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Closed-End Activist Mounts Proxy Fight in Fund Opening Vote

Closed-end fund activist Ronald Olin is asking shareholders of the Portugal Fund to elect Olin's own slate of directors in a vote on opening the closed-end fund. Olin also promises to submit a proposal at the shareholder meeting scheduled for Oct. 15 recommending that, if the Portugal Fund is opened, a proposed 1.5-percent redemption fee be waived.

Olin made his arguments in a preliminary proxy statement filed with the SEC Sept. 3. Olin is president of Deep Discount Advisors and general partner in Ron Olin Investment Management Company, both of Asheville, N.C., the two investment advisory firms leading Olin's proxy contest.

The Portugal Fund's adviser, Credit Suisse Asset Management of New York, said in an Aug. 20 proxy statement that it would ask shareholders to open the Portugal Fund because of chronic discounts to the fund's net asset value. (MFMN 8/30/99)