NEW YORK, Feb. 28, 2017 /PRNewswire/ -- The Taiwan Fund, Inc. (TWN) (the "Fund"), announced today that it has put in place arrangements for the repurchase of its shares under the Fund's Discount Management Policy (the "Policy"). The Policy was announced originally by the Fund on July 17, 2014 and supplemented on September 11, 2014. Pursuant to the arrangements, repurchases will be made under circumstances where stockholder value may be enhanced as a result of the repurchases. The Fund's Share Repurchase Committee intends to monitor the effectiveness of the repurchases and may make adjustments in the repurchase arrangements from time to time. On the business day following each day on which repurchases occur, the Fund will report by press release the number of shares repurchased.
The Policy is as follows:
The Board has authorized management to make open market purchases in an aggregate amount up to 10% of the Fund's currently outstanding shares when the Fund's shares trade at a discount of more than 9% of net asset value and management reasonably believes that such repurchases may enhance shareholder value. Any repurchases will be disclosed in the Fund's stockholder reports for the relevant fiscal periods and updated in the Fund's monthly reports when repurchases are made.
The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol "TWN."
For additional information on the Fund, including information on the Fund's holdings, visit the Fund's website at www.thetaiwanfund.com or call 1-877-864-5056.
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