-----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, Oh/91JP/AnWAkOSlxOU8Z1e1vhKVC+1s+a6erSVJ8aoBhcOh1wWr3vRf6Xb7Ztxc d/y7i3utFrIe/ZyDklPsIA== 0000899140-03-000191.txt : 20030221 0000899140-03-000191.hdr.sgml : 20030221 20030221164403 ACCESSION NUMBER: 0000899140-03-000191 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20030220 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ITALY FUND INC CENTRAL INDEX KEY: 0000785855 IRS NUMBER: 133346515 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 811-04517 FILM NUMBER: 03576333 BUSINESS ADDRESS: STREET 1: TWO WORLD TRADE CENTER CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 6175731332 8-K 1 it1169076a.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 20, 2003 THE ITALY FUND INC. ----------------------- (Exact name of registrant as specified in its charter) Maryland 811-04517 133346515 --------------- ---------------- ------------- (State or other (Commission File (IRS Employer jurisdiction Number) Identification of incorporation) No.) 125 Broad Street, New York, New York 10004 ---------------------------------------- -------- (Address of principal executive offices) Zip Code Registrant's telephone number, including area code: (203) 890-7041 -------------- N/A -------------------------------------------------------------- (Former name or former address, if changed since last report.) Item 2. Acquisition or Disposition of Assets At the Annual Meeting of Shareholders of The Italy Fund Inc. (the "Fund") held on January 30, 2003, the Fund's shareholders voted to approve a proposal to liquidate and dissolve the Fund. Pursuant to the Fund's Plan of Liquidation and Dissolution (the "Plan"), the Board of Directors of the Fund (the "Board") set February 13, 2003 as the effective date of the Plan. The proportionate interests of shareholders in the assets of the Fund were fixed on the basis of their respective shareholdings at the close of business on February 13, 2003 and the Fund's Transfer Agent closed the Fund's books on such date. Prior to the opening of business on February 14, 2003, the Fund delisted from the New York Stock Exchange and ceased trading. On February 20, 2003, the Board of Directors of the Fund declared a distribution of $6.6497 per share payable February 24, 2003 to shareholders of record as of February 13, 2003. The Fund's net asset value per share was $6.6497 as of February 13, 2003. The Plan provides for the distribution of the Fund's assets to be made in one or more cash payments in complete cancellation of all of the outstanding shares of the Fund on a date or dates determined by the Board. Although the Board anticipates that the cash payment declared on February 20 will be the sole liquidating distribution of the Fund, the Board of Directors may make additional liquidating distributions in the event that sufficient assets remain in the Fund. Shareholders holding their investment in book entry automatically will receive the liquidation payment(s). Shareholders holding their investment in certificated shares will receive a Letter of Transmittal form which must be properly completed and returned along with the certificate(s) of shares in order to receive the liquidating payment(s). Investors holding certificated shares and who also have participated in the Fund's dividend reinvestment plan and own additional shares of the Fund held in book entry will automatically receive liquidation payment(s) for those dividend reinvestment shares, but will receive liquidation payment(s) for shares held in certificated form only after the properly completed Letter of Transmittal and share certificate(s) have been received and processed. Shareholders whose certificates have been lost, stolen, misplaced or mutilated and persons with other questions concerning payment of liquidating distributions should call 1-800-331-1710. A copy of the press releases issued by the Fund on January 30, 2003, January 31, 2003 and February 20, 2003 are attached hereto as exhibits and are incorporated herein by reference. Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Press Release of The Italy Fund, dated January 30, 2003 99.2 Press Release of The Italy Fund, dated January 31, 2003 99.3 Press Release of The Italy Fund, dated February 20, 2003 -2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE ITALY FUND INC. By: /s/ R. Jay Gerken ------------------------- Name: R. Jay Gerken Title: Chairman of the Board and Chief Executive Officer Dated: February 21, 2003 -3- EX-99.1 3 it1169076b.txt PRESS RELEASE DATED JANUARY 30, 2003 Exhibit 99.1 The Italy Fund Inc. Announces Results of Annual Meeting of Shareholders NEW YORK, January 30, 2003/PR Newswire - First Call/ -- The Italy Fund Inc., which is traded on the New York Stock Exchange under the symbol "ITA," announced today that, at the Annual Meeting