Korea Equity Fund, Inc. Announces Distributions to its Shareholders in Connection with the Liquidation of the Fund
15 Giugno 2017 - 10:30PM
Korea Equity Fund, Inc. (NYSE:KEF) (the “Fund”) announced that it
declared distributions to its shareholders in connection with the
dissolution and liquidation of the Fund to comply with the
diversification requirements of Subchapter M of the Internal
Revenue Code. The Fund will make an ordinary income distribution of
$0.0706 per share, a short-term capital gains distribution of
$0.3434 per share and a long-term capital gains distribution of
$2.1347 per share, payable on June 29, 2017 to shareholders of
record on June 26, 2017 (the “Distribution”). The ex-dividend
date for the Distribution is June 30, 2017. The Distribution
will not be subject to the Fund’s Dividend Reinvestment Plan and
will be paid in cash.
As required by the New York Stock Exchange’s
(the “NYSE”) Listed Company Manual, the Fund’s common stock will
trade with “due-bills” representing an assignment of the right to
receive the Distribution beginning on June 22, 2017 (two business
days prior to the record date) through the payable date of June 29,
2017 and will not trade ex-dividend until June 30, 2017, the first
business day after the payable date. Shareholders who sell their
Fund shares on or before the payable date will not be entitled to
receive the Distribution.
Due-bills obligate a seller of shares of stock
to deliver the dividend payable on such shares to the buyer. The
due-bill obligations are settled customarily between the brokers
representing the buyers and sellers of the stock. The Fund and its
investment advisers have no obligations for either the amount of
the due-bill or the processing of the due-bill. Buyers and sellers
of the Fund’s common stock should consult their broker before
trading in the Fund’s common stock to be sure they understand the
effect of the NYSE’s due-bill procedures.
The Fund will issue further announcements once
the date for cessation of trading on the NYSE is established and
record and payment dates for any final dividends and distributions
are determined in connection with the liquidation of the Fund.
The amounts and sources of distributions
reported in this press release are only estimates and are not being
provided for tax reporting purposes. The actual amounts and sources
of the amounts for tax reporting purposes will depend upon the
Fund's investment experience during the entirety of its fiscal year
and may be subject to changes based on tax regulations. The Fund
intends to send a Form 1099-DIV for the calendar year concerning
the tax treatment of the dividend distributions that were paid to
shareholders of record during the year ending December 31,
2017.
About the Fund
The Fund primarily invested in the securities of
companies domiciled in Korea. Nomura Asset Management U.S.A. Inc.
(“NAM USA”) acts as the Manager of the Fund pursuant to a
management agreement. Pursuant to such management agreement, NAM
USA has retained its parent company, Nomura Asset Management Co.,
Ltd., to act as investment adviser to the Fund, and Nomura Asset
Management Hong Kong Limited and Nomura Asset Management Singapore
Limited, as investment sub-advisers to the Fund.
Contact:
Maria Premole
Nomura Asset Management U.S.A. Inc.
Worldwide Plaza
309 West 49th Street
New York, NY 10019-7316 (800) 833-0018
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