JERSEY CITY, NJ--(Marketwire -03/08/12)- The Thai Capital Fund, Inc. (AMEX: TF - News), a closed-end management investment company which seeks long-term capital appreciation through investment primarily in Thai equity securities (the "Fund"), announced that at a Meeting of the Board of Directors of the Fund held on March 8, 2012, the Board approved and will recommend to the Fund's stockholders a Plan of Liquidation and Dissolution for the Fund. Liquidation of the Fund will require the affirmative vote of stockholders holding 66 2/3% of the Fund's outstanding shares of common stock.
A proposal to approve the Plan of Liquidation and Dissolution will be submitted to the Fund's stockholders at the Annual Meeting of Stockholders of the Fund, which will be held at the offices of Daiwa Capital Markets America Holdings, Inc., Financial Square, 32 Old Slip, 14th Floor, New York, New York 10005-3538, on Monday, June 4, 2012 at 4:00 P.M., New York time. The Fund's Board of Directors has fixed the close of business on March 19, 2012 as the record date for the determination of stockholders entitled to notice of and to vote at the meeting or any adjournments of the meeting.
If the Fund's stockholders approve the Plan of Liquidation and Dissolution, the directors and officers of the Fund will begin the orderly liquidation of the Fund`s assets, determine and pay, or set aside in cash or cash equivalents, the amount of all known or reasonably ascertainable liabilities and obligations of the Fund, and make one or more liquidating distributions to the Fund`s stockholders. Such distributions will be paid in cash. If shareholders do not approve the Plan of Liquidation and Dissolution, the Fund will continue its operations, including pursuing its stated investment objective, and the Board may consider other available options.
Additional information regarding the Plan of Liquidation and Dissolution will be included in the proxy statement, which the Fund intends to file with the Securities and Exchange Commission and mail to stockholders entitled to vote at the Annual Meeting. Stockholders are urged to read the proxy statement when it becomes available as it will contain important information.