Notable News to Watch: The Swiss Helvetia Fund (NYSE: SWZ)

James Blair

  The Swiss Helvetia Fund (NYSE: SWZ) stock observed trading -41.68% off 52-week high price. On the other end, the stock has been noted 16.30% away from low price over the last 52-weeks. The stock disclosed a move of 1.21% away from 50 day moving average and 4.04% away from 200 day moving average. Moving closer, we can see that shares have been trading -0.23% off 20-day moving average. It has market cap of $198.71M and dividend yield of 250.19%.

On July 29, 2019,  The Swiss Helvetia Fund (NYSE: SWZ) a non-diversified registered closed-end investment company, announced  that it has filed preliminary proxy materials (the Proxy Materials) with the U.S. Securities and Exchange Commission (the SEC) in connection with the Fund’s 2019 Annual Meeting of Stockholders (the Meeting). The Proxy Materials include proposals to approve a new investment objective for the Fund and revised fundamental investment restrictions in order to provide the Fund with greater investment flexibility and an investment advisory agreement with Bulldog Investors, LLC (Bulldog).  If approved by stockholders, the investment advisory agreement with Bulldog would replace the investment advisory agreements between the Fund and its current investment advisers.

If approved by stockholders, the Fund’s current fundamental objective of long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies would be replaced with a non-fundamental objective of total return.  If the proposed advisory agreement with Bulldog is approved, which approval is contingent on stockholder approval of the aforementioned change in the Fund’s investment objective and changes to the Fund’s fundamental investment restrictions, Bulldog will seek to achieve the objective through an activist strategy designed to unlock the underlying value of securities acquired by the Fund.  

If stockholders approve the Fund’s new investment advisory agreement with Bulldog, the new investment objective and the changes to the Fund’s fundamental investment restrictions, the Fund intends, as soon as practicable thereafter, to commence  a tender offer for up to 15% of the Fund’s outstanding shares at a price of 95% of the Fund’s net asset value per share.

If stockholders do not approve each of the foregoing proposals, the Board will consider what actions, if any, would be appropriate. 

The Board has fixed the close of business on August 19, 2019 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting, which is expected to be held late in the third quarter or early in the fourth quarter of 2019.

 The USA based company The Swiss Helvetia Fund Inc. moved with change of -0.51% to $7.85 with the total traded volume of 24758 shares in recent session versus to an average volume of 19.36K. The stock was observed in the 5 days activity at -0.25%. The one month performance of stock was -0.88%. SWZ’s shares are at 2.75% for the quarter and driving a -38.91% return over the course of the past year and is now at 13.77% since this point in 2018.  The average volatility for the week and month was at 0.75% and 0.82% respectively. There are 25.31M shares outstanding.

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