The Thai Fund, Inc. Announces Stockholder Approval of Election of Directors and Liquidation of Thai Investment Plan and Withdrawal of Stockholder Proposal
NEW YORK--(BUSINESS WIRE)-- The Thai Fund, Inc. (NYS: TTF) (the "Fund") is pleased to announce that, at the Fund's Annual Meeting of Stockholders held on June 24, 2013 (the "Stockholder Meeting"), its stockholders approved the election of Frank L. Bowman, James F. Higgins and Manuel H. Johnson as Class III Directors for a term expiring in 2016. The Fund is also pleased to announce that, at the Stockholder Meeting, its stockholders approved a proposal to liquidate and terminate the contractual investment plan (the "Investment Plan") existing in Thailand through which the Fund currently holds all of its Thai assets (the "Restructuring"), as recommended by the Board of Directors. A stockholder proposal to terminate the Fund's Investment Management Agreement was withdrawn prior to the Stockholder Meeting.
The officers of the Fund, under the supervision of the Board, will take the necessary steps to effect the Restructuring, including seeking any necessary approvals from the Thai Securities and Exchange Commission. It is currently anticipated that the Restructuring will be completed around or before the end of the third quarter of 2013.
The Fund is a non-diversified, closed-end management investment company incorporated under the laws of the State of Maryland. The Fund's investment objective is long-term capital appreciation through investment primarily in equity securities of companies organized under the laws of the Kingdom of Thailand.
There is no assurance that the Fund will achieve its investment objective. Like any stock, closed-end funds share price will fluctuate with market conditions and other factors. At the time of sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Accordingly, it is possible to lose money investing in the fund. Please be aware that the fund may be subject to certain additional risks.
Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 550 investment professionals around the world and $341 billion in assets under management or supervision as of March 31, 2013. 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 1,200 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.
The Thai Fund, Inc.
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