SOURCE: Korea Equity Fund, Inc.

September 22, 2010 08:29 ET

Korea Equity Fund, Inc. Results of 2010 Annual Meeting of Shareholders

NEW YORK, NY--(Marketwire - September 22, 2010) -  Korea Equity Fund, Inc. (NYSE: KEF) (the "Fund") announced that IVS Associates, Inc., the independent inspector of elections retained by the Fund, has certified the results of voting on proposals that were considered at the Fund's 2010 Annual Meeting of Shareholders (the "Meeting"), which was held on September 15, 2010.

The first proposal considered at the Meeting related to the election of one Class I Director to serve for a term that expires on the date of the 2013 Annual Meeting of Shareholders and until his successor is elected and qualifies. Phillip Goldstein was elected to this position. 

In addition, three shareholder proposals were considered at the meeting. The proposal recommending that the Board of Directors take action to convert the Fund from a closed-end fund to an interval fund and conduct periodic offers to repurchase shares at a price approximating net asset value was approved. Although this recommendation is not binding on the Board of Directors or the Fund, the Board of Directors will consider the recommendation. As indicated in the supplement, dated August 17, 2010, to the Fund's proxy statement, the Board of Directors has previously approved an enhanced Discount Management Plan under which the Fund will commence a tender offer for up to 20 percent of its outstanding stock. The proposal that the Fund's management agreement with Nomura Asset Management U.S.A. Inc. be terminated was not approved by the Fund's shareholders and that adviser continues as the Fund's management company. The proposal recommending that the Board of Directors of the Fund authorize a self-tender offer for all of the outstanding shares of common stock of the Fund at net asset value was also not approved.

The Fund invests primarily in equity securities of companies domiciled in Korea and is designed for investors seeking long-term capital appreciation. The manager of the Fund is Nomura Asset Management U.S.A. Inc., which is based in New York. Nomura Asset Management U.S.A. Inc. is a subsidiary of Nomura Asset Management Co., Ltd., which is one of the largest investment advisory companies in Japan in terms of assets under management and which serves as the Investment Adviser to the Fund.

Contact Information

  • Contact:
    Neil A. Daniele
    Nomura Asset Management U.S.A. Inc.
    Two World Financial Center, Building B
    New York, N.Y. 10281
    (212) 667-1873