What does it mean that "Fund is offering to purchase up to x% of the net asset value"?
Fund (the “Fund”) is offering to purchase up to 30% of the net asset value, calculated prior to shares tendered pursuant to this tender offer (the “Net Asset Value”), of the Fund’s shares of beneficial interest (“Shares”) that are tendered by shareholders of the Fund (“Shareholders”) and not withdrawn consistent with the terms of the Offer to Purchase and the Letter of Transmittal (which together with the Offer to Purchase constitutes the “Offer”). The Offer is being made to all Shareholders.
Can anyone please help me understand this paragraph? This is about the firm (fund) that I will start working next month, and I found this online. Is this a good/bad sign for the company?
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