Total Return Securities Fund, Inc. Makes Announcement
Total Return Securities Fund (NYSE:SWZ) has announced plans for significant corporate actions affecting shareholders. The Board of Directors has affirmed its intention to conduct a self-tender offer for at least 15% of outstanding shares at a minimum of 98% of NAV.
Additionally, the Board is considering a rights offering to existing stockholders before the tender offer, primarily to mitigate the impact on the Fund's expense ratio following the tender offer. If implemented, the subsequent tender offer could target between 15% and 25% of post-rights offering outstanding shares.
Total Return Securities Fund (NYSE:SWZ) ha annunciato piani per importanti azioni societarie che coinvolgeranno gli azionisti. Il Consiglio di Amministrazione ha confermato l'intenzione di effettuare un offerta di riacquisto volontario per almeno il 15% delle azioni in circolazione ad un prezzo minimo pari al 98% del valore patrimoniale netto (NAV).
Inoltre, il Consiglio sta valutando una offerta di diritti rivolta agli azionisti esistenti prima dell'offerta di riacquisto, principalmente per ridurre l'impatto sul rapporto di spesa del Fondo dopo l'offerta. Se attuata, la successiva offerta di riacquisto potrebbe riguardare tra il 15% e il 25% delle azioni in circolazione dopo l'offerta di diritti.
Total Return Securities Fund (NYSE:SWZ) ha anunciado planes para importantes acciones corporativas que afectar谩n a los accionistas. La Junta Directiva ha confirmado su intenci贸n de realizar una oferta de recompra voluntaria por al menos el 15% de las acciones en circulaci贸n a un precio m铆nimo del 98% del valor liquidativo (NAV).
Adem谩s, la Junta est谩 considerando una oferta de derechos para los accionistas existentes antes de la oferta de recompra, principalmente para mitigar el impacto en la ratio de gastos del Fondo tras la oferta. Si se implementa, la posterior oferta de recompra podr铆a dirigirse a entre el 15% y el 25% de las acciones en circulaci贸n despu茅s de la oferta de derechos.
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霕愴暅, 鞚挫偓須岆姅 欤茧 鞛愳偓欤� 毵れ瀰 頉� 韼�霌滌潣 牍勳毄 牍勳湪鞐� 氙胳箻電� 鞓來枼鞚� 鞕勴檾頃橁赴 鞙勴暣 鞛愳偓欤� 毵れ瀰 鞝滌晥 鞝勳棎 旮办〈 欤检＜毳� 雽�靸侅溂搿� 頃橂姅 甓岆Μ 瓿惦毳� 瓴�韱� 欷戩瀰雼堧嫟. 毵岇暯 鞁滍枆霅滊嫟氅�, 鞚错泟鞚� 鞛愳偓欤� 毵れ瀰 鞝滌晥鞚� 甓岆Μ 瓿惦 頉� 鞙犿喌 欤检嫕鞚� 15%鞐愳劀 25% 靷澊毳� 氇╉憸搿� 頃� 靾� 鞛堨姷雼堧嫟.
Total Return Securities Fund (NYSE:SWZ) a annonc茅 des plans pour des actions corporatives importantes affectant les actionnaires. Le conseil d'administration a confirm茅 son intention de r茅aliser une offre publique de rachat d'au moins 15 % des actions en circulation 脿 un minimum de 98 % de la valeur nette d'inventaire (VNI).
De plus, le conseil envisage une offre de droits aux actionnaires existants avant l'offre de rachat, principalement pour att茅nuer l'impact sur le ratio des frais du Fonds suite 脿 l'offre. Si elle est mise en 艙uvre, l'offre de rachat ult茅rieure pourrait viser entre 15 % et 25 % des actions en circulation apr猫s l'offre de droits.
Total Return Securities Fund (NYSE:SWZ) hat Pl盲ne f眉r bedeutende Unternehmensma脽nahmen angek眉ndigt, die die Aktion盲re betreffen. Der Vorstand hat seine Absicht best盲tigt, ein R眉ckkaufangebot f眉r mindestens 15% der ausstehenden Aktien zu einem Mindestpreis von 98% des Nettoinventarwerts (NAV) durchzuf眉hren.
