NEW YORK, July 1, 2013 /PRNewswire/ -- The Thai Capital Fund, Inc. (NYSE MKT:TF) (the "Fund") today announced that, at a Special Meeting of Stockholders held today, shareholders approved the liquidation and dissolution of the Fund in accordance with a Plan of Liquidation and Dissolution approved by the Fund's Board of Directors (the "Plan").
The Plan will become effective and the Fund will liquidate upon the termination and liquidation of the investment plan ("Investment Plan"), established in conformity with Thai law, through which the Fund invests in Thai securities. Following the termination and liquidation of the Investment Plan, the Fund will cease to invest its assets in accordance with its investment objective and will, as soon as reasonable and practicable, complete the sale of any remaining portfolio securities it holds and will dissolve.
Due to uncertainties regarding the length of time needed to complete the termination and liquidation of the Investment Plan, the Fund is not currently in a position to estimate when the liquidation and dissolution of the Fund will be completed. The Fund will make a further announcement once it has determined the likely timeframe for termination and liquidation of the Investment Plan. At the same time, the Fund will announce when it expects trading of the Fund's shares on the NYSE MKT to be suspended in connection with the liquidation of the Fund.
About the Fund: The Thai Capital Fund, Inc. is a non-diversified, closed-end fund with approximately $43 million in net assets. The Fund seeks long-term capital appreciation which it seeks through investment primarily in equity securities of Thai companies.
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.