NEW YORK, May 24, 2007 (PRIME NEWSWIRE) -- The Korea Fund, Inc. (the "Fund") announced revised vote totals for its Annual Meeting of Stockholders held on October 25, 2006. The Fund stated that the vote totals previously reported in its Semi-Annual Report to Stockholders for the period ended December 31, 2006 failed to reflect votes cast in person at the meeting by stockholders of the Fund who had not submitted proxies prior to the meeting. The Fund noted that this mistake, which reflected a clerical error made by the Fund's previous manager, did not affect the outcome of the stockholder vote. The Fund stated that the correct number of votes cast at the meeting in the election of Class III directors of the Fund were as follows:
Nominee Votes For Votes Withheld Ronaldo A. da Frota Noguiera 22,845,928 153,266 Richard A. Silver 15,894,463 7,104,731
The Fund also intends to include disclosure of the correct vote totals in its next report to stockholders.
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."
RCM Capital Management LLC and RCM Asia-Pacific Ltd, are the Fund's investment manager and sub-adviser, respectively. Investment in closed-end funds involves risks. Additional risks are associated with international investing, such as government regulations and differences in liquidity, which may increase the volatility of your investment. Foreign security markets generally exhibit greater price volatility and are less liquid than the U.S. market. Additionally, this Fund focuses its investments in certain geographical regions, thereby increasing its vulnerability to developments in that region and potentially subjecting the Fund's shares to greater price volatility.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information, including updated portfolio statistics and performance, is available at www.thekoreafund.com or by calling the Fund's shareholder servicing agent at (800) 331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.