Tag Archives: NAV

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Morgan Stanley Asia-Pacific Fund, Inc. Announces Results of Measurement Period Under Discount Manage

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Morgan Stanley Asia-Pacific Fund, Inc. Announces Results of Measurement Period Under Discount Management Program

NEW YORK–(BUSINESS WIRE)– Morgan Stanley Asia-Pacific Fund, Inc. (NYS: APF) (the “Fund”) announced the results of its measurement period under its previously announced discount management program (the “Program”). Pursuant to the Program, which commenced in July 2011 for a two-year period, the Fund’s Board of Directors approved up to four consecutive semi-annual tender offers, each to purchase up to 5 percent of the Fund’s outstanding shares of common stock for cash at a price equal to 98 percent of its net asset value (“NAV“) per share if the Fund’s shares trade at an average discount of at least 10 percent over a 12-week period. For the 12-week measurement period ended March 28, 2013, shares of the Fund traded at an average daily discount to NAV of 10.85 percent. The Fund will therefore conduct a tender offer in accordance with the terms of the Program.

The Fund’s tender offer will commence on or about May 13, 2013. Additional terms and conditions of the Fund’s tender offer will be set forth in its offering materials, which will be distributed to its stockholders. If more than 5 percent of the Fund’s outstanding shares are tendered, the Fund will purchase its shares from tendering stockholders on a pro rata basis at a price of 98 percent of the Fund’s NAV per share.

Investing involves risk and it is possible to lose money on any investment in the Fund.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 560 investment professionals around the world and $338 billion in assets under management or supervision as of December 31, 2012. 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 …read more

Source: FULL ARTICLE at DailyFinance

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SISM Research, Second Coring Operation Targeting The Bottom Of The Elkton/Debolt Formation Was A Suc

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SISM Research, Second Coring Operation Targeting The Bottom Of The Elkton/Debolt Formation Was A Success – Well Logs Indicated An Oilsands Pay Zone Of 20 Meters And Primary Production – A Game Changer

NEW YORK–(BUSINESS WIRE)– Ernst C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Research and a four star analyst according to Reuter’s StarMine, released his valuation updates on Octagon 88 Resource, Inc. (OCTX). After reviewing both of the preliminary results of the two wells cored, SISM summarizes the NAV of Octagon 88’s projects to $23.11 a share.


Development Update

As the Company’s geologist/geophysicists expected, preliminary results from the Erosional Edge Elkton/Debolt coring program showed a pay zone of 20 meters and a porosity of 30 percent instead of 18 percent which has been estimated and reported a few days ago. This means there is more oil in the targeted pay zone formation. In addition the cores showed a fluoresced orange throughout the complete pay zone indicating a lighter heavy oil to produce with primary production methods. An approximately API of 9° is needed that the oil can flow with the chance of primary production without stimulation or EOR (enhanced oil recovery) making economics very favorable and bases on porosity, there is enough oil to pump to the surface. The porosity consists of the tiny spaces in the rock that holds the oil or gas. Porosity of a rock is a measure of its ability to hold a fluid. Porosity is the open space in a rock divided by the total rock volume (solid + space or holes). Porosity is expressed as a percentage of the total rock which is taken up by pore space. Octagon cores samples showed a porosity of 30 percent. This means 70 percent is solid rock and 30 percent is open space containing oil, gas, or water. Octagon 88 Resources has recently announced that the coring program targeting the Elkton Debolt Erosional Edge Formation was successfully completed. The cores have been taken to AGAT laboratories for analysis. Within two weeks, Octagon 88 Resources, Inc. and CEC North Star Energy as the operator drilled two core wells, targeting the Bluesky/Gething sandstone formation and the carbonate Elkton/Debolt – Erosional Edge Formation on the project land.

-SISM Update Report – April 02, 2013
…read more
Source: FULL ARTICLE at DailyFinance

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Tortoise Capital Advisors Introduces New Open-End Mutual Fund

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Tortoise Capital Advisors Introduces New Open-End Mutual Fund

The Tortoise North American Energy Independence Fund provides dedicated focus on oil and gas production growth potential, supporting energy independence

LEAWOOD, Kan.–(BUSINESS WIRE)– Tortoise Capital Advisors today announced the introduction of the Tortoise North American Energy Independence Fund, an open-end mutual fund that invests primarily in equity securities of North American oil and gas production companies.

