SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 20, 2003
THE ITALY FUND INC.
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(Exact name of registrant as specified in its charter)
Maryland 811-04517 133346515
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(State or other (Commission File (IRS Employer
jurisdiction Number) Identification
of incorporation) No.)
125 Broad Street, New York, New York 10004
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (203) 890-7041
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N/A
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(Former name or former address, if changed since last report.)
Item 2. Acquisition or Disposition of Assets
At the Annual Meeting of Shareholders of The Italy Fund Inc. (the "Fund")
held on January 30, 2003, the Fund's shareholders voted to approve a proposal to
liquidate and dissolve the Fund. Pursuant to the Fund's Plan of Liquidation and
Dissolution (the "Plan"), the Board of Directors of the Fund (the "Board") set
February 13, 2003 as the effective date of the Plan. The proportionate interests
of shareholders in the assets of the Fund were fixed on the basis of their
respective shareholdings at the close of business on February 13, 2003 and the
Fund's Transfer Agent closed the Fund's books on such date. Prior to the opening
of business on February 14, 2003, the Fund delisted from the New York Stock
Exchange and ceased trading.
On February 20, 2003, the Board of Directors of the Fund declared a
distribution of $6.6497 per share payable February 24, 2003 to shareholders of
record as of February 13, 2003. The Fund's net asset value per share was $6.6497
as of February 13, 2003.
The Plan provides for the distribution of the Fund's assets to be made in
one or more cash payments in complete cancellation of all of the outstanding
shares of the Fund on a date or dates determined by the Board. Although the
Board anticipates that the cash payment declared on February 20 will be the sole
liquidating distribution of the Fund, the Board of Directors may make additional
liquidating distributions in the event that sufficient assets remain in the
Fund.
Shareholders holding their investment in book entry automatically will
receive the liquidation payment(s). Shareholders holding their investment in
certificated shares will receive a Letter of Transmittal form which must be
properly completed and returned along with the certificate(s) of shares in order
to receive the liquidating payment(s). Investors holding certificated shares and
who also have participated in the Fund's dividend reinvestment plan and own
additional shares of the Fund held in book entry will automatically receive
liquidation payment(s) for those dividend reinvestment shares, but will receive
liquidation payment(s) for shares held in certificated form only after the
properly completed Letter of Transmittal and share certificate(s) have been
received and processed. Shareholders whose certificates have been lost, stolen,
misplaced or mutilated and persons with other questions concerning payment of
liquidating distributions should call 1-800-331-1710.
A copy of the press releases issued by the Fund on January 30, 2003,
January 31, 2003 and February 20, 2003 are attached hereto as exhibits and are
incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release of The Italy Fund, dated January 30, 2003
99.2 Press Release of The Italy Fund, dated January 31, 2003
99.3 Press Release of The Italy Fund, dated February 20, 2003
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE ITALY FUND INC.
By: /s/ R. Jay Gerken
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Name: R. Jay Gerken
Title: Chairman of the Board and
Chief Executive Officer
Dated: February 21, 2003
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