, which was filed with the SEC on January 27, 2025 and is available free of charge at www.sec.gov. Shareholders should carefully read the Definitive Proxy Statement and any other proxy materials that may be filed by the Fund because they contain important information about the special meeting and the proposals.
For more information, please call InvestorCom, the Fund’s information agent, at (877) 972-0090.
BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS SHOULD READ CAREFULLY THOSE PROXY MATERIALS AND ALL OTHER RELEVANT DOCUMENTS FILED BY THE FUND WITH THE SEC, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MEETING, THE PROPOSED ADVISORY ARRANGEMENTS AND OTHER PROPOSALS CONTAINED THEREIN.
This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Fund’s common stock. No tender offer for the outstanding shares of our common stock has commenced. If any tender offer is commenced, the Fund will file a Tender Offer Statement on Schedule TO with the SEC related to the tender offer. The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other tender offer documents) will contain important information, including the terms and conditions of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Stockholders will be able to obtain these documents free of charge, when they become available, from the SEC’s website (www.sec.gov) or the Fund’s current website (www.swzfund.com) or a successor Fund website.
FAQ
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