“We are in a new era of unprecedented North American production growth that has the potential to make our nation increasingly energy independent. This fund seeks to directly participate at the heart of this opportunity, targeting companies across North America with a strong presence in premier shale basins,” said Tortoise senior investment analyst, Rob Thummel.

The fund expands upon Tortoise’s leadership and history in the sector. Tortoise formed the first NYSE-listed closed-end fund focused on energy infrastructure MLPs in 2004 and is one of the largest investment managers of registered energy infrastructure funds. As an industry pioneer, Tortoise has managed energy infrastructure investments for nearly a decade, across economic cycles and natural disasters.

“The newest addition to the Tortoise family is a differentiated and complementary investment alternative, providing dedicated access to domestic oil and gas production that could dramatically alter North American relevance around the globe,” stated Tortoise’s director of product development, Michelle Kelly. “Additionally, the fund supports job creation, increased tax revenues, national security and the theme of energy independence for decades to come.”

The fund is structured as a traditional mutual fund providing daily liquidity at NAV, with flow-through tax treatment and no taxation at the fund level. Simplified tax reporting is provided to investors through a single 1099. Investor, C Class and Institutional shares are available under the symbols TNPTX, TNPCX and TNPIX, respectively.

The fund was initiated in cooperation with Montage Investments. Montage’s diverse group of boutique asset managers offer multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative partnership investments. Additional information regarding the fund may be obtained by calling 855-TCA-FUND (855-822-3863) or visiting www.tortoiseadvisors.com.

About Tortoise Capital Advisors, LLC

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. Tortoise is considered a pioneer in managing portfolios of MLP securities and other energy companies for individual, institutional and closed-end fund investors As of …read more
Source: FULL ARTICLE at DailyFinance

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PPR – $.0380 March Dividend

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PPR – $.0380 March Dividend

SCOTTSDALE, Ariz.–(BUSINESS WIRE)– ING Prime Rate Trust (NYS: PPR) , a diversified closed-end management investment company listed on the New York Stock Exchange, declared 3.80 cents per share monthly dividend on March 28, 2013 for the 31 days of March, payable on April 22, 2013 to shareholders of record on April 10, 2013. This represents the 299th consecutive monthly dividend since the Trust’s inception in May 1988.

The following are annualized distribution rate calculations based on the declared dividend for the month, Net Asset Value (“NAV“) at month-end and the month-end NYSE composite closing price (“Market”).

…read more
Source: FULL ARTICLE at DailyFinance

Annualized Period-end Distribution Rates     DIVIDEND     NAV     MARKET
March 31, 2013 $ .0380
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NexPoint Credit Strategies Fund Announces Details of April Regular Distribution

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NexPoint Credit Strategies Fund Announces Details of April Regular Distribution

DALLAS–(BUSINESS WIRE)– NexPoint Credit Strategies Fund (the “Trust”) (NYS: NHF) today announced that its Board of Trustees (the “Board”) has declared a regular distribution on its common stock, for April 2013, of $0.042 per share, payable on the last business day of the month to holders of record at the close of business April 25, 2013.

As of March 31, 2013, the Trust had estimated undistributed net investment income of approximately $4.0 million (unaudited).

The following are annualized historical distribution rate calculations based on the total declared distribution for the month, the Trust’s net asset value (“NAV“) at month-end and the Trust’s month-end closing price (“Market Price”).

<td …read more
Source: FULL ARTICLE at DailyFinance

   
Month-End Distribution Rates   Annualized
Payment Date
Business, Finance, Occupation & Industry

MFS Announces Portfolio Management Appointment for MFS Multimarket Income Trust

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MFS Announces Portfolio Management Appointment for MFS Multimarket Income Trust

BOSTON–(BUSINESS WIRE)– MFS Investment Management® (MFS®) announced that Pilar Gomez-Bravo has been named a portfolio manager of MFS® Multimarket Income Trust (NYS: MMT) , a closed end fund, effective April 1, 2013. MFS believes her appointment will strengthen the portfolio management team of MMT and will help support the achievement of its investment objective.

