Total Return Securities Fund, Inc. Announces Rights Offering
Total Return Securities Fund (NYSE:SWZ) has announced a significant rights offering and subsequent tender offer plan. The Fund will issue non-transferable rights allowing shareholders to purchase additional shares at 85% of NAV on the expiration date.
Following the rights offering, the Fund plans to initiate a tender offer with two scenarios: (1) If 8 million or more shares are issued, the Fund will purchase 30% of outstanding shares, or (2) If less than 8 million shares are issued, the Fund will purchase either 15% of outstanding shares or enough shares to maintain approximately $90 million in net assets, whichever is greater. The tender offer price will be at least 98% of NAV.
Total Return Securities Fund (NYSE:SWZ) ha annunciato una consistente emissione di diritti e un successivo piano di offerta di riacquisto. Il Fondo emetterà diritti non trasferibili che consentiranno agli azionisti di acquistare azioni aggiuntive al 85% del NAV alla data di scadenza.
Successivamente all'offerta di diritti, il Fondo intende avviare un'offerta di riacquisto con due scenari: (1) se verranno emesse 8 milioni o più azioni, il Fondo acquisterà il 30% delle azioni in circolazione, oppure (2) se saranno emesse meno di 8 milioni di azioni, il Fondo acquisterà o il 15% delle azioni in circolazione o un numero di azioni sufficiente a mantenere circa $90 milioni di attivi netti, a seconda di quale dei due importi risulti maggiore. Il prezzo dell'offerta di riacquisto sarà almeno il 98% del NAV.
Total Return Securities Fund (NYSE:SWZ) ha anunciado una importante emisión de derechos y un plan posterior de oferta de adquisición. El Fondo emitirá derechos no transferibles que permitirán a los accionistas comprar acciones adicionales al 85% del NAV en la fecha de vencimiento.
Tras la emisión de derechos, el Fondo planea iniciar una oferta de adquisición con dos escenarios: (1) si se emiten 8 millones o más de acciones, el Fondo comprará el 30% de las acciones en circulación, o (2) si se emiten menos de 8 millones de acciones, el Fondo comprará bien el 15% de las acciones en circulación o suficientes acciones para mantener aproximadamente $90 millones en activos netos, lo que sea mayor. El precio de la oferta de adquisición será al menos el 98% del NAV.
Total Return Securities Fund (NYSE:SWZ)는 대규모 권리부여(라이츠)와 이후 자기주식매입(텐더 오퍼) 계획을 발표했습니다. 펀드는 만기일에 주주가 NAV의 85%에 추가 주식을 매수할 수 있는 양도 불가능한 권리를 발행합니다.
라이츠 발행 후 펀드는 두 가지 시나리오로 텐더 오퍼를 실시할 예정입니다: (1) 만약 800만 주 이상이 발행되면 펀드는 유통 주식의 30%를 매입하거나, (2) 800만 주 미만이 발행되면 펀드는 유통 주식의 15%를 매입하거나 약 $9,000만의 순자산을 유지하기 위해 필요한 수량 중 더 큰 쪽을 매입합니다. 텐더 오퍼 가격은 최소한 NAV의 98%가 됩니다.
Total Return Securities Fund (NYSE:SWZ) a annoncé une importante émission de droits et un plan d'offre publique de rachat ultérieur. Le Fonds émettra des droits non transférables permettant aux actionnaires d'acheter des actions supplémentaires à 85% de la VNI à la date d'expiration.
Après l'émission des droits, le Fonds prévoit d'engager une offre de rachat selon deux scénarios : (1) si 8 millions d'actions ou plus sont émises, le Fonds rachètera 30% des actions en circulation, ou (2) si moins de 8 millions d'actions sont émises, le Fonds rachètera soit 15% des actions en circulation, soit suffisamment d'actions pour maintenir environ 90 millions de dollars d'actifs nets, selon le montant le plus élevé. Le prix de l'offre de rachat sera d'au moins 98% de la VNI.
Total Return Securities Fund (NYSE:SWZ) hat eine bedeutende Bezugsrechtsausgabe und anschließend einen Rückkaufangebote-Plan angekündigt. Der Fonds wird nicht übertragbare Bezugsrechte ausgeben, die Aktionären erlauben, zusätzliche Anteile zum 85% des NAV am Ablaufdatum zu erwerben.
Nach der Bezugsrechtsausgabe plant der Fonds, ein Rückkaufangebot in zwei Szenarien zu starten: (1) Werden 8 Millionen oder mehr Anteile ausgegeben, wird der Fonds 30% der ausstehenden Anteile zurückkaufen, oder (2) werden weniger als 8 Millionen Anteile ausgegeben, wird der Fonds entweder 15% der ausstehenden Anteile zurückkaufen oder so viele Anteile erwerben, dass er ungefähr $90 Millionen an Nettovermögen behält – je nachdem, welcher Betrag größer ist. Der Rückkaufpreis wird mindestens 98% des NAV betragen.
- Rights offering provides shareholders opportunity to purchase additional shares at 15% discount to NAV
- Subsequent tender offer at 98% of NAV provides liquidity opportunity for shareholders
- Fund commitment to maintain approximately $90 million in net assets shows strategic planning
- Rights offering could lead to dilution for shareholders who don't participate
- Tender offer size depends on rights offering participation, creating uncertainty
- Complex two-stage transaction structure may confuse some investors
Insights
SWZ announces shareholder-impacting rights offering at 15% NAV discount followed by conditional tender offer at near-NAV pricing.
Total Return Securities Fund's announced capital actions represent a significant restructuring opportunity for existing shareholders. The fund is implementing a two-part transaction with important implications:
First, the rights offering gives existing shareholders non-transferable rights to purchase additional shares at a substantial
The subsequent tender offer creates a near-NAV exit opportunity at
This structure appears designed to address scale issues while providing existing shareholders preferential options. The conditional tender offer size creates an incentive mechanism encouraging rights offering participation. Shareholders face a complex decision matrix: participate in the rights offering to maintain proportional ownership and potentially profit from the discount, then evaluate whether to tender shares near NAV.
Non-participating shareholders will experience ownership dilution without capturing the discount benefit. The fund's recent name change from Swiss Helvetia Fund to Total Return Securities Fund suggests this may be part of a broader strategic repositioning beyond just addressing fund scale.
NEW YORK, Aug. 19, 2025 (GLOBE NEWSWIRE) -- The Board of Directors (the “Board”) of Total Return Securities Fund, Inc. (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) announced today that it intends to authorize the issuance of one non-transferable right for each share of the Fund held on a date to be announced to purchase one additional share of the Fund’s common stock at a subscription price of
Shortly after completion of the rights offering, the Board intends to authorize a tender offer to purchase (1)
Contact: Tom Antonucci at 201-881-7102 or tantonucci@bulldoginvestors.com.
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any of the Fund’s securities in any jurisdiction, nor shall there be any sale, issuance or transfer of its securities in any jurisdiction in contravention of applicable law. No offer of the Fund’s securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Fund’s common stock. No tender offer for the outstanding shares of our common stock has commenced. If any tender offer is commenced, the Fund will file a Tender Offer Statement on Schedule TO with the SEC related to the tender offer. The Tender Offer Statement (including an Offer to Purchase, a related Letter of Transmittal and other tender offer documents) will contain important information, including the terms and conditions of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Stockholders will be able to obtain these documents free of charge, when they become available, from the SEC’s website (www.sec.gov) or the Fund’s current website (www.totalreturnsecuritiesfund.com).
FAQ
What is the Total Return Securities Fund (SWZ) rights offering price?
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Can SWZ rights be traded or transferred to other investors?
