Taiwan Greater China Fund Announces Results of Annual Meeting
NEW YORK, NY -- (Marketwire) -- 06/01/11 -- The Taiwan Greater China Fund (NYSE: TFC), a diversified, closed-end registered investment company listed on the New York Stock Exchange (the "Trust" or "Fund"), announced today the results of its 2010 Annual Meeting of Shareholders held on Friday, May 27, 2011.
At the Annual Meeting, the Fund's shareholders voted to elect James W. Miller, Jr., Kevin T. Kogler and Steven H. Sutro as trustees of the Fund.
Of the Fund's 10,639,544 shares outstanding on April 22, 2011, the record date for the Annual Meeting, approximately 70% shares were voted for the conversion of the Fund from a closed-end investment company to an open-end investment company.
The Fund's shareholders also approved, i) an investment advisory agreement between the Fund and CCM Partners, L.P., ii) an investment sub-advisory agreement between CCM Partners, L.P. and Nikko Asset Management Co., Ltd., iii) amendments to the Trust's Amended and Restated Declaration of Trust: a) eliminating the staggered nature of the Trust's Board of Trustees, b) allowing the Trust to have multiple funds, and c) allowing the Trust to make in-kind redemptions, iv) an amendment to the investment objective and an investment policy of the Trust to expand the primary geographic scope of the Trust's investments from the Republic of China to the Greater China region, including: Taiwan, Hong Kong, Singapore and the People's Republic of China and to expand the geographic region in which the Trust must invest, under normal circumstances, at least 80% of its net assets, from Taiwan to the Greater China region, and v) the approval of an amendment to the investment policies of the Trust removing restrictions on certain investment activities of the Trust.
The Taiwan Greater China Fund is listed and publicly traded in the United States.
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