Gomez-Bravo joins a highly-experienced six-person portfolio management team, which currently includes MFS portfolio managers William Adams, Ward Brown, David Cole, Richard Hawkins, Matthew Ryan and Erik Weisman. There are no changes to the fund’s investment objective or strategy.

Gomez-Bravo joined MFS in 2013 as a portfolio manager and credit analyst, located in MFS‘ London office. She has more than 15 years of credit research, analysis and trading experience in both the asset management and investment banking industries.


About MFS Investment Management


MFS is a premier global money management firm with investment offices in Boston, Hong Kong, London, Mexico City, São Paulo, Singapore, Sydney, Tokyo and Toronto. The firm’s history dates back to March 21, 1924, and the establishment of the first US “open-end” mutual fund. MFS manages $340.2 billion in assets on behalf of individual and institutional investors worldwide, as of February 28, 2013. Please visit mfs.com for more information.

The Trust is a closed-end investment product. Shares of the Trust are only available for purchase/sale, at the current market price, on the NYSE. Shares may trade at a discount to NAV.

MFS Investment Management

111 Huntington Ave., Boston, MA 02199

MFS Investment Management
John Reilly, 617.954.5305
or
Dan Flaherty, 617.954.4256

KEYWORDS:   United States  North America  Massachusetts

INDUSTRY KEYWORDS:

The article MFS Announces Portfolio Management Appointment for MFS Multimarket Income Trust originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may …read more
Source: FULL ARTICLE at DailyFinance

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Conference Calls Scheduled for Three Pioneer Investments Closed End Funds

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Conference Calls Scheduled for Three Pioneer Investments Closed End Funds

BOSTON–(BUSINESS WIRE)– Pioneer Investments today announced the dates and times for conference calls regarding three Closed-End Funds. The purpose of these calls is to discuss the performance of the funds year-to-date and their current positioning. The conference call will be open to the public.

The conference call schedule is as follows:

Pioneer Municipal High Income Advantage Trust (NYSE: MAV) and Pioneer Municipal High Income Trust (NYSE: MHI).

The call will be held on Wednesday, April 3, 2013 at 4:15 PM EST and can be accessed by calling (866) 823-5039. Conference ID # 2826472. The call will be available on replay for seven days following the call at (888) 203-1112. Conference ID # 2826472. A transcript will be posted to us.pioneerinvestments.com.

Pioneer High Income Trust (NYSE: PHT)

The call will be held on Thursday, April 4, 2013 at 4:15 PM EST and can be accessed by calling (866) 823-5039. Conference ID # 7426203. The call will be available on replay for seven days following the call at (888) 203-1112. Conference ID # 7426203. A transcript will be posted to us.pioneerinvestments.com.

Pioneer Investment Management, Inc., the investment advisor for this fund, is part of Pioneer Investment Management USA Inc., the U.S. subsidiary of Pioneer Global Asset Management S.p.A.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, common shares of closed-end funds are sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net asset value (NAV) is total assets less total liabilities divided by the number of common shares outstanding.

©2013 Pioneer Investment Management, Inc. 60 State Street Boston, MA 02109

Member of the UniCredit Banking Group, Register of Banking Groups

26537-00-0313

Pioneer Investments
Shareholder Inquiries:
Contact your financial advisor or visit us.pioneerinvestments.com
or
Broker/Advisor Inquiries …read more
Source: FULL ARTICLE at DailyFinance

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Kayne Anderson Energy Development Company Increases Its Quarterly Distribution to $0.435 per Share f

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Kayne Anderson Energy Development Company Increases Its Quarterly Distribution to $0.435 per Share for Q1 2013 and Announces NAV of $24.88 per Share as of February 28, 2013

HOUSTON–(BUSINESS WIRE)– (NYS: KED) Kayne Anderson Energy Development Company (the “Company” or “KED“) announced today its quarterly distribution of $0.435 per share for the quarter ended February 28, 2013. This represents an increase of 11.5% from the distribution for the quarter ended February 29, 2012.

The Company also announced today its unaudited net asset value (NAV) of $259.2 million or $24.88 per share as of February 28, 2013.

