In This Article:
NEW YORK, December 18, 2024--(BUSINESS WIRE)--First paragraph, third sentence of release dated December 16, 2024, should read: The distribution will be payable on January 6, 2025 to shareholders of record on December 27, 2024 which is also the ex-dividend date (instead of shareholders of record on December 23, 2024).
The updated release reads:
THE KOREA FUND, INC. DECLARES CASH DIVIDEND DISTRIBUTION
The Board of Directors of The Korea Fund, Inc. (the "Fund") (NYSE:KF) announced today they have declared a dividend distribution of $0.454161 per share. This dividend distribution represents payment of the Fund’s 2024 spillback distribution pursuant to Section 855 of the Internal Revenue Code. The distribution will be payable on January 6, 2025 to shareholders of record on December 27, 2024 which is also the ex-dividend date.
As of today until January 6, 2025, being the date of payment of the dividend, the Fund temporarily suspended its share repurchase program.
While the total amount of the distribution will not change, the characterization for tax purposes, as stated above, may be different from the characterization of such distributions that existed at the time of this press release. Factors contributing to the character include the varied nature of the Fund's investments and the performance of those investments. The ultimate characterization of the Fund's distributions cannot be determined until the end of the Fund's fiscal year, resulting in the possibility of a return of capital if the Fund makes total distributions in an amount that exceeds its net investment income and net realized capital gains during its fiscal year. Additional information regarding the distributions will be made available at www.thekoreafund.com after the payable date. As a result of the foregoing and other factors, no assurance can be given as to the actual characterization of the Fund's distributions for tax purposes at the time of this press release and neither the Fund, JPMorgan Asset Management (Asia Pacific) Ltd, nor any of their directors, members, officers or employees assumes responsibility for such statements. This notice should not be used to prepare tax returns. In January 2025, Form 1099-DIV (or substitute Form 1099-DIV) will be sent to stockholders and will specify how the distribution should be characterized on a stockholder's tax return for the 2024 calendar year.
The Korea Fund, Inc. is a non-diversified, closed-end investment company. The Fund seeks long-term capital appreciation through investing primarily in equity securities trading on the Korean stock exchanges. Its shares are listed on the New York Stock Exchange under the symbol "KF."