-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OhVTlXHEgmtUMOUX6oSPGhHqSmF413tZPzLB1IUq7d+VHPoTk/b5u1jtnMVAMp8J fCMHAyYImV3eVi7Ts08F6A== 0000950123-05-010356.txt : 20050825 0000950123-05-010356.hdr.sgml : 20050825 20050825153448 ACCESSION NUMBER: 0000950123-05-010356 CONFORMED SUBMISSION TYPE: SC TO-I/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20050825 DATE AS OF CHANGE: 20050825 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KOREA FUND INC CENTRAL INDEX KEY: 0000748691 IRS NUMBER: 133226146 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC TO-I/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-36819 FILM NUMBER: 051048797 BUSINESS ADDRESS: STREET 1: 345 PARK AVE STREET 2: C/O DEUTSCHE ASSET MANAGEMENT CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 617-295-3986 MAIL ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL FUND CITY: BOSTON STATE: MA ZIP: 02110 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KOREA FUND INC CENTRAL INDEX KEY: 0000748691 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 133226146 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC TO-I/A BUSINESS ADDRESS: STREET 1: 345 PARK AVE STREET 2: C/O DEUTSCHE ASSET MANAGEMENT CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 617-295-3986 MAIL ADDRESS: STREET 1: DEUTSCHE ASSET MANAGEMENT STREET 2: TWO INTERNATIONAL FUND CITY: BOSTON STATE: MA ZIP: 02110 SC TO-I/A 1 y10646a3sctoviza.txt AMENDMENT NO. 3 TO SCHEDULE TO As filed with the Securities and Exchange Commission on August 25, 2005. =============================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------- SCHEDULE TO TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1) OF THE SECURITIES EXCHANGE ACT OF 1934 ---------------- THE KOREA FUND, INC. (Name of Subject Company (issuer)) THE KOREA FUND, INC. (Name of Filing Person (offeror)) COMMON STOCK, $0.01 PAR VALUE PER SHARE (Title of Class of Securities) 500634100 (CUSIP Number of Class of Securities) Carole Coleman, Esq. The Korea Fund, Inc. c/o Deutsche Investment Management Americas, Inc. 345 Park Avenue New York, New York 10154 (800) 349-4281 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement) ---------------- COPY TO: William D. Regner, Esq. Debevoise & Plimpton LLP 919 Third Avenue New York, New York 10022 (212) 909-6000 ---------------- CALCULATION OF FILING FEE ================================================================================ TRANSACTION VALUATION AMOUNT OF FILING FEE - -------------------------------------------------------------------------------- $614,086,773.83 (a) $72,278.01 (b) ================================================================================ (a) Estimated for purposes of calculating the amount of the filing fee only. Calculated as the aggregate market value for 22,350,747 shares in the offer, based on the average of the high and low prices on July 6, 2005 of $27.475 as reported on the New York Stock Exchange. (b) Calculated at $117.70 per $1,000,000 of the Transaction Value, pursuant to Rule 0-11 of the Securities Exchange Act of 1934, as amended by Fee Advisory #6 for Fiscal Year 2005, effective December 13, 2004. [ ] Check the box if any part of the fee is offset as provided by Rule 0-11(a) (2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. Amount Previously Paid: $72,278.01 Form or Registration No.: Schedule TO Filing Party: The Korea Fund, Inc. Date Filed: July 8, 2005 [ ] Check box if the filing relates solely to preliminary communications made before the commencement of a tender offer. Check the appropriate boxes to designate any transactions to which this statement relates: [ ] third party tender offer subject to Rule 14d-1 [X] issuer tender offer subject to Rule 13e-4 [ ] going-private transaction subject to Rule 13e-3 [ ] amendment to Schedule 13D under Rule 13d-2 Check the following box if the filing is a final amendment reporting the results of the tender offer: |X| ================================================================================ This Amendment No. 3 to the Issuer Tender Offer Statement on Schedule TO filed with the Securities and Exchange Commission on July 8, 2005 by The Korea Fund, Inc., a Maryland corporation (the "Fund"), relating to a tender offer for up to 22,350,747 shares of its issued and outstanding stock, par value $0.01 per share, in exchange for portfolio securities of the Fund, amends such Issuer Tender Offer Statement on Schedule TO to add an additional exhibit in accordance with Rule 13e-4(c)(1) promulgated under the Securities Exchange Act of 1934, as amended. Item 12. Materials to be Filed as Exhibits. The following material is hereby filed as an additional exhibit to the Fund's Schedule TO: (a)(5)(iv) Press Release issued by The Korea Fund, Inc. on August 25, 2005. 