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TEMPLETON DRAGON FUND, INC. (NYSE:TDF) (the "Fund"), a closed-end investment company managed by Templeton Asset Management Ltd., announced today that its Board has authorized an issuer tender offer in the fourth quarter of 2023 to purchase for cash up to 8,451,035 of its common shares, representing 25% of the Fund's issued and outstanding common shares. The tender offer will commence on November 21, 2023 and purchases will be made at a price per share equal to 98% of the Fund's net asset value (NAV) per share as of the close of trading on the first business day after the expiration of the tender offer, with the remaining 2% applied to cover certain costs of the tender offer, including the processing of tender forms, effecting payment, postage and handling. If more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase a number of shares equal to the offer amount on a pro-rated basis.
The commencement of the tender offer is pursuant to an agreement between the Fund and City of London Investment Management Company Limited ("CoL"). Pursuant to the agreement, CoL has agreed to be bound by certain standstill covenants. The Fund has been advised that CoL will file copies of the relevant standstill agreement with the U.S. Securities and Exchange Commission ("SEC") as an exhibit to its Schedule 13D.
The Fund's common shares have recently traded at a discount to their net asset value per share. During the pendency of the tender offer, the current net asset value per share will be available on the Fund's website at:
Shareholders are advised to read the offer to purchase when it is available, as it contains important information.
The offer to purchase and other documents filed by the Fund with the SEC, including the Fund's annual report for the fiscal year ended December 31, 2022, are or will be available without cost at the SEC's website (sec.gov) or by calling the Fund's Information Agent.
Posted In: TDF
