Tender Offer Results Summary
MIAMI — Thomas J. Herzfeld Advisors, Inc., an SEC-registered investment adviser, alongside The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA), has recently revealed preliminary results for its cash tender offer. This offer aims to acquire up to 5% of the Fund’s outstanding common shares at a value of 97.5% of the Fund's net asset value (NAV) as determined at the close of trading on the NASDAQ Capital Market. The designated expiration for this Tender Offer is noted as the close of trading on November 15, 2024.
Understanding the Tender Offer Table
The Fund has provided a simplified table displaying essential details concerning the Tender Offer. Here's a breakdown:
Tender Offer Amount
This offer relates to a maximum of 5%, equating to 827,416 shares which the Fund intends to purchase.
Shares Properly Tendered
A significant number of shares, totaling 11,696,106, have been tendered correctly during this process.
Purchase Price for Tendered Shares
The purchase price per properly tendered share stands at $3.2273, once again reflecting the 97.5% of the NAV per share as calculated on November 15, 2024.
Pro-Rata Basis Purchasing
As outlined in the offer terms, should the amount of shares properly tendered surpass those available for purchase, the Fund will utilize a pro-rata allocation system. This means that all shareholders who have tendered their shares will receive a proportionate amount based on the total number of shares they submitted.
Preliminary Results and Future Announcements
It's essential to emphasize that the results mentioned above are based on preliminary information from Equiniti Trust Company, LLC., which serves as the depositary for the Tender Offer. These figures are expected to change and should not be treated as finalized. The Fund plans to announce the final results on or around November 21, 2024.
For More Information
For any questions regarding this Tender Offer, shareholders may get in touch with EQ Fund Solutions, LLC at (877) 536-1555. They are designated as the information agent for this offer.
About Thomas J. Herzfeld Advisors, Inc.
Founded in 1984, Thomas J. Herzfeld Advisors, Inc. is a reputable SEC-registered investment adviser. The firm showcases expertise in closed-end funds, specializing in investment analysis and account management. Its HERZFELD/CUBA division specifically focuses on investments relating to the Caribbean Basin while advising The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA), a publicly traded closed-end fund.
Important Considerations
Investing in The Herzfeld Caribbean Basin Fund, like many financial endeavors, comes with inherent risks. Investors should consider market conditions and ensure they understand the broader implications of investing in closed-end funds, which can often trade at a discount to the NAV. Each potential investor is encouraged to review the Fund's disclosure documents thoroughly prior to making any investment decisions.
Frequently Asked Questions
What is the purpose of the Tender Offer?
The Tender Offer aims to buy back up to 5% of the Fund's outstanding common shares at an advantageous price for shareholders.
What is the purchase price for the tendered shares?
The purchase price for the properly tendered shares is set at $3.2273, which is based on 97.5% of the Fund's NAV.
When will the final results of the Tender Offer be announced?
The Fund expects to announce the final results of its Tender Offer around November 21, 2024.
Who can shareholders contact for questions about the offer?
Shareholders may contact EQ Fund Solutions, LLC at (877) 536-1555 for any questions regarding the Tender Offer.
What should investors consider before participating in the Tender Offer?
Investors should carefully review the Fund's objectives, risks, and disclosure documents to understand the implications of their investments fully.
