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SCUDDER NEW ASIA FUND, INC.
(Name of Registrant as Specified in Its Charter)
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[DEUTSCHE ASSET MANAGEMENT COMPANY LOGO]
PRESS RELEASE
FOR IMMEDIATE RELEASE
FOR ADDITIONAL INFORMATION:
ROHINI PRAGASAM 212.250.4516, MEDIA
JONATHAN DIORIO 800.349.4281, INVESTORS
SCUDDER NEW ASIA FUND ANNOUNCES RESULTS OF
SPECIAL MEETING OF STOCKHOLDERS
NEW YORK, NEW YORK, MARCH 21, 2006 - THE SCUDDER NEW ASIA FUND, INC. (NYSE: SAF)
today announced that stockholders of the Fund had approved both a proposal to
amend the Fund's Articles of Amendment and Restatement to enable an affirmative
vote of a majority of the Fund's outstanding shares to approve any
reorganization, consolidation, merger, transfer or assets or share exchange of
the Fund and a proposal for the merger of the Fund into DWS Emerging Markets
Fund, which is a registered open-end investment company.
Stockholders first voted on the proposal to amend the Fund's Articles of
Amendment and Restatement. Approximately 4,850,270 shares of common stock
(representing 85.73% of shares represented at the meeting), or approximately
55.37% of the Fund's common stock outstanding, were voted in favor of the
proposal. The proposal required the approval a majority of all the votes
outstanding and entitled to be cast on the matter.
Immediately following the approval of the proposal to amend the Fund's Articles
of Amendment and Restatement, the Fund announced that the special meeting would
be adjourned for approximately two hours to allow the Fund to file the amended
Articles of Amendment and Restatement with the State of Maryland. The meeting
was reconvened at 12:04 p.m., Eastern time, at the offices of Deutsche Asset
Management, 345 Park Avenue, New York, New York 10154.
Stockholders then voted on the proposal for the merger of the Fund into DWS
Emerging Markets Fund. Approximately 4,972,975 shares of common stock
(representing 87.90% of shares represented at the meeting), or approximately
56.77% of the Fund's common stock outstanding, were voted in favor of the
proposal. Since the proposal to amend the Fund's Articles of Amendment
and Restatement was approved, the merger proposal required the approval of a
majority of all the votes outstanding and entitled to be cast on the matter.
The Fund expects to have all steps completed for the merger and the exchange of
shares within four weeks of the stockholders' meeting. The Fund's shares will
stop trading on the New York Stock Exchange shortly before the final merger date
and will be delisted from the New York Stock Exchange upon the reorganization.
The Fund expects that the last day of trading on the New York Stock Exchange
will be on April 7, 2006. Once shares have been exchanged, stockholders will be
able to redeem their shares at net asset value, less a redemption fee of 2% of
the net asset value applicable to shares outstanding on the merger date that are
redeemed within thirty days of the merger. The redemption fee will be paid
entirely to the Fund.
Approximately 686,341 shares of common stock, or approximately 7.84% of the
Fund's outstanding common stock, were voted against the proposal to amend the
Fund's Articles of Amendment and Restatement. Approximately 562,615 shares of
common stock, or approximately 6.42% of the Fund's outstanding common stock,
were voted against the proposal to merge the Fund.
# # #
The Fund is a closed-end fund with an investment objective of long-term capital
appreciation through investment primarily in the equity securities of Asian
companies. Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one time public offering and once issued, shares of
closed-end funds are 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
the fund's shares is determined by a number of factors, several of which are
beyond the control of the fund. Therefore, the fund cannot predict whether its
shares will trade at, below or above net asset value.
The Scudder New Asia Fund, Inc. is non-diversified and may focus its investments
in certain geographic regions, thereby increasing their vulnerability to
developments in that region. Investing in foreign securities presents certain
unique risks not associated with domestic investments, such as currency
fluctuation, political and economic change, and market risks. This may result in
greater share price volatility.
This announcement is not an offer to purchase or the solicitation of an offer to
sell shares of the Fund or a prospectus, circular or representation intended for
use in the purchase or sale of Fund shares.
* * *
NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
DWS SCUDDER INVESTMENTS IS PART OF DEUTSCHE ASSET MANAGEMENT WHICH IS THE
MARKETING NAME IN THE US FOR THE ASSET MANAGEMENT ACTIVITIES OF DEUTSCHE BANK
AG, DEUTSCHE BANK TRUST COMPANY AMERICAS, DEUTSCHE ASSET MANAGEMENT INC.,
DEUTSCHE ASSET MANAGEMENT INVESTMENT SERVICES LTD., DEUTSCHE INVESTMENT
MANAGEMENT AMERICAS INC. AND DWS SCUDDER TRUST COMPANY (3/06 41408).