The Herzfeld Caribbean Basin Fund Inc. announces an Equity Buyback for 338,382 shares, representing 5% of its issued share capital.
October 12, 2022 at 12:00 am
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The Herzfeld Caribbean Basin Fund Inc. (NasdaqCM:CUBA) announces a share repurchase program. Under the program, the company will repurchase up to 338,382 shares, representing 5% of outstanding shares of the Fund. The shares will be repurchased at 97.5% of NAV on November 8, 2022. The purpose of the Offer to Purchase is to provide shareholders with a liquidity event and the opportunity to realize a price that is closer to the Fund's underlying portfolio value per share than recent market prices per share. The program will be funded from cash on hand and then from the proceeds of sales of securities in the Fund's investment portfolio. If greater than 5% of the Fund's shares are tendered the Fund would purchase shares tendered on a pro rata basis. The program will expire on November 8, 2022.
Thomas J. Herzfeld Advisors, Inc acted as a financial advisor, AST Fund Solutions, LLC acted as information agent, American Stock Transfer & Trust Company acted as a depository and John P. Falco from Troutman Pepper Hamilton Sanders LLP acted as legal advisor to the company.
The Herzfeld Caribbean Basin Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to obtain long-term capital appreciation. The Fund pursues its objective by investing primarily in equity and equity-linked securities of public and private companies, including United States (U.S.)-based companies, whose securities are traded principally on a stock exchange in a Caribbean Basin Country or that have at least 50% of the value of their assets in a Caribbean Basin Country or that derive at least 50% of their total revenue from operations in a Caribbean Basin Country. Under normal conditions, the Fund invests at least 80% of its total assets in equity and equity-linked securities of Caribbean Basin Countries. The Fund invests in various countries including U.S., Mexico, Puerto Rico, Liberia, Bermuda, Panama, Netherlands and Cuba. The Fund's investment adviser is HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc.
THE HERZFELD CARIBBEAN BASIN FUND INC. 
