Company Website:
https://www.dws-investments.com/EN/#/9513/
NEW YORK -- (Business Wire)
The Central Europe and Russia Fund, Inc. (NYSE: CEE) (the “Fund”
or “CEE”) announced today that, in accordance with its tender offer for
up to 5% of its issued and outstanding shares of common stock, which
offer expired at 5:00 p.m. Eastern time on March 12, 2013, the Fund has
accepted 654,331 properly tendered shares at a price per share equal to
98% of the Fund’s net asset value (“NAV”) as determined on March 13,
2013. The Fund normally calculates its NAV per share at 11:30 a.m. New
York time on each day during which the New York Stock Exchange is open
for trading. 9,528,823.493 shares of the Fund’s common stock, or 72.81%
of its common stock outstanding, were tendered through the stated
expiration date. The tender offer for the Fund was oversubscribed,
meaning that pursuant to the terms of the tender offer, not all shares
that were tendered were accepted for payment by the Fund. Under the
final pro-ration calculations, 6.87% of the Fund’s shares that were
tendered have been accepted for payment by the Fund. The shares accepted
for payment will receive cash at a repurchase offer price of $36.82,
which is equal to 98% of the Fund’s NAV as determined on March 13, 2013.
Those shares that were tendered but not accepted for payment will
continue to be held by their record owners.
For more information on the Fund, including the most recent month-end
performance, visit www.dws-investments.com
or call (800) 349-4281.
The Central Europe and Russia Fund, Inc. is a non-diversified,
closed-end investment company seeking long term capital appreciation
through investment primarily in equity and equity-linked securities of
issuers domiciled in Central Europe and Russia.Because the Fund
is non-diversified, it can take larger positions in fewer issues,
increasing its potential risk.Investing in foreign securities,
particularly those of emerging markets, presents certain risks, such as
currency fluctuations, political and economic changes, and market risks.Any fund that focuses in a particular segment of the market will
generally be more volatile than a fund that invests more broadly.
The shares of most closed-end funds, including the Fund, are not
continuously offered. Once issued, shares of closed-end funds are bought
and sold in the secondary market.Shares of closed-end funds
frequently trade at a discount to NAV.The price of a fund’s
shares is determined by a number of factors, several of which are beyond
the control of the fund.Therefore, a fund cannot predict whether
its shares will trade at, below or above NAV. There can be no assurance
that the Fund’s Discount Management Program will be effective in
reducing the Fund’s market discounts.
Investments in funds involve risk. Additional risks of the Fund are
associated with international investing, such as government regulations
and differences in liquidity, which may increase the volatility of your
investment.Foreign security markets generally exhibit greater
price volatility and are less liquid than the US market.Additionally,
the Fund focuses its investments in certain geographical regions,
thereby increasing its vulnerability to developments in that region and
potentially subjecting the Fund’s shares to greater price volatility.Some funds have more risk than others.These include funds,
such as CEE, that allow exposure to or otherwise concentrate investments
in certain sectors, geographic regions, security types, market
capitalization or foreign securities (e.g., political or economic
instability, which can be accentuated in emerging market countries).
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer or solicitation or sale
would be unlawful prior to registration or qualification under the laws
of such state or jurisdiction.
Certain statements contained in this release may be forward-looking
in nature.These include all statements relating to plans,
expectations, and otherstatements that are not historical facts
and typically use words like “expect,”“anticipate,” “believe,”
“intend,” and similar expressions.Such statementsrepresent
management’s current beliefs, based upon information available at thetime the statements are made, with regard to the matters addressed.Allforward-looking statements are subject to risks and
uncertainties that couldcause actual results to differ
materially from those expressed in, or impliedby, such
statements.Management does not undertake any obligation to
update orrevise any forward-looking statements, whether as a
result of new information,future events, or otherwise.
NOT FDIC/NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT
A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
DWS Investments is part of Deutsche Bank’s Asset & Wealth Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas,
Deutsche Investment Management Americas Inc. and DWS Trust Company.
R-31003-1 (3/13)
Contacts:
Deutsche Bank Press Office, (212) 250-6853
or
Shareholder
Account Information, (800) 437-6269
or
DWS
Closed-End Funds, (800) 349-4281 or 00-800-2287-2750 from outside the US
Source: The Central Europe and Russia Fund, Inc.
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