NEW YORK, Jan. 19 /PRNewswire-FirstCall/ -- The Spain Fund, Inc. (the "Fund"—NYSE: SNF) announced today that the stockholders of the Fund approved the proposal described in the Fund's proxy statement dated September 22, 2009 to amend or eliminate certain fundamental investment policies of the Fund ("Proposal 3") at the Fund's adjourned Annual Meeting of Stockholders held today. As previously announced, Proposal 1 and Proposal 2 (defined below) of the three Proposals submitted to stockholders at the initial session of the Annual Meeting held on November 9, 2009 were approved by stockholders. These Proposals were for the election of Directors ("Proposal 1") and the modification of the Fund's investment objective and reclassification of the objective as non-fundamental ("Proposal 2"). The change to the Fund's investment objective and a related change in its name to "The Ibero-America Fund, Inc.", which were contingent upon stockholder approval of Proposal 3, will become effective tomorrow. The Fund's New York Stock Exchange ticker symbol will remain "SNF".
The Fund's investment universe will now include companies located in Spain and Portugal and in the historically Spanish- and Portuguese-speaking countries of Central and South America. The broadening of the Fund's investment focus necessitated a change to its fundamental investment objective, which had been "to seek long term capital appreciation by investing primarily in equity securities of Spanish companies". The new investment objective is "to seek long term growth of capital".
As previously announced, the Fund will continue to comply with certain of the investment policies approved for elimination today by stockholders unless stockholders approve their amendment or elimination at a future meeting of stockholders. Specifically, the Fund will not rely on the elimination of the following fundamental policies, each of which was included in Proposal 3: (i) prohibition on investing more than 25% of total assets in unlisted and non-readily marketable Spanish securities, (ii) prohibition on short sales or maintaining short positions, (iii) prohibition on investments for the purposes of exercising control, and (iv) prohibition on investments in oil, gas, mineral leases, etc.
The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L.P. with assets of approximately $71.46 million.
SOURCE The Spain Fund, Inc.