The Taiwan Fund, Inc. Announces Adoption of Share Repurchase ProgramMay 16, 2023
FOR IMMEDIATE RELEASE
Brian F. Link, Secretary
The Taiwan Fund, Inc. Announces Adoption of Share Repurchase Program
Boston, Massachusetts, May 16, 2023 – The Board of Directors (the “Board”) of The Taiwan Fund, Inc. (the “Fund”) (NYSE: TWN), today announced that it has approved a share repurchase program ( the “Program”) under which the Fund will repurchase in each twelve month period ended August 31 up to 10% of its common stock outstanding as of the close of business on August 31 the prior year. Such purchases will be made opportunistically at certain discounts to net asset value per share in the reasonable judgment of management based on historical discount levels and current market conditions. The Fund will repurchase shares in accordance with procedures approved by the Board. The Fund will report repurchase activity on the Fund’s website on a monthly basis.
The Program is intended to enhance stockholder value, as repurchases made at a discount may have the effect of increasing the per share NAV of the Fund’s remaining shares. There is no assurance, however, that the market price of the Fund’s shares, either absolutely or relative to NAV, will increase as a result of any share repurchases. These repurchases may be commenced or suspended at any time or from time to time without any notice.
In 2020, the Board adopted a conditional tender offer policy (the “Policy”), which remains in effect. Under the Policy, the Fund will conduct a tender offer to purchase up to 25% of its outstanding shares at 98% of NAV if the Fund’s NAV performance for the five-year period ending December 31, 2025 were exceeded by the performance of the Fund’s benchmark (the TAIEX Total Return Index) over that period.
The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol “TWN.”
For additional information on the Fund, including information on the Fund’s holdings, visit the Fund’s website at www.thetaiwanfund.com or call 1-800-426-5523.