The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc., and The New Germany Fund, Inc. Announce Results of Annual Meetings of Stockholders

CEE and EEA Announce Adjournment of their Annual Meetings of Stockholders with respect to Certain Proposals

NEW YORK--()--The Central Europe, Russia and Turkey Fund, Inc. (NYSE:CEE), The European Equity Fund, Inc. (NYSE:EEA), and The New Germany Fund, Inc. (NYSE:GF) (each, a “Fund,” and, collectively, the “Funds”) announced today the results of their Joint Annual Meeting of Stockholders held on June 27, 2017; CEE announced today the adjournment of its Annual Meeting of Stockholders to July 25, 2017 with respect to two proposals; and EEA announced today the adjournment of its Annual Meeting of Stockholders to June 30, 2017 with respect to one proposal.

With respect to CEE, each of the three Class II Directors nominated by the Board of Directors, Ambassador Richard R. Burt, Mr. Walter C. Dostmann and Dr. Kenneth C. Froewiss was elected to serve for a term of three years and until his respective successor is elected and qualifies. One CEE Class I Director nominated by the Board of Directors, Dr. Christopher Pleister, was elected to serve a term of two years and until his successor is elected and qualifies. One CEE Class III Director nominated by the Board of Directors, Dr. Wolfgang Leoni, was elected to serve a term of one year and until his successor is elected and qualifies.

CEE did not receive sufficient votes to approve the proposals (i) to change the Fund’s investment objective from seeking “long-term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in Central Europe, Russia and Turkey” to seeking “long-term capital appreciation through investment primarily in equity and equity-linked securities of issuers domiciled in Central and Eastern Europe;” and to change the Fund’s corresponding fundamental investment policy to provide that, “[u]nder normal circumstances, the Fund will invest at least 80% of the Fund’s net assets (plus borrowings used for investment purposes) in securities of issuers domiciled in Central and Eastern Europe;” and (ii) to change the Fund’s fundamental investment policies to require the Fund to invest more than 25% of its total assets in the securities of issuers in the energy sector Therefore, the meeting was adjourned to Tuesday, July 25, 2017 at 11.30 a.m. at the offices of Deutsche Investment Management Americas Inc. 345 Park Avenue, New York, New York in order to allow more time to solicit proxies.

With respect to EEA, each of the three Class III Directors nominated by the Board of Directors, Mr. Christian H. Strenger, Dr. Wolfgang Leoni and Dr. Kenneth C. Froewiss, was elected to serve for a term of three years and until his respective successor is elected and qualifies. One EEA Class II Director nominated by the Board of Directors, Dr. Christopher Pleister, was elected to serve a term of two years and until his successor is elected and qualifies.

EEA did not receive sufficient votes to approve the proposed change to the Fund’s investment objective from seeking “long-term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in countries that are members of the European Union” to seeking “long-term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in countries in Europe;” and a change in the Fund’s corresponding fundamental investment policy to provide that, “[u]nder normal circumstances, at least 80% of the Fund's net assets (plus any assets funded with leverage) will be invested in equity or equity-linked securities of issuers domiciled in countries in Europe.” Therefore, the meeting was adjourned to Friday, June 30, 2017 at 11:30 a.m. at the offices of Deutsche Investment Management Americas Inc. 345 Park Avenue, New York, New York in order to allow more time to solicit proxies.

With respect to GF, each of the three Class II Directors nominated by the Board, Dr. Wilhelm Bender, Dr. Kenneth C. Froewiss and Dr. Christopher Pleister, was elected to serve for a term of three years and until his respective successor is elected and qualifies. One GF Class III Director nominated by the Board of Directors, Dr. Wolfgang Leoni, was elected to serve a term of one year and until his successor is elected and qualifies.

Stockholders also ratified the appointment of PricewaterhouseCoopers LLP as the independent auditors for each Fund for its respective 2017 fiscal year.

To obtain a copy of the portfolio manager’s presentation from the meeting, visit the Funds’ website at deutschefunds.com or call (800) 349-4281 or 00-800-2287-2750 from outside the US.

Important Information

The Central Europe, Russia and Turkey Fund, Inc. is a non-diversified, closed-end investment company seeking long term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in Central Europe, Russia and Turkey. Because the Fund is non-diversified, it can take larger positions in fewer issuers than a diversified fund, increasing its potential risk.

The European Equity Fund, Inc. is a diversified, closed-end investment company seeking long-term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled in countries that are members of the European Union.

The New Germany Fund, Inc. is a diversified, closed-end investment company seeking capital appreciation primarily through investment in equity or equity-linked securities of small and mid-cap German companies. The Fund may invest up to 35% of its assets in large cap German companies and up to 20% in non-German companies (with no more than 15% in any single country).

Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market or a particular region will generally be more volatile than a fund that invests more broadly.

The shares of most closed-end funds, including the Funds, are not continuously offered. Once issued, shares of closed-end funds are bought and 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 a fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, a fund cannot predict whether its shares will trade at, below, or above net asset value.

Investments in funds involve risk. Additional risks of the Fund are associated with international investing, such as currency fluctuations, political and economic changes, market risks, 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, the Fund focuses its investments in certain geographical regions, thereby increasing their vulnerability to developments in those regions and potentially subjecting the Funds’ shares to greater price volatility. Some funds have more risk than others. These include funds, such as the Funds, that allow exposure to or otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization, or foreign securities (e.g., political or economic instability, which can be accentuated in emerging market countries).

The European Union, the United States and other countries have imposed sanctions on Russia as a result of the Russian military intervention in the Ukraine. These sanctions have adversely affected Russian individuals, Russian issuers and the Russian economy. Russia, in turn, has imposed sanctions targeting Western individuals, businesses and products, including food products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy, but also the economies of many countries in Europe, including Germany and other countries in Central Europe. Potential developments in the Ukraine, and the continuation of current sanctions, or the imposition of additional sanctions, may materially adversely affect the value of the Funds’ portfolios.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like “expect,” “anticipate,” “believe,” “intend,” and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

 

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. (R-051377-1 06/17)

Contacts

Deutsche Bank Press Office (212) 250-7171
Shareholder Account Information (800) 294-4366
Deutsche Closed-End Funds (800) 349-4281 or 00-800-2287-2750 from outside the US

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