NEW YORK, Dec. 6, 2011 /PRNewswire/ -- The Board of Directors of The Swiss Helvetia Fund, Inc. (NYSE: SWZ), a closed-end investment company, announced today the declaration of a net investment income distribution in the amount of $0.168 per share and a long-term capital gain distribution in the amount of $1.074 per share. The distributions will be paid on January 27, 2012 in the form of stock, with an option to take cash, to stockholders of record on December 20, 2011. The Fund's shares of common stock will trade "ex-dividend" on December 16, 2011. For federal income tax purposes, these distributions will be treated as paid on December 31, 2011, as they were declared by the Fund in December 2011 with a record date in the same month, although the distributions will be paid during January of 2012. The Fund will send stockholders a Form 1099-DIV for calendar year 2011 in early 2012 informing them of how to report these distributions for federal income tax purposes.
The Fund's Board of Directors also announced a new stock repurchase program for the Fund, pursuant to which the Fund may purchase up to 500,000 shares of its common stock during 2012 in open market transactions to be effected on the New York Stock Exchange. The principal purpose of the stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect upon the Fund's expense ratio.
Any repurchase by the Fund of its common stock is subject to various factors, including the limitations imposed by the federal securities laws governing the repurchase of an issuer's stock by the issuer, the ability of the Fund's investment adviser to raise cash to repurchase shares of the Fund's common stock in a tax-efficient manner and general market conditions. The Fund's Board of Directors may amend this program, solely in its discretion, at any time during the duration of the program. Any amendment to the Fund's announced stock repurchase program will be publicly disclosed.
About The Swiss Helvetia Fund, Inc.
The Fund is a non-diversified, closed-end management investment company seeking long-term capital appreciation through investment primarily in equity and equity-linked securities of Swiss companies. Its shares of common stock are listed on the New York Stock Exchange under the symbol "SWZ".
The Fund is managed by Hottinger Capital Corp. For more information on the Fund, including the most recent month-end performance, visit www.swz.com or contact Rudolf Millisits, President of Hottinger Capital Corp., at 1-888-SWISS-00 (1-888-794-7700) or 1-212-332-2760.
SOURCE The Swiss Helvetia Fund, Inc.