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Asia Tigers Fund starts semi-annual repurchase offer


The Asia Tigers Fund has started its semi-annual repurchase offer, which will terminate on 16 July 2010. 

In April 2002, stockholders of the fund voted to adopt an interval fund structure, pursuant to which the fund conducts periodic repurchase offers for between five per cent and 25 per cent of the fund’s outstanding common stock. 

Under the fund’s original policy, the fund conducted quarterly repurchase offers. In February 2007, stockholders of the fund voted to amend the policy to provide that the fund will conduct repurchase offers on a semi-annual, rather than on a quarterly, basis.

Accordingly, the fund’s board of directors authorised the fund’s repurchase offer for this semi-annual period of up to five per cent of its outstanding common stock.

The repurchase offer is intended to provide fund stockholders who wish to have their shares repurchased based on net asset value with the opportunity to have at least a portion of such shares repurchased. 

The repurchase price of the shares will be their NAV per share at the close of regular trading on the New York Stock Exchange on 23 July 2010. The shares tendered in the repurchase offer will be subject to a repurchase fee of two per cent of NAV for expenses directly related to the repurchase offer.

If more than five per cent of the fund’s outstanding common stock is tendered, the fund will either repurchase all of the additional shares tendered, if the additional shares do not exceed two per cent of the fund’s outstanding common stock, or purchase five per cent of the fund’s outstanding common stock on a pro-rata basis.

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