4/A: Director Thomas J. Herzfeld Disposes of Shares in Herzfeld Caribbean Basin Fund Following Tender Offer

Director Thomas J. Herzfeld sold 112,588 shares of Herzfeld Caribbean Basin Fund at $3.2273 per share following a tender offer.

Summary

• Thomas J. Herzfeld, a director of The Herzfeld Caribbean Basin Fund Inc., reported a transaction involving the disposal of 112,588 common stock shares.
• The shares were sold at a price of $3.2273 each.
• This transaction occurred on November 15, 2024.
• The sale was a result of the issuer tender offer by the Fund, which was announced on October 15, 2024.
• The final proration factor for the tender offer was 7.08052%.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to a director's transaction following a tender offer. It doesn't indicate any positive or negative sentiment, it is a factual report of a transaction.

Industry Context

This transaction is related to a tender offer by the Herzfeld Caribbean Basin Fund, which is a common mechanism for companies to repurchase their own shares. This can be a way to return capital to shareholders or to consolidate ownership.

Comparison to Industry Standards

• Tender offers are a standard corporate action, often used by closed-end funds like Herzfeld Caribbean Basin Fund to manage their share capital.
• The proration factor of 7.08052% indicates that not all shares tendered were accepted, which is typical in oversubscribed tender offers.
• Comparable closed-end funds often use tender offers to manage discounts to net asset value.

Stakeholder Impact

• Shareholders who participated in the tender offer had a portion of their shares repurchased by the fund.

Key Dates

Keywords

Herzfeld Caribbean Basin Fund, Tender Offer, Director Transaction, Share Disposal, Thomas J. Herzfeld, CUBA