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The Swiss Helvetia Fund (NYSE: SWZ) has filed preliminary proxy materials with the SEC for a special stockholders’ meeting to consider two major proposals: adopting an investment advisory agreement with Bulldog Investors, LLP and modifying the Fund’s investment objectives and restrictions to expand investment options.
You are viewing: Swiss Helvetia Fund Plans Massive 30% Cash Distribution, Considers New Investment Advisor
If stockholders approve these proposals, the Board plans to sell substantially all portfolio securities and declare a special cash distribution of approximately 30% of the Fund’s net assets. Additionally, if the Fund’s shares trade at a >10% discount to NAV for any ten consecutive business days in 2025, the Board intends to authorize a tender offer for at least 15% of outstanding shares at minimum 98% of NAV per share.
Only stockholders of record as of January 24, 2025, will be eligible to vote at the Meeting. The Fund expects to file definitive Proxy Materials with the SEC in late January 2025.
Il Fondo svizzero Helvetia (NYSE: SWZ) ha presentato materiali preliminari di delega alla SEC per una riunione speciale degli azionisti per considerare due proposte principali: adottare un accordo di consulenza sugli investimenti con Bulldog Investors, LLP e modificare gli obiettivi e le restrizioni di investimento del Fondo per espandere le opzioni di investimento.
Se gli azionisti approveranno queste proposte, il Consiglio prevede di vendere sostanzialmente tutti i titoli del portafoglio e dichiarare una distribuzione speciale in contanti di circa 30% del patrimonio netto del Fondo. Inoltre, se le azioni del Fondo vengono scambiate con uno sconto >10% rispetto al NAV per dieci giorni lavorativi consecutivi nel 2025, il Consiglio intende autorizzare un’offerta di riacquisto per almeno 15% delle azioni in circolazione a un minimo del 98% del NAV per azione.
Solo gli azionisti registrati al 24 gennaio 2025 saranno idonei a votare durante la Riunione. Il Fondo prevede di presentare materiali di delega definitivi alla SEC entro la fine di gennaio 2025.
El Fondo suizo Helvetia (NYSE: SWZ) ha presentado materiales de poder preliminares a la SEC para una reunión especial de accionistas para considerar dos propuestas principales: adoptar un acuerdo de asesoría de inversión con Bulldog Investors, LLP y modificar los objetivos y restricciones de inversión del Fondo para ampliar las opciones de inversión.
Si los accionistas aprueban estas propuestas, la Junta planea vender prácticamente todos los valores de la cartera y declarar una distribución especial en efectivo de aproximadamente 30% de los activos netos del Fondo. Además, si las acciones del Fondo se negocian con un descuento >10% respecto al NAV durante diez días hábiles consecutivos en 2025, la Junta tiene la intención de autorizar una oferta pública de adquisición por al menos 15% de las acciones en circulación a un mínimo del 98% del NAV por acción.
Solo los accionistas registrados al 24 de enero de 2025 serán elegibles para votar en la Reunión. Se espera que el Fondo presente materiales de poder definitivos a la SEC a finales de enero de 2025.
스위스 헬베티아 펀드 (NYSE: SWZ)는 두 가지 주요 제안을 검토하기 위해 SEC에 임시 위임장 자료를 제출했습니다: 불독 인베스터스 LLP와의 투자 자문 계약 채택 및 투자의 목표와 제한을 수정하여 투자 옵션을 확장하는 것입니다.
주주들이 이 제안을 승인할 경우, 이사회는 포트폴리오의 주요 증권을 거의 모두 매각하고 약 펀드 순 자산의 30%에 해당하는 특별 현금 배당을 선언할 계획입니다. 또한, 펀드의 주식이 2025년 동안 10일 연속으로 NAV보다 10% 이상의 할인으로 거래되는 경우, 이사회는 최소 NAV의 98%로 15%의 유통 주식을 매입하기 위한 입찰 제안을 승인할 의도를 가지고 있습니다.
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2025년 1월 24일 기준으로 주주로 등록된 사람만 회의에서 투표할 수 있습니다. 펀드는 2025년 1월 하순에 SEC에 최종 위임장 자료를 제출할 예정이다.
Le Fonds suisse Helvetia (NYSE: SWZ) a déposé des documents de procuration préliminaires auprès de la SEC pour une assemblée spéciale des actionnaires afin d’examiner deux propositions majeures : adopter un accord de conseil en investissements avec Bulldog Investors, LLP et modifier les objectifs et restrictions d’investissement du Fonds afin d’élargir les options d’investissement.
Si les actionnaires approuvent ces propositions, le Conseil prévoit de vendre pratiquement tous les titres du portefeuille et de déclarer une distribution spéciale en espèces d’environ 30% des actifs nets du Fonds. De plus, si les actions du Fonds se négocient à un rabais >10% par rapport à la NAV pendant dix jours ouvrables consécutifs en 2025, le Conseil a l’intention d’autoriser une offre publique d’achat pour au moins 15% des actions en circulation à un minimum de 98% de la NAV par action.
Seuls les actionnaires inscrits au 24 janvier 2025 seront éligibles pour voter lors de l’Assemblée. Le Fonds s’attend à déposer des documents de procuration définitifs auprès de la SEC fin janvier 2025.
Der Schweizer Helvetia Fonds (NYSE: SWZ) hat vorläufige Stimmunterlagen bei der SEC für eine außerordentliche Hauptversammlung der Aktionäre eingereicht, um zwei wichtige Vorschläge zu prüfen: den Abschluss eines Anlageberatungsvertrags mit Bulldog Investors, LLP und die Änderung der Anlageziele und -beschränkungen des Fonds zur Erweiterung der Investitionsmöglichkeiten.
