BOSTON, Oct. 22, 2015 /PRNewswire/ -- The Taiwan Fund, Inc. (TWN) (the "Fund"), announced today that, following a review by the Board of Directors of the Fund (the "Board") of the Fund's Discount Management Policy (the "Policy"), including consultation with the Fund's principal stockholders, the Board determined to continue the Policy announced originally by the Fund on July 17, 2014 and supplemented on September 11, 2014. The Policy is as follows:
The Board has authorized management to make open market purchases in an aggregate amount up to 10% of the Fund's currently outstanding shares when the Fund's shares trade at a discount of more than 9% of net asset value and management reasonably believes that such repurchases may enhance shareholder value. Any repurchases will be disclosed in the Fund's stockholder reports for the relevant fiscal periods and updated in the Fund's monthly reports when repurchases are made.
The Board will regularly review the effectiveness of the Policy. Commencing one year after implementation of the Policy, the Board will formally review the Policy and in consultation with stockholders may consider other actions that, in its judgment, may be effective in addressing the discount.
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.