CHICAGO--(BUSINESS WIRE)--Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Global Income & Currency Fund Inc. (NYSE: GCF) announced its offer to repurchase up to five percent of its outstanding shares of common stock from its stockholders (“Repurchase Offer”).
Under the terms of the Repurchase Offer, the fund is offering to repurchase up to five percent of its shares from stockholders at an amount equal to the fund’s net asset value (“NAV”) per share calculated as of the close of business of the New York Stock Exchange on April 27, 2011, less a repurchase fee of up to 1.73 percent of the value of the shares repurchased. The Repurchase Offer is scheduled to commence on March 16, 2011 and will expire on April 13, 2011, unless extended, with payment for the shares repurchased to be made on or before May 4, 2011.
The fund has established a record date of March 2, 2011, solely for the purpose of identifying stockholders eligible to receive Repurchase Offer materials.
The Repurchase Offer is not conditioned upon the tender for repurchase of any minimum number of shares. If the number of shares properly tendered and not withdrawn prior to the Repurchase Offer request deadline is less than or equal to the Repurchase Offer Amount, the fund will, upon the terms and conditions of the Repurchase Offer, repurchase all shares so tendered. If stockholders tender for repurchase more shares than the fund is offering to repurchase, the fund may (but is not obligated to) increase the number of shares that the fund is offering to repurchase by up to two percent of the shares outstanding on the Repurchase Offer request deadline. If the number of shares tendered exceeds the number of shares that it is offering to repurchase (including any increase over the original amount, if the fund has elected to increase that amount as described above), the fund will repurchase the shares on a pro-rata basis.
Neither the fund, its investment adviser, subadviser nor Board of Directors is making any recommendation to any stockholder as to whether to tender or refrain from tendering shares in the Repurchase Offer.
Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions, high-net-worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed $197 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.