Mexico Fund Buyback Oversubscribed

The Mexico Fund, a closed-end vehicle focused on the Mexican Stock Exchange, says it has received offers from holders of 36.45% of its shares in a buyback that was capped at 5.00% of the float. Under terms of the offer, the fund offered to repurchase up to 5.00% of common stock at 98.00% of net asset value. The repurchase price date is April 16 and owing to the response, the Mexico Fund will buy back on a pro-rata basis. “The pro-rata portion of the fund’s portfolio securities will be transferred to participating stockholders’ Mexican accounts on or before April 23,” says the fund. The repurchase offer was not part of a plan to liquidate the fund and stockholder participation was not mandatory, it adds. The fund, which has 18.1m outstanding common shares, provides a vehicle to investors who wish to invest in Mexican companies through a managed non-diversified portfolio.