Total Return Securities Fund Announces Results of Tender Offer
Total Return Securities Fund (NYSE: SWZ) completed a tender offer that expired January 20, 2026 at 5:00 p.m. ET to buy up to 4,000,000 shares for cash.
Sentiment and the balance of points
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Rhea-AI Summary
Total Return Securities Fund (NYSE: SWZ) completed a tender offer that expired January 20, 2026 at 5:00 p.m. ET to buy up to 4,000,000 shares for cash. Depositary data show 12,035,603.471 shares were validly tendered, so accepted shares will be prorated. The Fund will pay 98% of per-share net asset value as of the close of trading on the New York Stock Exchange on the expiration date. For inquiries, investors may contact the Fund’s information agent, InvestorCom LLC.
Positive
- Tender offer size: 4,000,000 shares
- Proration protects remaining shareholders from full tendering excess
- Purchase price set at 98% of NAV, providing a clear execution metric
Negative
- Valid tenders of 12,035,603.471 shares triggered proration
- Shareholders may receive partial acceptance due to oversubscription
- Repurchase requires cash outflow to buy up to 4,000,000 shares
Details
News Market Reaction – SWZ
On Jan 21, the day this news came out, SWZ closed 1.31% below the previous close.
Data tracked by StockTitan Argus for the Jan 21 session.
Key Figures
- Tender cap
- 4,000,000 shares
- Maximum shares to be purchased in cash tender offer
- Shares tendered
- 12,035,603.471 shares
- Total validly tendered by expiration on Jan 20, 2026
- Tender price
- 98% of NAV per share
- Purchase price based on NAV at close of NYSE on valuation date
- Tender expiration time
- 5:00 p.m.
- Expiration time on January 20, 2026, New York City time
- Current price
- $6.10
- Pre-news market price from context data
- 52-week high
- $9.43
- Upper end of 52-week trading range pre-announcement
- 52-week low
- $5.84
- Lower end of 52-week trading range pre-announcement
- Market cap
- $107,105,069
- Equity value based on pre-news price
Historical Context
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Announced cash tender offer for up to 4M shares at 98% of NAV.
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Reported expiration of rights offering and issuance of 3,983,157 shares.
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Provided mechanics for rights offering and planned 15%–30% tender offer.
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Outlined rights issuance at 85% of NAV and conditional tender size scenarios.
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Board signaled intention for self-tender and potential rights offering.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
tender offer financial
net asset value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Total Return Securities Fund (NYSE: SWZ) (f/k/a The Swiss Helvetia Fund) (the “Fund”) announced today that its tender offer to purchase up to 4 million of the Fund’s shares for cash expired at 5:00 p.m., New York City time, on January 20, 2026. Based on information provided by Equiniti Trust Company, LLC, the depositary for the tender offer, a total of 12,035,603.471 shares were validly tendered. As more than 4 million shares were validly tendered, the number of shares accepted for payment by the Fund at a price of
For information, please contact: InvestorCom LLC, the Fund’s information agent for the tender offer, at (877) 972-0090.
FAQ
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