The distribution will be payable on April 26, 2013 to common stockholders of record on April 19, 2013, with an ex-dividend date of April 17, 2013. It is anticipated that none of this distribution will be treated as a return of capital for tax purposes. The final determination of such amount will be made in early 2014 when the Company can determine its earnings and profits. The final tax status of the distribution may differ substantially from this preliminary information.

The Company is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940. The Company’s investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. The Company will seek to achieve this objective by investing at least 80% of its net assets together with the proceeds of any borrowings (its “total assets”) in securities of companies that derive the majority of their revenue from activities in the energy industry, including: (a) Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products; (b) Upstream Energy Companies, which are businesses engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs; and (c) Other Energy Companies, which are businesses engaged in owning, leasing, managing, producing, processing and sale of coal and coal reserves; the marine transportation of crude oil, refined petroleum products, liquefied natural gas, as well as other energy-related natural resources using tank vessels and bulk carriers; and refining, marketing and distributing refined energy products, such as motor gasoline and propane to retail customers and industrial end-users.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined …read more
Source: FULL ARTICLE at DailyFinance

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ASA Gold and Precious Metals Limited Reports Financial Results for the Three Months Ended February 2

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ASA Gold and Precious Metals Limited Reports Financial Results for the Three Months Ended February 28, 2013

SAN MATEO, Calif.–(BUSINESS WIRE)– ASA Gold and Precious Metals Limited (NYS: ASA) reported that total return for the three months ended February 28, 2013, based on ASA‘s net asset value (NAV), was negative 18.0%, including the reinvestment of dividends. At fiscal quarter end, the NAV of the Company was $19.82 per share versus $30.62 per share a year earlier.

For the three months ended February 28, 2013, the total return based on ASA‘s share price was negative 14.4%. The return for the FTSE Gold Mines Total Return Index during the same period was negative 18.6%.

The closing price of ASA‘s shares on the New York Stock Exchange (NYSE) on February 28, 2013 was $18.84, representing a share price discount to NAV of 4.9%. The share price of closed-end funds, like ASA, is determined by trading activity in the open market and consequently may reflect a premium to (higher than) or discount to (lower than) its underlying NAV.

   


February 28, 2013

…read more
Source: FULL ARTICLE at DailyFinance
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Rigrodsky &amp; Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Navi

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Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Navistar International Corporation

WILMINGTON, Del.–(BUSINESS WIRE)– Rigrodsky & Long, P.A.:

  • Do you, or did you, own shares of Navistar International Corporation (NYSE: NAV )?
  • Did you purchase your shares before November 3, 2010, or between November 3, 2010 and August 1, 2012, inclusive?
  • Did you lose money in your investment in Navistar International Corporation?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased the common stock of Navistar International Corporation (“Navistar” or the “Company”) (NYSE: NAV) between November 3, 2010 and August 1, 2012, inclusive (the “Class Period“), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Navistar during the Class Period, or purchased shares prior to the Class Period and still hold Navistar, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/navistar-international-corporation-nav.

Navistar is an international manufacturer of International® brand commercial and military trucks, IC Bus™ brand buses, MaxxForce® brand diesel engines, and recreational vehicles (“RV“) under the Monaco® RV family of brands, as well as a provider of service parts for all makes of trucks and trailers. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (a) Navistar’s attempted methods to …read more
Source: FULL ARTICLE at DailyFinance

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The Central Europe and Russia Fund, Inc. Announces Final Results of Tender Offer

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The Central Europe and Russia Fund, Inc. Announces Final Results of Tender Offer

NEW YORK–(BUSINESS WIRE)– The Central Europe and Russia Fund, Inc. (NYSE: CEE) (the “Fund” or “CEE“) 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 March 12, 2013, the Fund has accepted 654,331 properly tendered shares at a price per share equal to 98% of the Fund’s net asset value (“NAV“) as determined on March 13, 2013. 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. 9,528,823.493 shares of the Fund’s common stock, or 72.81% 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, 6.87% of the Fund’s shares that were tendered have been accepted for payment by the Fund. The shares accepted for payment will receive cash at a repurchase offer price of $36.82, which is equal to 98% of the Fund’s NAV as determined on March 13, 2013. 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 the most recent month-end performance, visit www.dws-investments.com or call (800) 349-4281.

