SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934
Filed by Registrant [ ]
Filed by a Party other than the Registrant [X]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, For Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec.
240.14a-12
THE EMERGING MARKETS TELECOMMUNICATIONS FUND, INC.
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- (Name of Registrant as Specified in its Charter)
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- PHILLIP GOLDSTEIN
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- (Name of Person(s) Filing Proxy Statement, if Other Than the
Registrant)
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Phillip Goldstein, 60 Heritage Drive, Pleasantville, NY 10570
(914) 747-5262 // Fax (914) 747-5258 // OPLP@optonline.net
January 18, 2005
Dear Shareholder of The Emerging Markets Telecommunications Fund:
My clients and I own more than 8% of outstanding shares of the
Fund. In 2000, the Fund's board of directors adopted a policy
whereby a self-tender offer would take place each year. Tender
offers were conducted in late 2001 and 2002. However, without
any warning, the board in December 2003 announced that it would
"suspend the Fund's annual self-tender program" and "on a regular
basis it will continue to consider other actions in light of the
discount at which the Fund's shares may then be trading, which
may include a reinstitution of the annual self-tender offer
program, the combination of the Fund with another fund,
liquidation or such other actions as the Board deems appropriate
under the circumstances."
Like other shareholders, I was disappointed with the decision to
cancel the tender offer program. For the past year I have been
urging the board to take one of the actions it promised to
consider in December 2003. Although the board led me to believe
that there was a reasonable chance of that happening, it did not
recommend any of those actions. Instead, it is apparently
attempting to hold a hurried annual meeting so that two incumbent
directors can be re-elected without competition.
I believe the board has not acted in good faith. That is why I
am proposing that a self-tender offer be commenced as soon as
possible. In addition, I am nominating Gerald Hellerman and
myself as directors because I believe we will be more inclined
than the incumbent directors to adopt one of the discount-
reduction alternatives the board itself promised to consider in
December 2003.
If you want the Fund to resume the tender offer program and to
elect directors who are committed to take action to address the
discount, you need to return the GREEN proxy card today. Better
yet, since time is short, you should vote by telephone at 1-800-
454-8683 or at WWW.PROXYVOTE.COM to insure that your vote is
received before the February 4. If you have any questions,
please call me at (914) 747-5262 or e-mail me at
OPLP@optonline.net.
Yours truly,
Phillip Goldstein
Fellow ETF Shareholder
PROXY STATEMENT OF PHILLIP GOLDSTEIN, A STOCKHOLDER OF THE
EMERGING MARKETS TELECOMMUNICATIONS FUND, INC., IN OPPOSITION TO
THE SOLICITATION BY THE BOARD OF DIRECTORS
ANNUAL MEETING OF SHAREHOLDERS (To be held on February 4, 2005)
I, Phillip Goldstein, a stockholder of The Emerging Markets
Telecommunications Fund, Inc. (the "Fund"), am sending this proxy
statement and the enclosed GREEN proxy card to stockholders of
record as of December 20, 2004 (the "Record Date") of the Fund.
I am soliciting a proxy to vote your shares at the Annual Meeting
of Shareholders of the Fund (the "Meeting"). Please refer to the
Fund's proxy soliciting material for additional information
concerning the Meeting and the matters to be considered by
shareholders including the election of directors.
This proxy statement and the enclosed GREEN proxy card are first
being sent to shareholders of the Fund on or about January 18,
2005.
INTRODUCTION
There is one matter that the Fund has scheduled to be voted upon
at the Meeting, the election of directors. I intend to nominate
two persons for election as directors and to introduce a proposal
to recommend that the Fund conduct a self-tender offer for its
shares at net asset value ("NAV"). With respect to these
matters, I am soliciting a proxy to vote your shares FOR the
election of my nominees and
FOR the self-tender offer proposal.
How Proxies Will Be Voted
If you wish to vote FOR the election of my nominees and/or to
vote on the self-tender offer proposal, you may do so by
completing and returning a GREEN proxy card. If you return a
GREEN proxy card to me or to my agent, your shares will be voted
on each matter as you indicate.
If you do not indicate how your shares are to be voted on a
matter, they will be voted FOR the election of my nominees and
FOR Proposal 2. If you return a GREEN proxy card, you will be
granting the proxy holder(s) discretionary authority to vote on
any other matters that may come before the Meeting including
matters relating to the conduct of the Meeting.
Voting Requirements
The presence in person or by proxy of at least a majority of the
Fund's outstanding shares shall constitute a quorum. The two
nominees receiving the greatest number of votes cast will be
elected directors. Proposal 2 requires the affirmative vote of a
majority of the votes cast at the Meeting for approval.
Abstentions and broker non-votes are not treated as shares voted
and thus would have no impact on either proposal.
Revocation of Proxies
You may revoke any proxy prior to its exercise by (i) delivering
a written revocation of your proxy at the Meeting; (ii) executing
and delivering a later dated proxy; or (iii) voting in person at
the Meeting. (Attendance at the Meeting will not in and of itself
revoke a proxy.) There is no limit on the number of times you may
revoke your proxy prior to the Meeting. Only your latest dated
proxy will be counted.
Information Concerning the Soliciting Shareholder
I, Phillip Goldstein, the soliciting stockholder, am an
investment advisor. As of January 8, 2005, I, my clients and
clients of my affiliates beneficially owned 737,628 shares of the
Fund, of which net purchases of approximately 66,000 shares have
been made in 2004 and approximately 438,000 shares in 2003.
