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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE TO
TENDER OFFER STATEMENT
(PURSUANT TO SECTION 13(e)(1) OF THE SECURITIES EXCHANGE ACT OF 1934)
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THE LATIN AMERICA EQUITY FUND, INC.
(NAME OF ISSUER)
THE LATIN AMERICA EQUITY FUND, INC.
(NAME OF FILING PERSON(S))
COMMON STOCK, PAR VALUE $0.001 PER SHARE
(TITLE OF CLASS OF SECURITIES)
51827T100
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(CUSIP NUMBER OF CLASS OF SECURITIES)
HAL LIEBES, ESQ.
SENIOR VICE PRESIDENT
THE LATIN AMERICA EQUITY FUND, INC.
466 LEXINGTON AVENUE, 16TH FLOOR
NEW YORK, NEW YORK 10017
(212) 875-3500
(NAME, ADDRESS AND TELEPHONE NUMBER
OF PERSONS AUTHORIZED TO RECEIVE NOTICES
AND COMMUNICATIONS ON BEHALF OF FILING PERSON(S))
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Copies To:
DANIEL SCHLOENDORN, ESQ.
WILLKIE FARR & GALLAGHER
787 SEVENTH AVENUE
NEW YORK, NEW YORK 10019-6099
(212) 728-8000
CALCULATION OF FILING FEE
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TRANSACTION AMOUNT OF
VALUATION FILING FEE
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$ $
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[ ] Check the box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement
number, or the form or schedule and the date of its filing.
Amount Previously Paid: ____________________________________
Form or Registration No.: ___________________________________
Filing Party: __________________________________________________________
Date Filed: ________________________________________________
[X] Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the
statement relates:
[ ] third-party tender offer subject to Rule 14d-1.
[X] issuer tender offer subject to Rule 13e-4.
[ ] going-private transaction subject to Rule 13e-3.
[ ] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the results
of the tender offer: [ ]
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The Latin America Equity Fund, Inc.
The Emerging Markets Telecommunications Fund, Inc.
466 Lexington Avenue
New York, New York 10017
The Latin America Equity Fund, Inc. and
The Emerging Markets Telecommunications
Fund, Inc. announce annual self-tender
programs
For Immediate Release
June 30, 2000
Contact: Investor Relations
Credit Suisse Asset Management, LLC
1-800-293-1232
New York, New York. The Latin America Equity Fund, Inc. (NYSE:LAQ) and The
Emerging Markets Telecommunications Fund, Inc. (NYSE:ETF) announced today that
their respective Boards of Directors unanimously approved a self-tender program
that each Fund intends to launch in the calendar year 2001. Under the program:
(i) each Fund will make a tender offer to acquire at least 15% of its
outstanding shares during each calendar year of the program; and (ii) the per
share purchase price will be at least 95% of the Fund's net asset value per
share. Implementation of the program for LAQ and ETF is conditioned on
consummation of the previously announced mergers of The Latin America Investment
Fund, Inc. with and into LAQ and of The Emerging Markets Infrastructure Fund,
Inc. with and into ETF, respectively.
In implementing the program next year, the Directors will consider the
extent to which they should reserve flexibility with respect to the timing and
the terms of specific tenders, subject to adherence to the overall quantity and
price terms described above. The Board of Directors of each Fund intends to
continue the self-tender program indefinitely, subject to changes in economic or
market conditions or other factors. For example, a sustained reduction in the
market discounts at which a Fund's shares are trading, a risk of material
adverse tax consequences, or a risk of a Fund becoming subject to de-listing may
lead the Board to conclude in the future that it is appropriate to suspend the
self-tender program. In addition, the self-tender program is likely to reduce
each Fund's asset levels over time. Absent substantial appreciation in the
Fund's portfolio or opportunities to raise additional funds, this could lead to
higher expense ratios, the absence of reasonable diversification or investment
opportunities, or other factors that
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adversely affect the Fund and, possibly, the continued viability of the Fund as
a closed-end fund. The Boards will re-evaluate the program from time to time in
light of its effects on the respective Funds.
The Boards view this self-tender program as a further enhancement to the
actions previously announced by LAQ and ETF to enhance shareholder value, which,
in addition to the proposed mergers, include the modification of the CSAM
investment advisory agreement pursuant to which the advisory fee will be based
on a Fund's market value (stock price) rather than net asset value whenever its
shares are trading at a discount, and the payment of 50% of the Directors'
annual retainer in shares of the Funds.
Credit Suisse Asset Management, LLC (CSAM) is the investment adviser to
each of the Funds CSAM is a diversified asset manager, handling equity, fixed
income, international and derivative based accounts. As of May 31, 2000,
CSAM-Americas managed approximately $68 billion in assets.
This announcement is not an offer to purchase or the solicitation of an
offer to sell shares of LAQ or ETF. The offer will be made only by an Offer to
Purchase and related Letter of Transmittal. Holders of Fund shares should read
these documents carefully when they are available because they contain important
information. These and other filed documents will be available to investors for
free both at the Website of the Securities and Exchange Commission and from the
Funds. Neither the offer to purchase shares will be made to, nor will tenders
pursuant to the Offer to Purchase be accepted from or on behalf of, holders of
shares in any jurisdiction in which making or accepting the offer to purchase
would violate that jurisdiction's laws.
