Morgan Stanley Asia-Pacific Fund, Inc. Announces Results of Measurement Period Under Discount Management Program
09 April 2013 - 6:30AM
Business Wire
Morgan Stanley Asia-Pacific Fund, Inc. (NYSE: APF) (the “Fund”)
announced the results of its measurement period under its
previously announced discount management program (the “Program”).
Pursuant to the Program, which commenced in July 2011 for a
two-year period, the Fund’s Board of Directors approved up to four
consecutive semi-annual tender offers, each to purchase up to 5
percent of the Fund’s outstanding shares of common stock for cash
at a price equal to 98 percent of its net asset value (“NAV”) per
share if the Fund’s shares trade at an average discount of at least
10 percent over a 12-week period. For the 12-week measurement
period ended March 28, 2013, shares of the Fund traded at an
average daily discount to NAV of 10.85 percent. The Fund will
therefore conduct a tender offer in accordance with the terms of
the Program.
The Fund’s tender offer will commence on or about May 13, 2013.
Additional terms and conditions of the Fund’s tender offer will be
set forth in its offering materials, which will be distributed to
its stockholders. If more than 5 percent of the Fund’s outstanding
shares are tendered, the Fund will purchase its shares from
tendering stockholders on a pro rata basis at a price of 98 percent
of the Fund’s NAV per share.
Investing involves risk and it is possible to lose money on any
investment in the Fund.
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has over 560 investment
professionals around the world and $338 billion in assets under
management or supervision as of December 31, 2012. MSIM strives to
provide outstanding long-term investment performance, service and a
comprehensive suite of investment management solutions to a diverse
client base, which includes governments, institutions, corporations
and individuals worldwide.
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
investment management and wealth management services. The Firm’s
employees serve clients worldwide including corporations,
governments, institutions and individuals from more than 1,200
offices in 43 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
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 under the securities laws of any such
state.
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