2 SIGNATURE After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. THE KOREA FUND, INC. By: /s/ Carole Coleman ---------------------------- Name: Carole Coleman Title: Vice President and Secretary Date: August 25, 2005 3 EX-99.A.5.IV 2 y10646a3exv99waw5wiv.txt PRESS RELEASE (DEUTSCHE ASSET MANAGEMENT LOGO) PRESS RELEASE ================================================================================ - --------------------------------------- FOR IMMEDIATE RELEASE FOR ADDITIONAL INFORMATION: ROSALIA SCAMPOLI 212.250.5536, MEDIA JONATHAN DIORIO 800.349.4281, INVESTORS - --------------------------------------- THE KOREA FUND, INC. ANNOUNCES FINAL RESULTS OF TENDER OFFER AND RELEASES THE CURRENT COMPOSITION OF ITS PORTFOLIO NEW YORK, NY, AUGUST 25, 2005 - THE KOREA FUND, INC. (NYSE: KF) announced today that, in accordance with its tender offer for up to 22,350,747 of its issued and outstanding shares of common stock, which expired on August 19, 2005, the Fund has accepted, after adjusting for fractional shares in accordance with the terms of the offer, 14,737,788 shares in exchange for a pro rata portion of the Fund's portfolio securities at a price equal to 98% of the net asset value per share determined as of the close of the New York Stock Exchange on August 22, 2005. These shares represent approximately 33% of the Fund's outstanding shares. The Fund released today the expected composition of the proceeds that shareholders who chose to participate in the Fund's in-kind repurchase offer will receive. The market value and percentage of the Fund's net assets represented by each of the portfolio securities listed below may decrease or increase before the actual receipt of the portfolio securities distributed as proceeds. The Korea Fund, Inc. is a non-diversified, closed-end investment company. The Fund seeks long-term capital appreciation through investing primarily in equity securities trading on the Korean stock exchanges. Its shares are listed on the New York Stock Exchange under the symbol "KF." # # # Investments in funds involve risks. Additional risks are associated with international investing, such as government regulations and differences in liquidity which may increase the volatility of your investment. Foreign security markets generally exhibit greater price volatility and are less liquid than the US market. Additionally, this fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region and potentially subjecting the fund's shares to greater price volatility. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund's shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value. 1 This announcement is not an offer to purchase or the solicitation of an offer to sell shares of the Fund or a prospectus, circular or representation intended for use in the purchase or sale of Fund shares. Portfolio holdings are as of 8/22/05. Percentage is based upon net assets. Portfolio holdings are subject to change. Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal. ---------------------------------------------------------------------- NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY ---------------------------------------------------------------------- SCUDDER INVESTMENTS IS PART OF DEUTSCHE ASSET MANAGEMENT WHICH IS THE MARKETING NAME IN THE US FOR THE ASSET MANAGEMENT ACTIVITIES OF DEUTSCHE BANK AG, DEUTSCHE BANK TRUST COMPANY AMERICAS, DEUTSCHE ASSET MANAGEMENT INC., DEUTSCHE ASSET MANAGEMENT INVESTMENT SERVICES LTD., DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC. AND SCUDDER TRUST COMPANY. (08/05 39993) - TABLE FOLLOWS - 2 THE KOREA FUND, INC. SCHEDULE OF INVESTMENTS AS OF AUGUST 22, 2005 (UNAUDITED)
