JPMorgan China Region Fund, Inc. Results of Annual Meeting of Stockholders
16 May 2017 - 8:29AM
Business Wire
JPMorgan China Region Fund, Inc. (‘JFC’ or the ‘Fund’) announced
today that American Election Services, LLC (‘AES’), the independent
inspector of elections for the Fund’s 2017 Annual Meeting of
Stockholders held on May 11, 2017, has certified the final results
of the meeting. AES has certified that, as announced on May 11,
2017 based on the preliminary vote count, the Fund’s stockholders
have voted to:
- Approve the election of Julian M.I.
Reid as a Director for a term expiring in 2020; and
- Approve a proposal to liquidate and
dissolve the Fund pursuant to a Plan of Liquidation and
Dissolution
The final certified quorum and voting results provided to the
Fund by AES are as follows:
Shares Outstanding
6,447,637 Total Shares Voted 5,790,470
.779 Quorum Percentage 89.80%
Proposal 1: Election of
Directors For Withheld
Julian M.I. Reid 5,465,207.975
325,262.804
Proposal 2: Liquidation and Dissolution of
the Fund
For Against Abstain
Broker Non-Votes
3,453,617.371 1,128,116.427
25,665.981 1,183,071.000
The Board has resolved to meet in the coming weeks to consider
and approve additional details regarding the liquidation, including
the day on which the books of the Fund will be closed with respect
to stockholders and trading on the New York Stock Exchange will
cease as well as the date on which the liquidating distribution is
expected to occur. Subject to market conditions and in its
discretion, the Fund’s Investment Advisor, JF International
Management, Inc., may begin to sell portfolio securities in order
to convert assets to cash in preparation for the liquidation.
Further information will be provided in one or more future press
releases.
The Fund currently anticipates that the liquidation and
dissolution of the Fund will take place within 3 months (absent
unforeseen circumstances). This date will depend upon, among other
things, the time needed to establish a liquidation trust for
certain assets held in the Fund, as described below.
As described in the proxy statement, Fund assets held through
the Qualified Foreign Institutional Investor (‘QFII’) program may
only be repatriated once approved by Chinese regulators, the timing
of which is not known. These assets will be held in Renminbi until
such time that approval is granted. As a result, stockholders will
not receive the net asset value, less liquidation costs, for these
assets in the liquidating distribution, and instead will receive an
interest in a liquidating trust that is anticipated to make
additional distributions to stockholders upon repatriation of
amounts under the QFII program.
The Fund is a non-diversified, closed-end management investment
company whose shares are traded on the New York Stock Exchange. The
Fund trades under the symbol “JFC.”
The Fund seeks to achieve long-term capital appreciation through
investments primarily in equity securities of companies with
substantial assets in, or revenues derived from, the People's
Republic of China, Hong Kong, Taiwan and Macau—collectively, the
China Region.
Copies of the documents filed with the SEC by the Fund are
available free of charge on the Fund’s internet website at
http://www.jpmchinaregionfund.com
JPMorgan Fund Services, in Boston, MA is the Fund’s accounting
and administrative agent.
This release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of Fund 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.
Investing involves risk and it is possible to lose money on any
investment in the Fund. Past performance is no guarantee of future
returns.
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version on businesswire.com: http://www.businesswire.com/news/home/20170515006776/en/
JPMorgan China Region Fund, Inc.Simon Crinage, President and
Interested DirectorLucy Dina, SecretaryTelephone: +44 20 7742
4000Email: lucy.j.dina@jpmorgan.comWebsite:
http://www.jpmchinaregionfund.com
JPMorgan China Region Fund, Inc. (NYSE:JFC)
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