The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking long term capital appreciation through investment primarily in equity and equity-linked securities of issuers domiciled in Central Europe and Russia. Because the Fund is non-diversified, it can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that focuses 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 secondary market. Shares of closed-end funds frequently trade at a discount to NAV. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control …read more
Source: FULL ARTICLE at DailyFinance

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Fidelity® Nasdaq Composite Index® Tracking Stock Fund Declares Quarterly Income Dividend

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Fidelity ® Nasdaq Composite Index ® Tracking Stock Fund Declares Quarterly Income Dividend

BOSTON–(BUSINESS WIRE)– Fidelity Investments® announced today that the Fidelity® Nasdaq Composite Index® Tracking Stock Fund (NAS: ONEQ) will pay a quarterly dividend of $0.09 per share from net investment income. The dividend will be paid on March 22, 2013 to shareholders of record at the close of business on March 19, 2013. The ex-dividend date is March 15, 2013.

About Fidelity Investments

Fidelity Investments is one of the world’s largest providers of financial services, with assets under administration of approximately $4.0 trillion, including managed assets of $1.7 trillion, as of January 31, 2013. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

ETFs may trade at a discount to their NAV and are subject to the market fluctuations of their underlying investments.

Past performance is no guarantee of future results.

Current and future portfolio holdings are subject to risk.

Differences between the index and the ETF’s portfolio, as well as costs and expenses, may cause differences in performance.

The ETF is managed by Fidelity Management & Research Company. NASDAQ is the listing market; licensor of the index and provides marketing services for the ETF.

Consistent with its investment objective, the ETF may hire or terminate money managers at any time without prior shareholder approval. ETF shares are not individually redeemable from the fund. Shares, other than Creation Units, may be sold only through a broker and may be subject to brokerage commissions.

NASDAQ®, NASDAQ Composite®, and NASDAQ Composite Index® …read more
Source: FULL ARTICLE at DailyFinance

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Witan Investment Trust Boosts Dividend for 38th Year in a Row

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By Jon Wallis, The Motley Fool

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LONDON — Witan Investment Trust  — one of the largest investment trust listed on the London Stock Exchange, which holds shares in companies such as Diageo, BP, Unilever, and Pearson — published its annual report for 2012 this morning.

Witan said that it delivered a total return on net asset value (NAV) of 15.6% in 2012, outperforming its benchmark’s 13%. It also noted that, “despite the difficulties that have been placed before the global economy over the last 5 years,” the company had achieved total return on NAV of 18.7%, which is 3.7% ahead of its benchmark. Perhaps more immediately meaningful for shareholders, Witan’s share price has increased 38% over the past five years, compared to the FTSE 100’s 13.5%.

Witan reported that its portfolio generated revenue earnings per share of 14.5 pence in 2012, an increase of 9.3% on the previous year. The board has declared a second interim dividend of 7.2 pence per share, bringing the full-year dividend for 2012 to 13.2 pence per share — a 10% increase over 2011 — giving a current yield of around 2.2%. Impressively, this is the 38th year in a row that Witan has increased its payout to shareholders.

Commenting on the company’s outlook, Witan’s chairman Harry Henderson said:

Although the world appears some way from a return to robust economic growth, sentiment is less fearful, as evidenced by the inflows into equity funds in recent months.

2013 seems likely to be a further year of convalescence for the world economy. A necessary correction in the private sector debt overhang in developed economies has been offset by a burgeoning in public sector budget deficits, to levels which are likely to be unsustainable in the longer term.

The other notable feature of investment markets during 2012 was the plunge in government borrowing rates to multi-century lows. … Bonds being expensive is not itself a reason to buy other assets, such as equities, but it may prompt a broader definition of what is meant by investment risk. If the focus shifts toward investing to preserve real value rather than purely to avoid short-term volatility the outperformance of equities versus bonds in 2012 could have much further to go.

Here at The Fool, our analysts have been focused on finding “The Motley Fool’s Top Growth Share For 2013” for our readers, which is named in our latest report, only just released.

It’s completely free of charge, but like all special reports from TMF it will only be available for a limited period, so get your copy delivered to your inbox now!

The article Witan Investment Trust Boosts Dividend for 38th Year in a Row originally appeared on Fool.com.