% OF ASSET NAME SHARES MARKET VALUE NET ASSETS COMMON STOCK 81.6% Ace Digitech Co. Ltd. 423,300.00 4,173,089.31 0.29% Ahnlab, Inc. 119,466.00 1,947,371.60 0.14% BYC Co., Ltd. 39,530.00 2,589,031.72 0.18% Cheil Communications, Inc. 80,000.00 14,446,071.25 1.01% Choongwae Pharma Corp. 88,600.00 3,346,822.84 0.23% CJ Corp. 99,606.00 6,708,456.81 0.47% Crown Confectionary Co., Ltd. 95,600.00 11,804,197.17 0.83% Dae Duck Electronics Co., Ltd. 360,901.00 3,434,636.16 0.24% Daeyang E&C Ltd. 371,497.00 2,074,146.26 0.15% Dongkuk Steel Mill Co., Ltd. 1,170,900.00 21,029,341.14 1.48% GS Home Shopping, Inc. 56,200.00 5,353,948.27 0.38% Hankook Tire Co., Ltd. 4,464,307.00 54,033,583.99 3.79% Hankuk Electric Glass Co., Ltd. 142,400.00 5,559,785.26 0.39% Hite Brewery Co., Ltd. 50,000.00 5,368,472.43 0.38% Hotel Shilla Co., Ltd. 858,391.00 7,322,925.66 0.51% Hyundai Mobis 350,480.00 27,538,936.07 1.93% Insun ENT Co., Ltd. 377,203.00 5,191,373.65 0.36% Interflex Co., Ltd. 667,800.00 10,331,508.05 0.73% INTOPS Co., Ltd. 162,500.00 3,410,200.10 0.24% Jahwa Electronics Co., Ltd. 779,900.00 5,123,208.39 0.36% Jeonbuk Bank 2,787,695.00 18,230,899.46 1.28% Kangwon Land, Inc. 1,471,530.00 25,782,297.22 1.81% Kookmin Bank 909,198.00 48,366,316.25 3.39% Kookmin Bank (ADR) 100,917.00 5,348,601.00 0.38% Korea Express Co., Ltd. 301,880.00 17,384,987.80 1.22% Korea Investment Holdings Co., Ltd. 436,900.00 10,128,233.28 0.71% Korea Iron & Steel Co., Ltd. 227,200.00 5,610,697.90 0.39% Korean Reinsurance Co. 1,643,310.00 10,746,878.48 0.75% KT&G Corp. 759,470.00 33,470,054.17 2.35% LG Card Co., Ltd. 301,699.00 10,086,081.75 0.71% LG Chemical Ltd. 212,486.00 8,503,588.09 0.60% LG.Philips LCD Co., Ltd. 275,000.00 6,498,250.00 0.46% Mtekvision Co., Ltd. 83,200.00 2,424,128.84 0.17% Nam Yang Dairy Products Co., Ltd. 33,641.00 17,370,511.47 1.22% NEPES Corp. 4,990.00 61,857.49 0.00% Nexen Tire Corp. 400,000.00 7,125,427.04 0.50% NHN Corp. 50,400.00 6,769,194.73 0.48% Nhong Shim Co., Ltd. 38,229.00 10,634,714.49 0.75% Oriental Fire & Marine Insurance Co. 584,860.00 15,984,460.71 1.12% Phicom Corp. 1,060,000.00 8,546,217.67 0.60% POSCO 376,680.00 78,130,307.47 5.48% S1 Corp. 564,270.00 28,585,273.79 2.01% Samho International Co., Ltd. 208,430.00 3,387,368.96 0.24% Samsung Climate Control Co., Ltd. 827,630.00 4,855,106.20 0.34% Samsung Electronics Co., Ltd. 340,299.00 187,006,673.50 13.13% Samsung Fine Chemicals Co., Ltd. 425,000.00 9,956,076.13 0.70% Samsung Fire & Marine Insurance Co., Ltd. 979,625.00 86,535,932.16 6.07% Samsung SDI Co., Ltd. 209,956.00 21,108,314.30 1.48% Samsung Securities Co., Ltd. 164,720.00 5,563,018.06 0.39% Samwoo EMC Co., Ltd. 754,800.00 3,565,868.23 0.25% SE Co., Ltd.* 636,950.00 1,952,194.24 0.14% Seoul Semiconductor Co., Ltd. 960,545.00 24,330,056.37 1.71% SFA Engineering Corp. 466,200.00 11,308,023.43 0.79% Shinsegae Co., Ltd. 135,787.00 50,298,844.80 3.53% Simm Tech Co., Ltd. 1,092,600.00 7,070,705.71 0.50% SK Corp. 408,800.00 19,991,098.10 1.40% SK Telecom Co., Ltd. 258,420.00 48,430,102.49 3.40% SODIFF Advanced Materials Co., Ltd. 52,041.00 970,212.88 0.07% S-Oil Corp. 827,300.00 62,986,237.19 4.42% Sungshin Cement Co., Ltd. 276,200.00 6,106,325.04 0.43% Taegu Department Store Co., Ltd. 1,336,800.00 14,287,906.30 1.00% Yedang Entertainment Co., Ltd. 532,700.00 6,603,504.15 0.46% Youlchon Chemical Co., Ltd. 351,300.00 4,063,352.86 0.29% Yuhan Corp. 48,798.00 6,192,035.14 0.43% TOTAL COMMON STOCK (COST $364,985,095.24) 1,163,145,041.47
3 PREFERRED STOCKS 16.6% CJ Corp. 297,200.00 12,822,098.58 0.90% CJ Corp. (2nd) 50,335.00 2,893,832.60 0.20% CJ Corp. (3rd) 30,201.00 1,671,446.27 0.12% Daishin Securities Co., Ltd. 665,500.00 6,184,050.76 0.43% Hyundai Motor Co 1,510,000.00 64,261,591.02 4.51% Hyundai Motor Co. (2nd) 738,593.00 33,775,580.33 2.37% LG Chemical Ltd. 193,003.00 5,274,850.17 0.37% Samsung Electronics Co., Ltd. 198,201.00 74,966,215.23 5.26% Samsung Fire & Marine Insurance Co., Ltd. 533,850.00 23,969,838.95 1.68% Samsung SDI Co., Ltd. 34,318.00 2,190,724.45 0.15% S-Oil Corp. 156,040.00 8,833,889.70 0.62% TOTAL PREFERRED STOCK (COST $38,433,287) 236,844,118.06 COVERTIBLE BOND 0.0% Haitai Confectionery Loan Certificates* 9,577,892.00 8,376.95 0.00% (COST $0) CASH EQUIVALENTS 0.1% Scudder Cash Management QP Trust 1,451,481.26 1,451,481.26 0.10% (COST $1,451,481.26) TOTAL INVESTMENT PORTFOLIO 98.4% (COST $404,869,863.50) $1,401,449,017.74 OTHER ASSETS AND LIABILITIES, NET 1.6% $ 23,296,440.16 ----------------- NET ASSETS 100.0% $1,424,745,457.90 =================
- ---------- *will not be tendered - END OF PRESS RELEASE - 4 -----END PRIVACY-ENHANCED MESSAGE-----