SOURCE: Thai Capital Fund

Thai Capital Fund

June 06, 2011 16:40 ET

The Thai Capital Fund Announces Results of Annual Meeting of Stockholders; Termination of Investment Advisory Agreement; Resignation of the Chairman and the Appointment of a New Chairman

Results of Annual Meeting of Stockholders

JERSEY CITY, NJ--(Marketwire - Jun 6, 2011) - The Thai Capital Fund, Inc. (NYSE Amex: TF), an emerging markets closed-end management investment company seeking long-term capital appreciation through investment primarily in equity securities of Thai companies, held its Annual Meeting of Stockholders (the "Meeting") on June 2, 2011 at the New York City offices of Daiwa Capital Markets America Holdings, Inc. The holders of approximately 75% of the shares entitled to vote were present in person or represented by proxy at the Meeting, constituting a quorum.

Mr. Austin C. Dowling and Mr. Rahn K. Porter were elected as Class II directors of the Fund to serve for a term expiring on the date on which the Annual Meeting of Stockholders is held in the year 2014. There were no other matters considered or voted upon at the Meeting.

Board Approval of Termination of Investment Advisory Agreement

The Fund also announced today that the Fund's Board of Directors has determined not to renew the investment advisory agreement (the "Advisory Agreement") between the Fund and its current investment adviser, Daiwa SB Investments (Singapore) Ltd. As a result, the Advisory Agreement is terminated effective immediately. The termination of the Advisory Agreement will not affect the Fund's existing investment management agreement with SCB Asset Management Co., Ltd.

Resignation of Chairman of the Fund's Board of Directors

The Fund also announced today that Masaaki Goto has resigned as Director and Chairman of the Board of Directors of the Fund effective immediately. The Board of Directors expressed their appreciation to Mr. Goto for his significant contributions during his years of service.

Election of a New Chairman of the Fund's Board of Directors

The Fund also announced today that the Board of Directors of the Fund has appointed Martin J. Gruber to replace Mr. Goto as Chairman of the Board of Directors of the Fund. Mr. Gruber has been an independent director of the Fund since 2000 and currently serves as Professor Emeritus and Scholar in Residence at the Leonard N. Stern School of Business at New York University. Mr. Gruber also serves as a director for the Japan Equity Fund, Inc. and the Singapore Fund, Inc.

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