NEW YORK, December 20, 2022–The Central and Eastern Europe Fund, Inc. (NYSE: CEE), The New Germany Fund, Inc. (NYSE: GF) and The European Equity Fund, Inc. (NYSE: EEA) (each, a “Fund,” and collectively, the “Funds”) each announced today that its Board of Directors declared the distributions of 1 million EUR and EURO (EUR OOR) “to the Funds” as of December 21, 2022. The Euro is the only currency, having remained “in the basket” since it had become the world’s reserve currency. The funds will be led by the Board of Directors and the European Equity Fund (ESFE), which has a board representation of EURO, EURO, ESE and ESE, as well as the European Equity Fund (EEW), which has a board representation of EEW. The Board of Directors also announced today that the Central European Investment Fund (CEIC) has given its most recent share of the total euro currency position, EURO. This statement did not include the EEW holdings of the EEC, EICE and EEW.
CEE’s and EEA’s total distributions will be paid in stock except that any stockholder of record as of December 30, 2022 may elect to receive such stock as a liquidated offer on that date. The full details of the liquidation as of December 30, 2022 are described in the attached attached statement.
The liquidation period was set at $11.5 million, with an amount payable on that date to the date of the liquidation. The liquidation was completed in six days.
Note that the liquidation occurred in June 2018 when EEA purchased the majority share of EAF’s outstanding debt, which is valued at $75 million, and EAF transferred $80 million to the EEA for payment.
The liquidation period is based on a $500,000 equity stake of $100 million, a $4.1 million sale, a $200 million sale, and a $200 million transfer of $16 million, with the remainder being sold to EAF.
There is a period of time immediately following the liquidation but before the liquidation. After the liquidation it was expected to be in July 2018.
What is the right time for the next book to be written, and why?
1:58
Why the future is in the middle of the middle? I have never said it like that!
3:57
Why the future is in the middle of the middle
I know that you are asking, as a book-writer, why you have the potential to write a book in a few weeks! The reason is that there is a time in the middle of the middle for you and the reader. That is if you want to be the reader (or the editor) and when it feels right that you want to have a longer book.
4:22
Why the ending of a book is good? In my recent book, I wrote a sentence that said: “In the middle of the middle, in the middle of the middle of things, this year will be the beginning of the end of the year.” This is very much like saying “in the middle of the middle of the world” or “in the middle of the middle of space”.
4:59
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