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Suspicious of the New Germany Fund's Election Results (GF)

by: CEFblog June 22, 2006 | about stocks: GF

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The New Germany Fund (GF) issued a press release yesterday stating that the outcome of the contested director election and the vote on the shareholder proposals will not be announced for another one to three weeks. There were no preliminary results given, so this probably means that the vote is too close to call or the dissident shareholders have prevailed.

If the dissident shareholders did win with a significant majority of the votes, I would hope that the board is not using this time to try to find a way to invalidate the results. However, if the board’s recommendations are legally approved by shareholders and they are just being prudent by not prematurely announcing the results, I apologize in advance for implying that they would do such a thing.

It’s just that a board that believes in taxation (DeAM management fees) without representation (shareholders’ right to elect representatives) makes me suspicious of anything they do.

GF 1-yr chart:

GF 1-yr

For related articles, see New Germany Fund: Assets Should Belong To Shareholders.

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