BOSTON, May 16, 2023
/PRNewswire/ -- The Board of Directors (the "Board") of The Taiwan
Fund, Inc. (the "Fund") (NYSE: TWN), today announced that it has
approved a share repurchase program ( the "Program") under which
the Fund will repurchase in each twelve month period ended
August 31 up to 10% of its common
stock outstanding as of the close of business on August 31 the prior year. Such purchases
will be made opportunistically at certain discounts to net asset
value per share in the reasonable judgment of management based on
historical discount levels and current market conditions. The Fund
will repurchase shares in accordance with procedures approved by
the Board. The Fund will report repurchase activity on the Fund's
website on a monthly basis.
The Program is intended to enhance stockholder value, as
repurchases made at a discount may have the effect of increasing
the per share NAV of the Fund's remaining shares. There is no
assurance, however, that the market price of the Fund's shares,
either absolutely or relative to NAV, will increase as a result of
any share repurchases. These repurchases may be commenced or
suspended at any time or from time to time without any notice.
In 2020, the Board adopted a conditional tender offer policy
(the "Policy"), which remains in effect. Under the Policy, the Fund
will conduct a tender offer to purchase up to 25% of its
outstanding shares at 98% of NAV if the Fund's NAV performance for
the five-year period ending December 31,
2025 were exceeded by the performance of the Fund's
benchmark (the TAIEX Total Return Index) over that period.
The Fund is a diversified closed-end investment company, which
seeks long term capital appreciation primarily through investments
in equity securities listed on the Taiwan Stock Exchange. Shares of
the Fund are listed on the New York Stock Exchange under the ticker
symbol "TWN."
For additional information on the Fund, including information on
the Fund's holdings, visit the Fund's website at
www.thetaiwanfund.com or call 1-800-426-5523.
CONTACT:
Brian F. Link, Secretary
800-426-5523
www.thetaiwanfund.com
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SOURCE The Taiwan Fund, Inc.
