Form 4: Herzfeld Caribbean Basin Fund Director Disposes of Shares in Tender Offer

Thomas J. Herzfeld, a director and portfolio manager of Herzfeld Caribbean Basin Fund Inc., disposed of 229,068 shares of common stock as part of the issuer's tender offer.

Summary

• Thomas J. Herzfeld, a director and portfolio manager at Herzfeld Caribbean Basin Fund Inc. (CUBA), reported a transaction on March 19, 2024, where 229,068 shares of common stock were disposed of at a price of $3.3833 per share.
• The transaction was part of the issuer's tender offer, as detailed in the Schedule TO filed on February 20, 2024.
• The reporting person tendered shares to the fund, and the fund will purchase a prorated portion of the shares.
• Based on a preliminary count, the proration factor is estimated to be 13.59%.
• Following the reported transaction, Herzfeld beneficially owns 1,456,498 shares.
• An amended Form 4 may be filed to report the final number of shares disposed of once the final proration factor is determined.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects a routine transaction related to a tender offer. There are no explicit positive or negative implications.

Risks

• The final number of shares disposed of is subject to change based on the final proration factor, which could impact the reporting person's holdings.

Future Outlook

An amended Form 4 will be filed if necessary to report the final number of shares disposed of after the final proration factor is determined.

Industry Context

This filing reflects activity related to a closed-end fund, Herzfeld Caribbean Basin Fund (CUBA). Tender offers are a mechanism often used by closed-end funds to manage their share price or provide liquidity to shareholders.

Stakeholder Impact

• Shareholders who tendered their shares will have a portion of their shares repurchased by the Fund.
• The tender offer may impact the Fund's net asset value and share price.

Next Steps

• The Fund will purchase a prorated portion of the shares tendered.
• The final proration factor will be determined.
• An amended Form 4 may be filed to report the final number of shares disposed of.

Key Dates