The Thai Fund, Inc. Announces Discount Management Policy
March 23 2012 - 3:30PM
Business Wire
The Board of Directors of The Thai Fund, Inc. (NYSE: TTF) (the
“Fund”) approved a policy designed to attempt to narrow the trading
discount for the Fund (the “Policy”).
The Policy requires the Fund to conduct up to four consecutive,
semiannual tender offers, each to purchase up to 5 percent of the
Fund’s outstanding shares of common stock for cash at a price equal
to 98 percent of its net asset value per share as of the close of
trading on the New York Stock Exchange on the day after the date on
which the tender offer expires, if the Fund’s shares trade at an
average discount of at least 10 percent over a 12-week period. The
Policy is intended to be responsive to the concerns of the Fund’s
stockholders. The first 12-week measurement period will commence on
April 9, 2012.
The Fund currently maintains a share repurchase program for
purposes of enhancing stockholder value and reducing the discount
at which the Fund's shares trade from their net asset value. The
Board of the Fund will also periodically monitor whether any
additional action with respect to the Fund’s trading discount is
necessary and in the best interests of the Fund and its
stockholders.
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has 620 investment professionals
around the world and approximately $287 billion in assets under
management or supervision as of December 31, 2011. MSIM strives to
provide outstanding long-term investment performance, service and a
comprehensive suite of investment management solutions to a diverse
client base, which includes governments, institutions, corporations
and individuals worldwide.
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
investment management and wealth management services. The Firm’s
employees serve clients worldwide including corporations,
governments, institutions and individuals from more than 1,300
offices in 43 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
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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