Jon doesn’t own shares in Witan Investment Trust. The Motley Fool has recommended shares in Unilever. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish …read more
Source: FULL ARTICLE at DailyFinance

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The Central Europe and Russia Fund, Inc. Announces Expiration and Preliminary Results of Tender Offe

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The Central Europe and Russia Fund, Inc. Announces Expiration and Preliminary Results of Tender Offer

NEW YORK–(BUSINESS WIRE)– The Central Europe and Russia Fund, Inc. (NYSE: CEE) (the “Fund” or “CEE“) announced today the expiration and preliminary results of its tender offer for up to 654,331 of its shares of common stock, representing approximately 5% of the Fund’s issued and outstanding shares. The tender offer expired at 5:00 p.m. Eastern time on Tuesday, March 12, 2013.

Based upon current information, approximately 9,529,741 shares of the Fund’s common stock, or approximately 73% of its common stock outstanding, were tendered through the stated expiration date, including shares tendered pursuant to notices of guaranteed delivery. These numbers are subject to adjustment and should not be regarded as final. No more than a total of 654,331 properly tendered Fund shares will be accepted in exchange for cash, at a price equal to 98% of the Fund’s net asset value (“NAV“) per share as determined by the Fund today, March 13, 2013. 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. The final number of shares validly tendered and accepted pursuant to the Fund’s tender offer and the Fund’s tender offer price per share will be announced at a later date.

For more information on the Fund, including the most recent month-end performance, visit www.dws-investments.com or call (800) 349-4281.

The Central Europe and Russia Fund, Inc. is a non-diversified, closed-end investment company seeking long term capital appreciation through investment primarily in equity and equity-linked securities of issuers domiciled in Central Europe and Russia. Because the Fund is non-diversified, it can take larger positions in fewer issues, increasing its potential risk. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that focuses 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 secondary market. Shares of closed-end funds frequently trade at a discount to NAV. 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 …read more
Source: FULL ARTICLE at DailyFinance

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CORRECTING and REPLACING NexPoint Credit Strategies Fund Announces Details of March Regular Distribu

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CORRECTING and REPLACING NexPoint Credit Strategies Fund Announces Details of March Regular Distribution

DALLAS–(BUSINESS WIRE)– First graph, second sentence of release dated March 5, 2013, closing date for holders of record should read March 26, 2013 (sted March 21, 2013).

The corrected release reads:

NEXPOINT CREDIT STRATEGIES FUND ANNOUNCES DETAILS OF MARCH REGULAR DISTRIBUTION

NexPoint Credit Strategies Fund (the “Trust”) (NYS: NHF) today announced the record and payment date of the dividend announced on February 25, 2013. The Board of Trustees (the “Board”) has declared a regular distribution on its common stock, for March 2013, of $0.042 per share, payable on the last business day of the month to holders of record at the close of business March 26, 2013.

As of February 28, 2013, the Trust had estimated undistributed net investment income of approximately $4.0 million (unaudited). The following are annualized historical distribution rate calculations based on the total declared distribution for the month, the Trust’s net asset value (“NAV“) at month-end and the Trust’s month-end closing price (“Market Price”).

Month-End Distribution Rates           Annualized
…read more
Source: FULL ARTICLE at DailyFinance
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Macquarie Global Infrastructure Total Return Fund Inc. Commences Tender Offer

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Macquarie Global Infrastructure Total Return Fund Inc. Commences Tender Offer

NEW YORK–(BUSINESS WIRE)– Macquarie Global Infrastructure Total Return Fund Inc. (NYS: MGU) (the “Fund”) announced today it is commencing a tender offer (the “Offer”) to purchase for cash up to 1,385,366 (representing approximately 10%) of its issued and outstanding shares of common stock, par value $0.001 per share, at a price equal to 92% of the net asset value (“NAV“) per share, determined as of the business day immediately following the day the Offer expires. The Offer will expire on April 3, 2013, at 12:00 midnight, New York City time, or on such later date to which the Offer is extended.

If the number of shares validly tendered and not properly withdrawn exceeds the maximum amount of the Offer then, on the terms and subject to the conditions of the Offer, the Fund will purchase shares from tendering stockholders on a pro rata basis. Accordingly, there can be no assurance that the Fund will purchase all of a stockholder’s tendered shares.