of Shareholders held on January 30, 2003, shareholders voted to approve the proposal to liquidate and dissolve the Fund (Proposal #1). The Fund also announced that Dr. Paul Hardin and George M. Pavia were elected as Class I Directors and R. Jay Gerken was elected as a Class III Director of the Fund (Proposal #2). Under the oversight of the Board, the Fund will proceed to liquidate and dissolve pursuant to its Plan of Liquidation and Dissolution. The Italy Fund Inc., a non-diversified investment company, is managed by Smith Barney Fund Management LLC, a wholly owned subsidiary of Salomon Smith Barney Holdings Inc. For more information, please call Client Services as 1-888-735-6507. Contact: Brenda Grandell Director, Closed-End Funds Citigroup Asset Management 1-212-291-3775 EX-99.2 4 it1169076c.txt PRESS RELEASE DATED JANUARY 31, 2003 Exhibit 99.2 The Italy Fund Inc. Announces Time Line for Plan of Liquidation and Dissolution NEW YORK, January 31, 2003/ PRNewswire-First Call/ -- The Italy Fund Inc., listed on the New York Stock Exchange under the symbol "ITA," announced today that, pursuant to the Plan of Liquidation and Dissolution approved by shareholders at yesterday's Annual Meeting of Shareholders, February 13, 2003 will be the effective date of the Plan and the transfer agent will close the books of ITA on that date. The proportionate interests of shareholders in the assets of the Fund will be fixed on the basis of their respective shareholdings at the close of business on February 13, 2003. Prior to the opening of business on February 14, 2003, ITA will delist from the New York Stock Exchange and cease trading. The distribution of the Fund's assets will be made in one or more cash payments in complete cancellation of all of the outstanding shares of the Fund on a date or dates to be determined by the Board of Directors. The Italy Fund Inc., a non-diversified closed-end investment company, is managed by Smith Barney Fund Management LLC., a wholly owned subsidiary of Salomon Smith Barney Holdings Inc. For more information, please call Client Services as 1-888-735-6507. Contact: Brenda Grandell Director, Closed-End Funds Citigroup Asset Management 212-291-3775 EX-99.3 5 it1169076d.txt PRESS RELEASE DATED FEBRUARY 20, 2003 Exhibit 99.3 The Italy Fund Inc. Announces Payable Date Pursuant to Plan of Liquidation and Dissolution NEW YORK, February 20, 2003/ PRNewswire-First Call/ -- The Board of Directors of The Italy Fund Inc. today declared a distribution of $6.6497 per share payable February 24, 2003 to shareholders of record as of February 13, 2003, the date on which the proportionate interests of shareholders in the assets of the Fund were fixed based on their respective shareholdings as of the close of business on that date. The Board acted pursuant to the Plan of Liquidation and Dissolution approved by shareholders at the Fund's Annual Meeting of Shareholders held on January 30, 2003. The Fund's net asset value per share was $6.6497 as of February 13, 2003, the effective date of the Plan of Liquidation and Dissolution and the date on which the Transfer Agent closed the Fund's books. The Plan of Liquidation and Dissolution provides for the distribution of the Fund's assets to be made in one or more cash payments in complete cancellation of all of the outstanding shares of the Fund on a date or dates determined by the Board of Directors. Although the Board of Directors anticipates that the cash payment declared today will be the sole liquidating distribution of the Fund, the Board of Directors may make additional liquidating distributions in the event that sufficient assets remain in the Fund. Shareholders holding their investment in book entry automatically will receive the liquidation payment(s). Shareholders holding their investment in certificated shares will receive a Letter of Transmittal form which must be properly completed and returned along with the certificate(s) of shares in order to receive the liquidating payment(s). Investors holding certificated shares and who also have participated in the Fund's dividend reinvestment plan and own additional shares of the Fund held in book entry will automatically receive liquidation payment(s) for those dividend reinvestment shares, but will receive liquidation payment(s) for shares held in certificated form only after the properly completed Letter of Transmittal and share certificate(s) have been received and processed. Shareholders whose certificates have been lost, stolen, misplaced or mutilated and persons with other questions concerning payment of liquidation distributions should call 1-800-331-1710. For more information, please call Client Services as 1-888-735-6507. Contact: Brenda Grandell Director, Closed-End Funds Citigroup Asset Management 212-291-3775 -----END PRIVACY-ENHANCED MESSAGE-----