PHILADELPHIA, April 5, 2013 /PRNewswire/ -- The Thai Capital Fund, Inc. (NYSE MKT: TF), a closed-end management investment company which seeks long-term capital appreciation through investment primarily in Thai equity securities (the "Fund"), announced that it will hold a Special Meeting of Stockholders of the Fund, which will be held at the offices of Aberdeen Asset Management Inc., 712 Fifth Avenue, 49th Floor, New York, New York 10019, on Monday, June 10, 2013 at 2:00 P.M., New York time. The Fund's Board of Directors has fixed the close of business on April 15, 2013 as the record date for the determination of stockholders entitled to notice of and to vote at the meeting or any adjournments of the meeting.
At the Special Meeting, the Fund's stockholders will be asked to consider approval of (a) a change to one of the Fund's fundamental investment limitations and (b) the liquidation and dissolution for the Fund. The change to the Fund's fundamental investment limitations is being proposed in order to permit the Fund to issue preferred stock as part of its previously announced proposed rights offering ("Offering") entitling the holders of the Fund's common stock to subscribe for a class of preferred stock of the Fund. If stockholders do not approve liquidation and dissolution of the Fund at the Special Meeting of Stockholders, the Fund intends to conduct the Offering as a way to permit stockholders that support liquidation of the Fund to accumulate sufficient voting shares of the Fund so that the Fund is able to obtain the necessary vote on liquidation and dissolution or other corporate action at a subsequent stockholders meeting.
Additional information regarding the proposed change in one of the fundamental investment limitations and the liquidation and dissolution of the Fund will be included in a proxy statement, which the Fund intends to file with the Securities and Exchange Commission and mail to stockholders entitled to vote at the Special Meeting. Stockholders are urged to read the proxy statement when it becomes available as it will contain important information.
The Fund also announced that its Annual Meeting of Stockholders, previously scheduled to be held on June 10, 2013, was being postponed pending the outcome of a vote on liquidation and dissolution of the Fund.
A Registration Statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
SOURCE The Thai Capital Fund, Inc.