The NAV per share as of the close of the regular trading session of the New York Stock Exchange (“NYSE“) on March 5, 2013 was $23.22 and the last reported sale price on the NYSE on such date for a share was $21.00. Until the Offer expires, NAV per share quotations can be obtained from AST Fund Solutions, LLC, the information agent for the Offer, by calling (800) 331-7024 (toll free) between the hours of 9:00 a.m. and 5:00 p.m., New York City time, Monday through Friday (except holidays). The depositary for the offer is The Colbent Corporation.

None of the Fund, its Board, its investment adviser or the information agent is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the Offer. Stockholders, together with their tax and financial advisors, are solely responsible for determining how many shares they will tender, if any, for purchase by the Fund.

This press release is for informational purposes only and is not a recommendation, an offer to buy or the solicitation of an offer to sell any shares. The solicitation and offer to buy shares will only be made pursuant to the offer to purchase and the other tender offer documents that the Fund is disseminating to its stockholders. A free copy of the tender offer documents filed by the Fund with the SEC may be obtained, when filed, from the SEC‘s website at www.sec.gov or from the Fund’s website at www.macquarie.com/mgu, or …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

The Banks' Real Results

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By Tony Reading, The Motley Fool

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LONDON — Are you perplexed by the banks’ results? Suspicious of big improvements in “adjusted,” “underlying,” and “managed” performance when tucked away in the small print are large statutory losses? Join the club.

So last quarter, I decided to rigorously categorize the banks’ adjustments between underlying and statutory profit. I identified one-off exceptional items, costs of litigation over PPI and LIBOR, etc., and fair value adjustments that arise from accounting technicalities.

If you’re interested, you can read more about the methodology here, and see the detailed analysis in this table:

 

Lloyds

RBS

Barclays
  2012 2011 2012 2011 2012 2011
Underlying Profit 2,607 638 3,462 1,824 7,048 5,590
Exceptional Items 840 (435) (1,787) (4,078) 227 (1,419)
Litigation (4,225) (3,375) (2,191) (850) (2,450) (1,000)
Fair Value Adjustments 208 (370) (4,649) 1,914 (4,579) 2,708
Statutory Profit (570) (3,542) (5,165) (1,190) 246 5,879

The bottom line
But you can skip to this table that summarizes the results:

 

Lloyds

RBS

Barclays
  2012 2011 2012 2011 2012 2011
Underlying Profit 2,607 638 3,462 1,824 7,048 5,590
Statutory Profit Before Fair Value Adjustments (778) (3,172) (516) (3,104) 4,825 3,171

The underlying profit shows the results as the banks would like you to see them, and may be a better indicator of future performance. The bottom line is what actually happened, adjusted to eliminate misleading accounting technicalities.

Both measures show significant improvement over last year. On the warts-and-all measure, Lloyds  and RBS  have made big reductions in losses, while Barclays  enjoyed a muscular 52% rise in profits.

Lloyds
Lloyds’ management sounded bullish. The bank is ahead of its transformation plan, reducing costs by 5%, two years ahead of target, and selling over 40 billion pounds of distressed assets in 2012 against a plan of 25 billion pounds.

With a concentration on U.K. retail and commercial banking, Lloyds has the lowest risk business model of the three banks, but one wholly dependent on the U.K. economy. That’s not a great short-term bet, but the long-term trajectory is upwards.

With the heavy lifting on its transformation nearly complete and PPI provisioning at an end, Lloyds shares are trading at 95% of tangible net asset value (TNAV). The prospect of a resumed dividend will give them their next big push.

RBS
RBS‘s results announcement was also confident, predicting 2013 to be the last big year of restructuring. In 2012, it pulled off the flotation of Direct Line and shed over 10% of risk assets. As with Lloyds, the EU-mandated sale of branches stalled.

RBS is harassed by politicians with agendas, but that could yet turn to its advantage, with the Coalition eager for demonstrable progress before the next election in 2015. CEO Stephen Hester is making positive noises about privatization.

A partial flotation of the U.S. Citizen’s Bank could prove a valuation boost this year. Trading at 0.7 times TNAV, RBS has more headroom for rerating.

