The Thai Fund, Inc. Announces the Resumption of Its Rights Offering
June 29 2006 - 5:19PM
Business Wire
The Thai Fund, Inc. (the "Fund") (NYSE: TTF) announced today that
the Subscription Period for its previously suspended rights
offering for shares of the Fund's common stock (the "Rights
Offering") will resume on July 7, 2006 and the expiration date will
be extended so that the Subscription Period will expire on July 20,
2006, unless further extended by the Fund. The original record date
will continue to be May 23, 2006. In accordance with an undertaking
made by the Fund in the Registration Statement it filed with the
Securities and Exchange Commission in connection with the Rights
Offering, the Fund suspended its Rights Offering on June 14, 2006
due to the Fund's net asset value having declined more than 10%
from $9.02 on May 23, 2006 (the effective date of the Fund's
registration statement) to $8.06 on June 12, 2006. All terms of the
Rights Offering will remain the same, except that the expiration
date for the Rights Offering is extended until July 20, 2006,
unless further extended (the "Expiration Date"). The Fund will
supplement the Prospectus relating to the Rights Offering to advise
stockholders of the decline in net asset value of the Fund and of
the new Expiration Date. The Rights Offering will continue to be
made on the same terms as described in the Prospectus (and using
the same subscription documentation previously supplied to
stockholders), except for the change in expiration date. The Fund
is issuing to its stockholders non-transferable Rights entitling
the holders to subscribe for an aggregate of approximately
3,320,650 shares of the Fund's common stock. Each stockholder is to
be issued one Right for each share of the Fund's common stock owned
on the record date, May 23, 2006. The Rights entitle the
stockholders to acquire one share for each four Rights held. The
Subscription Period will expire at 5:00 p.m., New York time, on
July 20, 2006, unless further extended. The actual subscription
price per share will be determined on the Expiration Date and will
be 95% of the average of the last reported sales price per share of
the Fund's common stock on the New York Stock Exchange on the
Expiration Date of the Rights Offering and the four preceding
trading days, with a requirement that the price be no lower than
the net asset value per share of the Fund's common stock at the
close of trading on the New York Stock Exchange on the Expiration
Date. Stockholders who fully exercise all Rights issued to them
will be entitled to subscribe for additional shares at the
subscription price pursuant to an over-subscription privilege. If
all available shares are then subscribed for, the Fund may issue
additional shares of an amount up to 25% of the shares available
pursuant to the Rights Offering. If all Rights are exercised
(including the additional 25%), the Fund will issue approximately
4,150,810 shares of its common stock in the Rights Offering. The
Fund is listed on the New York Stock Exchange under the ticker
symbol "TTF." The Fund is a closed-end management investment
company seeking long-term capital appreciation through investment
primarily in equity securities of companies organized under the
laws of the Kingdom of Thailand. Persons seeking further
information regarding the Fund's Rights Offering, or interested in
obtaining a prospectus, should contact their broker or nominee, or
contact the Fund's Information Agent: -0- *T GEORGESON SHAREHOLDER
COMMUNICATIONS, INC. 17 State Street, 10th Floor New York, NY 10004
Toll free: (800) 509-4953 or For banks and brokers: (212) 440-9800
*T The Fund's U.S. investment adviser is Morgan Stanley Investment
Management Inc. ("MSIM"), a wholly-owned subsidiary of Morgan
Stanley. MSIM, with over 400 investment professionals around the
world, has more than $440 billion in assets under management or
supervision as of May 31, 2006. MSIM offers investment management
services to a diverse client base, which includes governments,
institutions, corporations and individuals. Morgan Stanley (NYSE:
MS) is a global financial services firm and a market leader in
securities, investment management and credit services. With more
than 600 offices in 30 countries, Morgan Stanley connects people,
ideas and capital to help clients achieve their financial
aspirations. Investors should consider the Fund's investment
objective, risks and charges and expenses carefully before
investing. The prospectus contains this and other information about
the Fund and can be obtained from Georgeson Shareholder
Communications, Inc., as set forth above. Investors should read the
prospectus carefully before investing. 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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