Zus盲tzlich erw盲gt der Vorstand eine Bezugsrechtsemission f眉r bestehende Aktion盲re vor dem R眉ckkaufangebot, haupts盲chlich um die Auswirkungen auf die Kostenquote des Fonds nach dem R眉ckkauf zu mildern. Sollte dies umgesetzt werden, k枚nnte das anschlie脽ende R眉ckkaufangebot zwischen 15% und 25% der nach der Bezugsrechtsemission ausstehenden Aktien betreffen.
- Tender offer price set at favorable 98% of NAV minimum
- Potential for larger tender offer up to 25% of shares
- Rights offering consideration shows attention to expense ratio management
- Potential dilution risk from rights offering if shares issued below NAV
- Fund's expense ratio could increase due to reduced asset base
- Uncertainty around final terms and timing of both offerings
Insights
Total Return Securities Fund announces tender offer for 15-25% of shares and potential rights offering to offset expense ratio increase.
The Board of Total Return Securities Fund (NYSE: SWZ) has confirmed its previously announced plan to conduct a self-tender offer to purchase at least 15% of outstanding shares at no less than 98% of NAV. This represents a significant liquidity event for shareholders.
More notably, the Board is also considering a rights offering that would allow existing shareholders to purchase additional common stock before the tender offer begins. This strategic sequencing serves a specific purpose: to mitigate the potential increase in the Fund's expense ratio that would naturally occur when the asset base shrinks following the tender offer.
If the rights offering proceeds, the subsequent tender offer would target between 15-25% of the post-rights offering share count. This calibrated approach indicates management's attempt to balance providing liquidity through the tender while maintaining operational efficiency.
The Board specifically acknowledges the dilution risk inherent in rights offerings, which typically involve issuing shares at a discount to NAV. This transparency suggests they're weighing shareholder interests carefully. The coordinated approach of potentially raising capital before returning capital shows sophisticated balance sheet management, though effectiveness depends entirely on shareholder participation rates in both transactions.
NEW YORK, Aug. 07, 2025 (GLOBE NEWSWIRE) -- The Board of Directors (the 鈥淏oard鈥�) of Total Return Securities Fund, Inc. (f/k/a The Swiss Helvetia Fund, Inc.) (the 鈥淔und鈥�) (NYSE: SWZ) today affirmed its previously announced intention to authorize a self-tender offer to purchase at least
In addition, the Fund today announced that the Board is contemplating authorizing a rights offering to stockholders to purchase additional shares of the Fund鈥檚 common stock (prior to commencing a self-tender offer), for the primary purpose of limiting any increase in the Fund鈥檚 expense ratio as a result of a reduced asset base after completion of a tender offer. Depending on the number of shares issued pursuant to such a rights offering, the number of shares to be purchased by the Fund in the subsequent self-tender offer is expected to be more than
Contact: Tom Antonucci at 201-881-7102 or .
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any of the Fund鈥檚 securities in any jurisdiction, nor shall there be any sale, issuance or transfer of its securities in any jurisdiction in contravention of applicable law. No offer of the Fund鈥檚 securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Fund鈥檚 common stock. No tender offer for the outstanding shares of our common stock has commenced. If any tender offer is commenced, the Fund will file a Tender Offer Statement on Schedule TO with the SEC related to the tender offer. The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other tender offer documents) will contain important information, including the terms and conditions of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Stockholders will be able to obtain these documents free of charge, when they become available, from the SEC鈥檚 website (www.sec.gov) or the Fund鈥檚 current website (www.totalreturnsecuritiesfund.com).
FAQ
What is the minimum percentage of shares SWZ plans to purchase in its tender offer?
What is the purpose of SWZ's planned rights offering?
What is the price range for SWZ's tender offer?
How many shares could SWZ potentially purchase in the tender offer after the rights offering?
Where can SWZ shareholders find official tender offer documents when available?
