NEW YORK, July 29, 2013 /PRNewswire/ -- The Taiwan Fund, Inc. (NYSE: TWN) (the "Fund"), announced today that the Fund's Board of Directors has voted to discontinue the operation of the Fund's Discount Management Program. Effective at the close of business on July 30, 2013, the Fund will cease repurchases of its common shares pursuant to the Discount Management Program.
The Fund also announced that the Board of Directors has voted to approve implementation of a managed distribution program for the Fund with quarterly distributions payable at a target annual distribution rate of 5% of market price. Implementation of the program is subject to obtaining regulatory approvals, which may take six months or more. The target distribution rate will be reevaluated upon obtaining regulatory approvals and prior to the implementation of the managed distribution program.
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.
SOURCE The Taiwan Fund, Inc.