Barclays
Barclays’ results were accompanied by details of its new strategy, and greeted by a near-10% jump in the shares.

The bank will focus on the U.K., U.S., and Africa, and is cutting jobs in investment banking, Europe, and Asia. The sole closure is that of the toxic tax-structuring unit. It will invest in high-return businesses such as U.K. mortgages, its Wealth business, and Barclaycard — an often-overlooked gem.

It’s also committed to accelerate its dividend from next year, targeting a 30% payout. Trading at 0.8 times tangible NAV, …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Pioneer Investments Declares Monthly Distributions for Closed-End Funds

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By Business Wirevia The Motley Fool

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Pioneer Investments Declares Monthly Distributions for Closed-End Funds

BOSTON–(BUSINESS WIRE)– Pioneer Investments today announced the declaration of dividends for five closed-end funds for March 2013. The closing market price, annualized market price distribution rate, NAV, and NAV distribution rate are based on data as of March 4, 2013.

Ex Date:           March 14, 2013
Record Date:     March 18, 2013
Payable Date:    March 28, 2013

…read more
Source: FULL ARTICLE at DailyFinance

Fund       Distribution    

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Market Price

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Rate

    
Business, Finance, Occupation & Industry

The Beginners' Portfolio Ponders Buying an Insurer

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By Alan Oscroft, The Motley Fool

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LONDON — This article is the latest in a series that aims to help novice investors with the stock market. To enjoy past articles in the series, please visit our full archive.

A lot of investors go for diversification, and it can make a lot of sense; if one sector goes through a bad patch, being diversified into others can help offset the pain. But at the same time, diversifying for the sake of it can be a bad move.

But there’s one sector that is very much in the throes of a recovery, and that’s finance — and we haven’t considered it so far. But what possibilities are there? Well, I’ve been eyeing up a couple of giants in the insurance sector, which really hasn’t been showing much in the way of gains yet…

Aviva
Aviva   has results coming out on Thursday, and the City is currently expecting a dividend yield of 7.3% for the year to December 2012 based on the current share price of 349 pence. But earnings forecasts are all over the place, with individual analysts guessing at wildly different figures, so it’s anybody’s guess whether such a payout would be covered.

Asset valuations are pretty important as well, so I’ve added two more figures to our table below, with entries just for the two insurers. NAV is net asset value per share — the book value of all the company’s assets divided by the number of shares in issue. PBV, or price to book value, is the share price divided by the NAV.

From this, we can see that Aviva shares trade for less than their net asset value, which is a good sign, but we’ll need to watch out for that come results time.

RSA
The other is RSA Insurance Group , whose shares shares trade in excess of asset value at the moment — not outrageously so, but RSA is in second place to Aviva on that measure.

RSA has already brought us full-year results — and slashed its final dividend by a third! And the share price slumped by 15% in response. But the overall full-year yield is still a nice 5.8%, based on today’s price of 120p.

The fear, or course, is that Aviva will follow suit and cut its dividend, and the current share price does seem to factor in some of that possibility. We’ll know later this week.

Meanwhile, here’s our updated watchlist, with the two new entries — and I’ve sorted it into alphabetical order this time:

Company Market Cap Price Forward P/E NAV PBV Forward Dividend
Aviva £10.5 bn 349p 8.2 442p 0.8 7.3%
Daisy Group £286m 105p 8.1     1.3%
GKN £4.40bn 276p 10.0     3%
Ricardo £204m 401p 11.9     3.4%
RSA £4.29bn 120p 9.5 108p 1.1 6.2%
Trinity Mirror £292m 118p 3.9     0%
TUI Travel £3.55bn 310p 11.5     4%
Unilever £34.1bn 2,664p 18.7     3.2%
United Utilities £5.04bn 745p 18.3     4.6%
WS Atkins £892m 870p 11.4     3.5%

Since our last look in January, quite a few have moved — mostly upward!

What of the rest?
Out of the list, I’ve definitely lost interest in Unilever , with the shares having risen 9.7% since we last looked. On a forward price-to-earnings (P/E) ratio of nearly 19 now, it seems fully valued to me. And that 3.2% dividend is nothing to shout about, so I can only …read more
Source: FULL ARTICLE at DailyFinance