Total Return Securities Fund Announces Final Pricing of Tender Offer
Rhea-AI Summary
Total Return Securities Fund (NYSE: SWZ) completed its previously announced tender offer, accepting 4,000,000 shares for payment at $6.81 per share. The tender expired at 5:00 p.m. New York City time on January 20, 2026, and the Fund announced acceptance of the full 4 million shares on January 22, 2026. For tender-offer questions, the Fund listed InvestorCom LLC as its information agent at the provided phone number.
Positive
- 4,000,000 shares accepted in tender offer
- Final purchase price set at $6.81 per share
Negative
- Repurchase requires cash outflow to fund purchases
- Share count reduction could affect short-term liquidity metrics
News Market Reaction
On the day this news was published, SWZ gained 0.17%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 19 | Tender offer launch | Positive | +1.3% | Announced cash tender for up to 4,000,000 shares at 98% of NAV. |
| Dec 08 | Rights offering expiry | Positive | +1.1% | Rights offering expired; ~3.98M shares to be issued at $6.07. |
| Nov 03 | Rights & tender details | Positive | -0.2% | Detailed non-transferable rights offering and planned tender at ≥98% NAV. |
| Aug 19 | Rights offering plan | Positive | -0.3% | Announced significant rights offering plus conditional tender up to 30% shares. |
| Aug 07 | Corporate actions plan | Positive | -0.2% | Board outlined self-tender for ≥15% of shares and possible rights offering. |
Corporate action announcements (rights and tender offers) have often produced modest, mixed price reactions, with more instances of divergence than clean alignment.
Over the last six months, Total Return Securities Fund has focused on shareholder-focused corporate actions, including rights offerings and a sizable issuer tender offer. Earlier announcements on Aug 7, 2025 and Aug 19, 2025 outlined plans for a rights offering and self-tender. Subsequent updates on Nov 3, Dec 8, and Dec 19, 2025 detailed execution and final terms, including a tender for up to 4,000,000 shares at 98% of NAV. Today’s final pricing and acceptance news represents the completion of that tender sequence.
Market Pulse Summary
This announcement confirms final acceptance of 4,000,000 shares at $6.81 under the previously disclosed tender offer, marking the execution phase of a broader capital-management program that also included rights offerings. Investors may focus on how this buyback affects the fund’s share count, expense ratio, and discount to net asset value, while monitoring future disclosures or board actions that could signal additional capital structure changes.
Key Terms
tender offer regulatory
AI-generated analysis. Not financial advice.
NEW YORK, Jan. 22, 2026 (GLOBE NEWSWIRE) -- As previously announced, the tender offer by Total Return Securities Fund (NYSE: SWZ) (f/k/a The Swiss Helvetia Fund) (the “Fund”) to purchase up to 4 million shares of the Fund expired at 5:00 p.m., New York City time, on January 20, 2026. The Fund announced today that it has accepted 4 million of the Fund’s shares for payment at a price of
For information, please contact: InvestorCom LLC, the Fund’s information agent for the tender offer, at (877) 972-0090.
FAQ
What did Total Return Securities Fund (SWZ) announce on January 22, 2026 about the tender offer?
When did the SWZ tender offer expire and when was acceptance announced?
How many shares did SWZ accept in the tender offer and at what price?
Who should investors contact for information about the SWZ tender offer?
Does the SWZ announcement indicate whether the tender offer was fully subscribed?