REASONS FOR THE SOLICITATION
In 2000, the board of directors adopted a policy whereby the Fund
would conduct a self-tender offer each year. It conducted tender
offers in 2001 and 2002. On December 4, 2003, the board
announced that it would "suspend the Fund's annual self-tender
program" and "on a regular basis it will continue to consider
other actions in light of the discount at which the Fund's shares
may then be trading, which may include a reinstitution of the
annual self-tender offer program, the combination of the Fund
with another fund, liquidation or such other actions as the Board
deems appropriate under the circumstances." Since then, the
board has not recommended any of these alternatives. I believe
my nominees will be more inclined than the incumbent directors to
adopt one of these alternatives. In addition, I believe a self-
tender offer should be commenced as soon as possible.
PROPOSAL 1: ELECTION OF DIRECTORS
At the Meeting, I intend to nominate the following persons for
election as directors. Each nominee has consented to being named
in this proxy statement and to serve as a director if elected. I
personally or jointly with my wife own 15,765 shares of the Fund
and Mr. Hellerman does not own any shares. Neither of us has any
arrangement or understanding with any person with respect to any
future employment by the Fund or by any affiliate of the Fund. I
do not know of any material conflicts of interest that would
prevent either of us from acting in the best interest of the
Fund. Please refer to the Fund's proxy soliciting material for
additional information concerning the election of directors.
Gerald Hellerman (Age 67), 10965 Eight Bells Lane, Columbia, MD
21044
Principal of Hellerman Associates, a financial and corporate
consulting firm since 1993 ; director of The Mexico Equity and
Income Fund; director and President of Innovative Clinical
Solutions, Ltd., director of Frank's Nursery & Crafts, director
of MVC Capital; director of Brantley Capital Corporation. Mr.
Hellerman is presently serving as Manager-Investment Advisor for
a U.S. Department of Justice Settlement Trust. Mr. Hellerman has
served as a Trustee or Director of Third Avenue Value Trust, a
Trustee of Third Avenue Variable Series Trust, and a Director of
Clemente Strategic Value Fund.
Phillip Goldstein (Age 59), 60 Heritage Drive, Pleasantville, NY
10570
Investment advisor to Opportunity Partners L.P., an activist-
oriented private investment fund, and other clients since 1992.
Mr. Goldstein has been a director of Brantley Capital Corporation
since 2002 and of The Mexico Equity and Income Fund since 1999.
PROPOSAL 2: A RECOMMENDATION THAT THE FUND CONDUCT A SELF-TENDER
OFFER AT NET ASSET VALUE
A self-tender offer will allow stockholders to realize NAV for
some or all of their shares. However, it may also have adverse
effects such as increasing the Fund's expense ratio or the
percentage of assets held in illiquid investments. If adopted,
this proposal will not be binding on the board. In the absence
of contrary instructions, the proxy holder(s) will vote your
shares FOR this proposal.
THE SOLICITATION
I, Phillip Goldstein, the soliciting shareholder, am making this
solicitation. Persons affiliated with or employed by me or my
affiliates may assist me in the solicitation of proxies. Banks,
brokerage houses and other custodians, nominees and fiduciaries
will be requested to forward this proxy statement and the
enclosed GREEN proxy card to the beneficial owners of shares for
whom they hold shares of record. I will reimburse these
organizations for their reasonable out-of-pocket expenses.
Initially, I will bear all of the expenses related to this proxy
solicitation. Because I believe that all shareholders will
benefit from this solicitation, I intend to seek reimbursement of
my expenses from the Fund. Shareholders will not be asked to
vote on the reimbursement of my solicitation expenses which I
estimate will be $25,000. There is no arrangement or
understanding involving me or any of my affiliates relating to
future employment by or any future transaction with the Fund or
any of its affiliates.
DATED: January 18, 2005
PROXY CARD
Proxy Solicited in Opposition to the Board of Directors of The
Emerging Markets Telecommunications Fund, Inc. by Phillip
Goldstein for the Annual Meeting of Shareholders
The undersigned hereby appoints Rajeev Das, Andrew Dakos and
Phillip Goldstein and each of them, as the undersigned's proxies,
with full power of substitution, to attend the Annual Meeting of
Shareholders of The Emerging Markets Telecommunications Fund,
Inc. (the "Fund") on February 4, 2005, (the "Meeting"), and any
adjournment or postponement thereof, and to vote on all matters
that may come before the Meeting and any such adjournment or
postponement the number of shares that the undersigned would be
entitled to vote if present in person, as specified below.
(INSTRUCTIONS: Mark votes by placing an "x" in the appropriate [
].)
1. ELECTION OF TWO DIRECTORS
[ ] FOR GERALD HELLERMAN [ ] WITHHOLD AUTHORITY
[ ] FOR PHILLIP GOLDSTEIN [ ] WITHHOLD AUTHORITY
2. A RECOMMENDATION THAT THE FUND CONDUCT A SELF-TENDER OFFER AT
NET ASSET VALUE.
FOR [ ] AGAINST [ ]
ABSTAIN [ ]
Please sign and date below. Your shares will be voted as
directed. If no direction is made, this proxy will be voted FOR
the election of the nominees named above in Proposal 1 and FOR
Proposal 2. The undersigned hereby acknowledges receipt of the
proxy statement dated January 18, 2005 of Phillip Goldstein and
revokes any proxy previously executed. (Important - Please be
sure to enter date.)
SIGNATURE(S)____________________________ Dated: _______________