SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE
SECURITIES EXCHANGE ACT OF 1934
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{ } Soliciting Material Pursuant to Section 240.14a-11 or Section 240.14a-12
Emerging Mexico Fund, Inc.
(Name of Registrant as Specified In Its Charter)
The Emerging Mexico Fund, Inc.
(Name of Person(s) Filing Proxy Statement)
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The Emerging Mexico Fund, Inc.
Formal Response to Press Inquiries
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(Prepared on June 18, 1998)
The Emerging Mexico Fund considers the allegations made in the
complaint to be entirely without merit and intends to contest them vigorously.
The Fund believes that the timing of this lawsuit, on the eve of the
Fund's shareholder meeting and so long after the actions purportedly giving
rise to these baseless claims, appears designed to give the plaintiffs a
one-sided platform to reach the Fund's shareholders. The Board of Directors
of the Fund is concerned that all of the Fund's shareholders, which
includes individual shareholders as well as institutional shareholders, are
given the opportunity to fully consider all sides of these issues and
participate in the decision with respect to these important matters affecting
their interests.
In addition, the complaint includes statements and positions that have
been contradicted by objective and independent financial community
professionals. Institutional Shareholder Services (ISS), an independent
proxy advisory firm, has formally recommended that shareholders vote against
the proposals made by Opportunity Partners and its associates in an attempt
to open-end the Fund, and independent analysts from two separate major
brokerage houses have recently issued reports that raised concerns about
the conversion of closed-end funds.
Since the Fund was only yesterday served with this complaint, the Fund
has not had the opportunity to respond in full to the false allegations.
That response will soon be forthcoming and will vigorously contest the
allegations made in the complaint.
