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THE BRAZIL FUND, INC.
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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[DEUTSCHE ASSET MANAGEMENT COMPANY LOGO]
PRESS RELEASE
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FOR IMMEDIATE RELEASE
FOR ADDITIONAL INFORMATION:
ROHINI PRAGASAM 212.250.4516, MEDIA
JONATHAN DIORIO 800.349.4281, INVESTORS
THE BRAZIL FUND ANNOUNCES APPROVAL OF LIQUIDATION PROPOSAL
NEW YORK, NEW YORK, MAY 15, 2006 - THE BRAZIL FUND, INC. (NYSE: BZF) today
announced that stockholders of the Fund had approved a proposal to liquidate and
dissolve the Fund.
At a special meeting held today at the offices of Deutsche Asset Management, 345
Park Avenue, New York, New York, stockholders first voted on a proposal to amend
the Fund's charter to enable an affirmative vote of a majority of the Fund's
outstanding shares to approve a liquidation and dissolution of the Fund.
Approximately, 10,774,653 shares of common stock (representing 94.51% of shares
represented at the meeting), or approximately 66.33% of the Fund's common stock
outstanding, were voted in favor of the proposal. The proposal required the
approval of a majority of all outstanding shares.
Immediately following the approval of the proposal to amend the charter, the
meeting was recessed for approximately 30 minutes to allow the Fund to file the
Articles of Amendment with the State of Maryland.
When the meeting resumed, stockholders voted on the proposal for the liquidation
and dissolution of the Fund. Approximately 10,738,047 shares of common stock
(representing 94.25% of shares represented at the meeting), or approximately
66.12% of the Fund's common stock outstanding, were voted in favor of the
proposal. Since the proposal to amend the Fund's charter had become effective,
the liquidation and dissolution proposal required the approval of holders of a
majority of all outstanding shares.
The Fund plans to discharge its liabilities, sell its assets and distribute the
net proceeds to shareholders. While the Fund anticipates completing the
liquidation within 90 days, no assurance
can be given as to the timing of the liquidation or the amount of net proceeds
that will be available for distribution.
Approximately 580,436 shares of common stock, or approximately 3.57 % of the
Fund's outstanding common stock, were voted against the proposal to amend the
Fund's Articles of Incorporation. Approximately 602,644 shares of common stock,
or approximately 3.71% of the Fund's outstanding common stock, were voted
against the proposal to liquidate and dissolve the Fund. In light of approval of
the liquidation proposal, the Fund will not hold the annual meeting of
stockholders in June as previously announced.
# # #
The Brazil Fund, Inc. is a non-diversified, closed-end investment company. The
Fund seeks long-term capital appreciation through investing primarily in equity
securities of Brazilian issuers. Its shares are listed on the New York Stock
Exchange under the symbol "BZF".
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 Fund focuses its investments in certain geographical regions, thereby
increasing its vulnerability to developments in that region. Investing in
foreign securities presents certain unique risks not associated with domestic
investments, such as currency fluctuation and political and economic changes and
market risks. This may result in greater share price volatility. 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.
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.
Fund shares are not FDIC-insured and are not deposits or other obligations of,
or guaranteed by, any bank. Fund shares involve investment risk, including
possible loss of principal.
* * *
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NOT FDIC/NCUA INSURED MAY LOSE VALUE NO BANK GUARANTEE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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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 (05/06 43979).