The Swiss Helvetia Fund, Inc. Declares Income Distributions and Announces 2013 Stock Buyback Program
by PR Newswire
NEW YORK, Dec. 11, 2012 /PRNewswire/ -- The Board of Directors of The Swiss Helvetia Fund, Inc., a closed-end investment company, announced today the declaration of a net investment income distribution in the amount of $0.053 per share. The distribution will be paid on December 28, 2012, in cash, to stockholders of record on December 21, 2012. The distributions will trade "ex-dividend" on December 19, 2012.
The Fund's Board of Directors also announced a new stock repurchase program for the Fund, pursuant to which the Fund may purchase up to 500,000 shares of its common stock during 2013 in open market transactions to be effected on the New York Stock Exchange. The principal purpose of the stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect on the Fund's expense ratio.
Any repurchase by the Fund of its common stock is subject to various factors, including the limitations imposed by the federal securities laws governing the repurchase of an issuer's stock by the issuer, the ability of the Fund's investment adviser to raise cash to repurchase shares of the Fund's common stock in a tax-efficient manner and general market conditions. The Fund's Board of Directors may amend this program, solely in its discretion, at any time during the duration of the program. Any amendment to the Fund's announced stock repurchase program will be publicly disclosed.
About The Swiss Helvetia Fund, Inc.
The Fund is a non-diversified, closed-end management investment company seeking long-term capital appreciation through investment primarily in equity and equity-linked securities of Swiss companies. Its shares of common stock are listed on the New York Stock Exchange under the symbol "SWZ".
The Fund is managed by Hottinger Capital Corp. For more information on the Fund, including the most recent month-end performance, visit www.swz.com or contact Rudolf Millisits, President and Chief Executive Officer of Hottinger Capital Corp., at 1-888-SWISS-00 (1-888-794-7700) or 1-212-332-2760.
SOURCE The Swiss Helvetia Fund, Inc.