Declares in cash ordinary income dividend and long term capital gains distribution
THE SWISS HELVETIA FUND, INC. DECLARES IN CASH ORDINARY INCOME DIVIDEND AND LONG-TERM CAPITAL GAINS DISTRIBUTION
The Board of Directors of the The Swiss Helvetia Fund, Inc., a closed-end investment company, announced today the declaration in cash of an ordinary income dividend of $0.447 per share and a long-term capital gains distribution in the amount of $0.125 per share. The dividend and distribution will be paid on December 29, 2003 to stockholders of record on December 15, 2003. The shares will trade "ex-dividend" on December 11, 2003.
The Board of Directors also announced a continuation of the Fund's stock repurchase program to purchase up to 500,000 shares of its Common Stock during 2004 in open-market transactions to be effected on the New York Stock Exchange. The principal purpose of the stock repurchase program is to enhance stockholder value by increasing the Fund's net asset value per share without creating a meaningful adverse effect upon the Fund's expense ratio and realizing capital gains in order to fund the repurchases. The Fund has repurchased 172,100 of its shares in open-market transactions during 2003.
The Fund is a non-diversified, closed-end investment company whose objective is to seek long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies. The Fund is managed by Hottinger Capital Co. and is listed on the New York Stock Exchange under the symbol SWZ.
For further information regarding the Fund, please contact Rudolf Millisits, Executive Vice President of Hottinger Capital Corp. at 1-888-SWISS-00 or (212) 332-2760, 1270 Avenue of the Americas, Suite 400, New York, New York, 10020.