The European Equity Fund, Inc. (NYSE: EEA) (the “Fund”) announced
today that, in accordance with its tender offer for up to 5% of its
issued and outstanding shares of common stock, which offer expired at
5:00 p.m. Eastern time on February 20, 2015, the Fund has accepted
459,529 properly tendered shares at a price per share equal to 98% of
the Fund’s net asset value (“NAV”) per share as determined by the Fund
on February 23, 2015. The Fund normally calculates its NAV per share at
11:30 a.m. New York time on each day during which the New York Stock
Exchange is open for trading. 4,372,566.24 shares of the Fund’s common
stock, or 47.58% of its common stock outstanding were tendered through
the stated expiration date. The tender offer for the Fund was
oversubscribed, meaning that pursuant to the terms of the tender offer,
not all shares that were tendered were accepted for payment by the Fund.
Under the final pro-ration calculations, 10.51% of the Fund’s shares
that were tendered has been accepted for payment by the Fund. The shares
accepted for payment will receive cash at a repurchase offer price of
$9.47, which is equal to 98% of the Fund’s NAV per share as determined
by the Fund on February 23, 2015. Those shares that were tendered but
not accepted for payment will continue to be held by their record owners.
For more information on the Fund, including its most recent month-end
performance, visit deutschefunds.com
or call (800) 349-4281 or 00-800-2287-2750 from outside the US.
Important Information
The European Equity Fund, Inc. is a diversified, closed-end
investment company seeking long-term capital appreciation through
investment primarily in equity or equity-linked securities of issuers
domiciled in countries that are members of the European Union. Investing
in foreign securities presents certain risks, such as currency
fluctuations, political and economic changes, and market risk. Any fund
that concentrates in a particular segment of the market will generally
be more volatile than a fund that invests more broadly.
The shares of most closed-end funds, including the Fund, are not
continuously offered. Once issued, shares of closed-end funds are bought
and sold in the open market through a stock exchange. Shares of
closed-end funds frequently trade at a discount to net asset value. The
price of a fund’s shares is determined by a number of factors, several
of which are beyond the control of the fund. Therefore, a fund cannot
predict whether its shares will trade at, below or above net asset
value. There can be no assurance that the Fund’s discount management
program will be effective in reducing the Fund’s market discounts.
Investments in funds involve risk. Additional risks of the Fund are
associated with international investing, such as currency fluctuations,
political and economic changes, market risk, government regulations and
differences in liquidity, which may increase the volatility of your
investment. Foreign security markets generally exhibit greater price
volatility and are less liquid than the U.S. market. Additionally, the
Fund focuses its investments in certain geographic regions, thereby
increasing its vulnerability to developments in those regions and
potentially subjecting the Fund’s shares to greater price volatility.
Some funds have more risk than others. These include funds, such as EEA,
that allow exposure to or otherwise concentrate investments in certain
sectors, geographic regions, security types, market capitalization or
foreign securities (e.g., political or economic instability, which can
be accentuated in emerging market countries).
The European Union, the United States and other countries have
imposed sanctions on Russia as a result of the Russian military
intervention in the Ukraine. These sanctions have adversely affected
Russian individuals, issuers and the Russian economy, and Russia, in
turn, has imposed sanctions targeting Western individuals, businesses
and products, including food products. The various sanctions have
adversely affected, and may continue to adversely affect, not only the
Russian economy, but also the economies of many countries in Europe,
including Germany. Potential developments in the Ukraine, and the
continuation of current sanctions or the imposition of additional
sanctions may materially adversely affect the value of the Fund’s
portfolio.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer or solicitation or sale
would be unlawful prior to registration or qualification under the laws
of such state or jurisdiction.
Certain statements contained in this release may be forward-looking
in nature. These include all statements relating to plans, expectations,
and other statements that are not historical facts and typically use
words like “expect,” “anticipate,” “believe,” “intend,” and similar
expressions. Such statements represent management’s current beliefs,
based upon information available at the time the statements are made,
with regard to the matters addressed. All forward-looking statements are
subject to risks and uncertainties that could cause actual results to
differ materially from those expressed in, or implied by, such
statements. Management does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Deutsche Asset & Wealth Management represents the asset management and
wealth management activities conducted by Deutsche Bank AG or any of its
subsidiaries. Clients will be provided Deutsche Asset & Wealth
Management products or services by one or more legal entities that will
be identified to clients pursuant to the contracts, agreements, offering
materials or other documentation relevant to such products or services. (R-037565-1
2/15)
Copyright Business Wire 2015