Wenn die Aktionäre diese Vorschläge genehmigen, plant der Vorstand, nahezu alle Portfoliowertpapiere zu verkaufen und eine spezielle Barausschüttung von etwa 30% der Nettovermögenswerte des Fonds zu erklären. Darüber hinaus beabsichtigt der Vorstand, falls die Fondsanteile an zehn aufeinanderfolgende Geschäftstage in 2025 mit einem Rabatt von über 10% zum NAV gehandelt werden, ein Kaufangebot für mindestens 15% der ausstehenden Aktien zu einem Mindestpreis von 98% des NAV pro Aktie zu genehmigen.
Lediglich wie die Aktionäre, die am 24. Januar 2025 im Register stehen, sind berechtigt, auf der Versammlung zu stimmen. Der Fonds plant, Ende Januar 2025 endgültige Stimmunterlagen bei der SEC einzureichen.
Positive
- Planned special cash distribution of 30% of Fund’s net assets
- Potential tender offer at 98% of NAV if shares trade at >10% discount
- Expansion of investment options through modified investment objectives
Negative
- Substantial portfolio liquidation required
- Significant changes to investment strategy and management
Insights
This is a highly strategic corporate restructuring announcement that warrants careful attention. The proposed changes include three major elements that could significantly impact shareholder value: a new investment advisor (Bulldog Investors), expanded investment flexibility and most importantly, a potential 30% special distribution of net assets plus a conditional tender offer.
The planned
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The expansion of investment restrictions indicates a potential shift from the Fund’s traditional Swiss-focused mandate, which could fundamentally alter its investment profile and appeal to different investor segments. This comprehensive restructuring package demonstrates a clear pivot toward shareholder-friendly policies aimed at addressing the fund’s trading discount.
The market implications of this announcement are substantial. Closed-end funds typically trade at discounts to NAV and this comprehensive proposal addresses this persistent issue through multiple mechanisms. The combination of a large special distribution and a conditional tender offer creates a powerful incentive for market price convergence toward NAV.
Historical patterns show that activist involvement in closed-end funds often leads to share price appreciation as markets anticipate discount-narrowing initiatives. The
NEW YORK, Jan. 10, 2025 (GLOBE NEWSWIRE) — The Swiss Helvetia Fund, Inc. (the “Fund”) (NYSE: SWZ) announced today that it has filed preliminary proxy materials with the Securities and Exchange Commission (the “SEC”) in connection with a special meeting of stockholders (the “Meeting”) to be held as soon as practicable to consider (1) the Fund entering into an investment advisory agreement with Bulldog Investors, LLP (“Bulldog”), and (2) changes to the Fund’s investment objective and restrictions in order to expand the types of investments the Fund can make to meet its new investment objective. If stockholders approve all 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 substantially or entirely of long-term capital gains) equal to approximately
Following the special cash distribution, if the Fund’s shares trade at a discount to the net asset value per share (“NAV”) of more than
Only stockholders of record as of Friday, January 24, 2025 will be entitled to vote at the 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 foregoing does not constitute a tender offer or an offer to purchase any shares of the Fund. Any such offer will be made pursuant to separate tender offer materials complying with the requirements of Section 13(e) of the Securities Exchange Act of 1934, as amended, and Rule 13e-4 thereunder.
For more information, please call InvestorCom, the Fund’s information agent, at (877) 972-0090.
The Fund is filing today with the SEC its preliminary Proxy Materials (Filing Type: PRE 14A). The Fund’s definitive Proxy Materials are anticipated to be filed with the SEC in late January 2025 (Filing Type: DEF 14A). Stockholders can obtain these documents (when available) free of charge from the SEC’s website at www.sec.gov and on the Fund’s website at www.swzfund.com. Stockholders also may call the Fund’s proxy solicitor, InvestorCom LLC, at 877-972-0090 for additional information about the Meeting or to obtain free of charge the definitive Proxy Materials and other definitive documents that may be filed by the Fund with the SEC in connection with the Meeting, when those documents become available. 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.
The Fund, its directors and officers, and Bulldog may be deemed to be participants in the solicitation of proxies from the Fund’s stockholders in connection with the Meeting. Stockholders may obtain information about the Fund’s directors and executive officers, including their beneficial ownership of shares of the Fund’s common stock, and information about Bulldog, in the Proxy Materials and other relevant documents (when available) that may be filed by the Fund with the SEC in connection with the Meeting.
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
What is the special cash distribution percentage proposed by SWZ?
The Swiss Helvetia Fund (SWZ) proposes a special cash distribution equal to approximately 30% of the Fund’s net assets, consisting substantially or entirely of long-term capital gains.
When is the record date for SWZ’s special stockholders meeting?
The record date for stockholders eligible to vote at the special meeting is Friday, January 24, 2025.
What are the main proposals being voted on at SWZ’s special meeting?
Stockholders will vote on (1) entering into an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund’s investment objective and restrictions to expand investment options.
What is SWZ’s proposed tender offer condition and price?
If shares trade at a >10% discount to NAV for 10 consecutive business days in 2025, SWZ proposes a tender offer for at least 15% of outstanding shares at minimum 98% of NAV per share.
When will SWZ file its definitive proxy materials?
The Fund anticipates filing its definitive Proxy Materials with the SEC in late January 2025.
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