The Mexico Equity and Income Fund, Inc. Announces Expiration of, and Subscription Price of the Rights Offering
The Mexico Equity and Income Fund, Inc. (NYSE:MXE) (the “Fund") announced today the successful completion of nontransferable rights offering (the “Offer") conducted by the Fund, which commenced on November 17, 2005, expired on December 28, 2005. The Offer entitled shareholders to subscribe for an aggregate of 1,855,128 shares of preferred stock of the Fund ("Shares"), of which, based on a preliminary count 1,429,268 Shares will be issued raising $25,683,946. The Fund has determined that it will not be necessary to issue additional Shares to honor over-subscription requests. Participating shareholders will receive the number of Shares requested. The final number of Shares to be issued as a result of the Offer will be announced in a subsequent press release to be issued next week. In accordance with the terms of the Offer, the subscription price is $17.97 per share, which represents 90% of the net asset value per share on December 28, 2005.
Shares issued pursuant to the Offer will be distributed to shareholders on or about January 6, 2006. Participating shareholders who hold through brokers, banks or other nominees will receive their shares in accordance with the procedures of those nominees.
Periodically updated information on the Fund can be obtained by calling the Fund’s dedicated telephone line. Information provided includes a recorded update reviewing the Fund’s top holdings, net asset value and other information. The Fund’s toll free number is (866) 700-6104. Inquiries regarding change of address, transfer of shares, lost certificates, and non-receipt of dividend checks or reinvestment statements should be directed to Computershare Investor Services, P.O. Box A35014, Chicago, IL 60690-3504; (888) 294-8217.
More: home.businesswire.com
The Mexico Fund, Inc. Declares Largest Dividend in its History; Announces Terms of Upcoming In-Kind Repurchase Offer
The Mexico Fund, Inc. (NYSE: MXF - News) announced that the Board of Directors has declared the payment of the Fund's largest cash distribution per share since its inception in June 1981. The Board has declared a cash dividend of $2.909 per share, payable on January 23, 2006 to stockholders of record on December 21, 2005. The dividend is comprised of $0.8461 ordinary income, which includes $0.2213 of short-term capital gains and $2.0629 of long-term capital gains. This dividend is equivalent to 10.4%
Mexico's Fox announces new energy policies
Mexican President Vicente Fox on Monday announced a series of measures designed to keep energy costs down for millions of Mexicans and increase the country's energy independence.
The measures include limiting price increases on gas and electricity and reforms to allow more private investment in exploration and production of natural gas.
World energy prices have soared amid the effects of Hurricane Katrina, and Fox said Katrina not only threatened to cause significant increases in energy prices, but also could affect supplies to Mexico.
More: businessweek.com
Mexico global bonds jump on exchange warrant plan
Prices on longer-maturity Mexican global dollar bonds soared on Thursday as the government announced it was offering warrants allowing holders to exchange them for domestic peso-denominated paper.
"Mexico has just announced an offering of three series of warrants that would allow their holders to exchange a specified face amount of external bonds for an amount fixed in U.S. dollars of a peso-denominated Bono on the expiration date," Barclays Capital said in a research note.
"It's going ahead today," a spokeswoman at Mexico's finance ministry said when asked if the warrants would be offered on Thursday
Will Energy Prices Zap Mexico?
Higher oil prices have usually been a boon to the economy. Trouble is, the country imports much of its refined fuel
At first blush, the hike in oil prices wrought by the twin tempests of late summer -- hurricanes Katrina and Rita -- is good news for Mexico. After all, costlier oil has always meant more money for the government. And there has been a strong positive correlation between the strength of the Mexican peso and the price of crude.
But in fact, the runup in energy prices poses problems for the Mexican economy. For starters, Mexico imports
Grupo Mexico, Axtel, Gol, Tractebel: Latin Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Mexico
Grupo Mexico (GMEXICOB MM): Mexico's antitrust agency may block Grupo Carso SA, the Mexican industrial group controlled by billionaire Carlos Slim, from selling its railroad to copper producer Grupo Mexico SA, said Eduardo Perez Motta, president of Mexico's Federal Competition Commission yesterday. Grupo Mexico, which operates the Mexican railroad Ferromex, announced on Nov. 25 it agreed to buy Ferrosur SA in exchange
Grupo Mexico, America Movil, Braskem: Latin Equity Preview
The following stocks may make significant gains or losses in Latin America today. Symbols are in parentheses after the company name and stock prices are from the last session.
Commodity prices yesterday had their biggest drop in seven months after a drop in oil prices eased the threat of inflation. Copper for March delivery dropped 5.2 cents, or 2.2 percent, to $2.278 a pound on the Comex division of the New York Mercantile Exchange, the biggest decline since Dec. 14. Prices earlier reached a record $2.339. The shares of the world's fourth-largest
Corel Strikes WordPerfect Office Bundling Relationship in Mexico
WordPerfect Office 12 Bundled With New Blue Light Brand of PCs From Elektra
Corel Corporation today announced a new bundling agreement in Latin America, offering WordPerfect® Office 12, the world's preferred alternative to Microsoft Office, on the new Blue Light brand of PCs from Mexican technology retail chain Elektra.
Elektra is Corel's latest partner to bring WordPerfect Office to consumers of value PCs - customers for whom ease-of-use and value are critical concerns. This new bundling agreement will see a Spanish-language version of WordPerfect Office 12 preinstalled on all new laptops and desktops from Elektra's
Bond Strategists: Julius Baer's Owens Says Sell Mexico on Rally
Investors should sell Mexican government bonds because their prices already reflect chances the central bank will cut interest rates twice more this year, said Adrian Owens, a director of fixed income at Bank Julius Baer.
``The inflation outlook for Mexico is encouraging and the central bank will continue to cut interest rates, but most of that good news is already priced into the market,'' Owens, who co- manages the firm's $157 million Global Rates hedge fund, said in a Sept. 29 interview. ``The best bet is to trim your Mexican
Mexico's Grupo Modelo plans beer price hike
Grupo Modelo, a Mexican brewery half owned by Anheuser-Busch Cos. Inc., plans to raise its beer prices in Mexico Jan. 1, according to published reports.
The increase will be in line with expected inflation, the Mexico City-based brewer reportedly said in a Dec. 23 filing with the Mexican Stock Exchange. Modelo also said the increase takes into account tax law changes favoring recycled containers.
Mexico's annual inflation rate fell to 2.9 percent at the end of November but is expected to climb to 3.5 percent by many fund managers, according to media reports.
Grupo Modelo
Mexico criticised over lack of human rights progress
Mexican President Vicente Foxs record on human rights has been disappointing in spite of pledges to put the issue at the top of the governments agenda, a rights group said on Wednesday.
Under Mr Fox, whose six-year term ends in December, Mexico has yet to establish accountability for past atrocities or to make serious progress in curbing the abuses that continue to be committed on a regular basis, said US-based Human Rights Watch in a report.
The findings are almost certain to upset Mr Fox, who in 2000 ended 71 years of rule by the
