Total Return Securities Fund Provides Details About Rights Offering and Subsequent Tender Offer
Total Return Securities Fund (NYSE: SWZ) announced a non-transferable rights offering and described a planned subsequent tender offer.
Holders of record on November 14, 2025 will receive one right per share to buy one additional share at 85% of NAV on the expiration date of December 5, 2025 (unless extended). Rights holders who fully exercise may subscribe for additional unsubscribed shares subject to allotment. The Board intends to authorize a tender offer after the rights offering to buy 15%–30% of outstanding shares at a price of at least 98% of NAV. A Form N-2 registration statement has been filed but is not yet effective.
Total Return Securities Fund (NYSE: SWZ) ha annunciato una offerta di diritti non trasferibili e ha descritto una prevista successiva offerta pubblica di acquisto.
I detentori registrati al 14 novembre 2025 riceveranno un diritto per ogni azione per acquistare una quota azionaria aggiuntiva al 85% del NAV alla data di scadenza del 5 dicembre 2025 (salvo eventuali estensioni). I detentori di diritti che esercitano integralmente potranno sottoscrivere per azioni non ancora assegnate soggette ad assegnazione. Il Consiglio intende autorizzare un'offerta pubblica di acquisto dopo l'offerta di diritti per acquistare dal 15% al 30% delle azioni in circolazione al prezzo minimo del 98% del NAV. È stata depositata una dichiarazione di registrazione Form N-2, ma non è ancora efficace.
Fondo de Valores Totales de Retorno (NYSE: SWZ) anunció una oferta de derechos no transferibles y describió una posterior oferta de canje planificada.
Los poseedores registrados al 14 de noviembre de 2025 recibirán un derecho por cada acción para comprar una acción adicional a un 85% del NAV en la fecha de vencimiento del 5 de diciembre de 2025 (a menos que se extienda). Los tenedores de derechos que ejerciten plenamente podrán suscribirse a acciones no suscritas adicionales sujetas a asignación. El Consejo tiene la intención de autorizar una oferta de canje después de la oferta de derechos para comprar entre el 15% y el 30% de las acciones en circulación a un precio de al menos 98% del NAV. Se ha presentado una declaración de registro Form N-2, pero aún no entra en vigencia.
Total Return Securities Fund (NYSE: SWZ)은 양도 불가 권리 행사를 발표했고 계획된 후속 공개매수(tender offer)를 설명했다.
2025년 11월 14일에 등록된 보유자들은 매가로 NAV의 85%에 해당하는 추가 주식을 구매하기 위한 권리 하나를 받게 되며 만료일은 2025년 12월 5일 (연장될 수 있음)이다. 권리 행사자들이 전량 행사하면 할당 대상인 미청구 주식에 대해 추가로 구독할 수 있다. 이사회는 발행 주식의 15%~30%를 매입하는 1위 NAV의 98%의 가격으로 등가를 둔 공개매수를 권한으로 승인할 예정이다. Form N-2 등록서가 제출되었으나 아직 발효되지 않았다.
Total Return Securities Fund (NYSE: SWZ) a annoncé une offre de droits non négociables et décrit une prospective offre publique d'achat subséquente.
Les détenteurs enregistrés au 14 novembre 2025 recevront un droit par action pour acheter une action supplémentaire à 85% de la NAV à la date d'échéance du 5 décembre 2025 (sous réserve d'éventuelles prolongations). Les titulaires de droits qui exercent pleinement pourraient souscrire à des actions non encore attribuées, sous réserve d'allocation. Le Conseil a l'intention d'autoriser une offre publique d'achat après l'offre de droits pour acheter entre 15% et 30% des actions en circulation à un prix d'au moins 98% de la NAV. Une déclaration d'enregistrement Form N-2 a été déposée mais n'est pas encore effective.
Total Return Securities Fund (NYSE: SWZ) gab eine nicht übertragbare Bezugsrechtsoffer bekannt und beschrieb eine geplante nachfolgende Tender-Aktion.
Inhaber, die am 14. November 2025 als registriert geführt werden, erhalten ein Bezugsrecht pro Aktie, um eine zusätzliche Aktie zu einem 85% des NAV am Fälligkeitstag des 5. Dezember 2025 zu erwerben (sofern verlängert). Bezugsrechtsinhaber, die vollständig ausüben, können zusätzliche unbefristete Aktien gemäß Zuteilung subscribe. Der Vorstand beabsichtigt, nach dem Bezugsrechtsangebot eine Tender-Aktion zu genehmigen, um 15%–30% der ausstehenden Aktien zu einem Preis von mindestens 98% des NAV zu kaufen. Eine Formular-N-2-Registrierungserklärung wurde eingereicht, ist jedoch noch nicht wirksam.
Total Return Securities Fund (NYSE: SWZ) أعلن عن عروض حقوق غير قابلة للتحويل ووصف عرض شراء صريح لاحق مخطط.
سيستلم حاملوا السجل في 14 نوفمبر 2025 حقاً واحداً لكل سهم لشراء سهم إضافي بسعر 85% من NAV عند تاريخ الانتهاء في 5 ديسمبر 2025 (ما لم يتم تمديده). يمكن لحاملي الحقوق الذين يمارسونها بالكامل الاشتراك في أسهم إضافية غير مشتركة خاضعة للتخصيص. يرمي المجلس إلى السماح بعرض شراء لاحق بعد عرض الحقوق لشراء من 15% إلى 30% من الأسهم القائمة بسعر لا يقل عن 98% من NAV. تم تقديم بيان تسجيل Form N-2 ولكنه لم يصبح سائراً بعد.
- Subscription price set at 85% of NAV
- Record date established: November 14, 2025
- Tender offer planned to repurchase 15%–30% of shares
- Tender price floor of at least 98% of NAV
- Registration statement on Form N-2 is not yet effective
- Rights expire on December 5, 2025 unless extended
- Tender offer terms dependent on rights offering results
Insights
Rights offering at
The Fund is offering one non-transferable right per share to subscribe at
This is a structured recapitalization and liquidity event rather than an operational update. Key dependencies include actual subscription uptake, final NAV at expiration, allotment rules, and whether the registration statement becomes effective before sales. Watch the subscription result and the Fund's subsequent Tender Offer Statement filings on or after the rights expiration; material effects should be visible within days after
NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) -- On October 23, 2025, Total Return Securities Fund (f/k/a The Swiss Helvetia Fund, Inc.) (the “Fund”) (NYSE: SWZ) filed a registration statement with the Securities and Exchange Commission (the “SEC”) in connection with the issuance of one non-transferable right to the holders of record of each share of the Fund’s common stock held on November 14, 2025 to purchase one additional share of the Fund’s common stock at a subscription price of
As previously announced, the Board intends to authorize a tender offer to commence as soon as practicable after completion of the rights offering to purchase between
Contact: Tom Antonucci at 201-881-7102 or tantonucci@bulldoginvestors.com.
A registration statement on Form N-2 related to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 rights offering for Total Return Securities Fund (SWZ) and who is eligible?
When does the SWZ rights offering expire and can it be extended?
What additional subscription rights do rights holders have in the SWZ offering?
What are the planned terms of the tender offer following the SWZ rights offering?
Has SWZ filed required SEC documents for the rights offering and tender offer?
