-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HxaC9mspDVxVdmXcszuZDsGSqjQbU0WlooxNt4HNm8f/j6krDf77tbJ7OiAIEAI0 Ab/IUTQc8Jgi4OrRFEA2/w== 0001462180-10-000028.txt : 20100429 0001462180-10-000028.hdr.sgml : 20100429 20100429153734 ACCESSION NUMBER: 0001462180-10-000028 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20100429 DATE AS OF CHANGE: 20100429 GROUP MEMBERS: ANDREW DAKOS GROUP MEMBERS: BROOKLYN CAPITAL MANAGEMENT GROUP MEMBERS: BULLDOG INVESTORS GROUP MEMBERS: PHILLIP GOLDSTEIN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KOREA EQUITY FUND INC CENTRAL INDEX KEY: 0000912023 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-58207 FILM NUMBER: 10781431 BUSINESS ADDRESS: STREET 1: 2 WORLD FINANCIAL CENTER STREET 2: BUILDING B, 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10038-4936 BUSINESS PHONE: 8008330018 MAIL ADDRESS: STREET 1: 2 WORLD FINANCIAL CENTER STREET 2: BUILDING B, 22ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10038-4936 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Bulldog Investors CENTRAL INDEX KEY: 0001462180 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: PARK 80 WEST PLAZA TWO STREET 2: SUITE 750 CITY: SADDLE BROOK STATE: NJ ZIP: 07663 BUSINESS PHONE: 201 556-0092 MAIL ADDRESS: STREET 1: PARK 80 WEST PLAZA TWO STREET 2: SUITE 750 CITY: SADDLE BROOK STATE: NJ ZIP: 07663 SC 13D 1 third.txt SCHEDULE 13D DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT 4/19/2010 1. NAME OF REPORTING PERSON Bulldog Investors, Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos 2. CHECK THE BOX IF MEMBER OF A GROUP a[X] b[] 3. SEC USE ONLY 4. SOURCE OF FUNDS WC 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) AND 2(e) [] 6. CITIZENSHIP OR PLACE OF ORGANIZATION USA ___________________________________________________________ 7. SOLE VOTING POWER 443,022 8. SHARED VOTING POWER 209,176 9. SOLE DISPOSITIVE POWER 652,198 _______________________________________________________ 10. SHARED DISPOSITIVE POWER 0 11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON 652,198 12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES [] ___________________________________________________________ 13. PERCENT OF CLASS REPRESENTED BY ROW 11 5.82% 14. TYPE OF REPORTING PERSON IA _______________________________________________________ Item 1. SECURITY AND ISSUER This Schedule 13D relates to the shares of Common Stock of Korea Equity Fund Inc.("KEF" or the "Issuer"). The principal executive offices of NNA are located at 2 World Financial Center Building B 22nd Floor New York, NY 10038-4936 Item 2. IDENTITY AND BACKGROUND This statement is filed on behalf of Bulldog Investors, Brooklyn Capital Mangement, Phillip Goldstein, 60 Heritage Drive Pleasantville, NY 10570 a principal of Bulldog Investors and Andrew Dakos, Park 80 West,Saddle Brook, NJ 07663, also a principal of Bulldog Investors. Mr.Goldstein and Mr. Dakos are self-employed investment advisors. On January 31, 2007 the Acting Director of the Securities Division of the Massachusetts Secretary of State (the Securities Division) filed a complaint against Bulldog Investors, Messrs. Goldstein, Samuels, Dakos and Das and certain related parties (the Bulldog Parties) alleging that they violated Massachusetts law by making information about certain unregistered investments available on their website and by sending material about such investments to an individual who requested it. On October 17, 2007 the Secretary issued a cease and desist order based on the same allegations and ordered that a fine be imposed on the Bulldog Parties of $25,000. On November 15, 2007 the Bulldog Parties filed an appeal of the Secretary's October 17, 2007 order in the Massachusetts Superior Court. On February 12, 2009, the Massachusetts Superior Court upheld the Secretary's October 17, 2007 order. The Bulldog Parties further appealed the ruling of the Massachusetts Superior Court to Massachusetts Appeals Court. On October 21, 2009 the Massachusetts Supreme Judicial Court, the state's highest court, unilaterally transferred the case from the Massachusetts Appeals Court to the Supreme Judicial Court, which will decide the appeal. ITEM 3. SOURCE AND AMOUNT OF FUNDS AND OTHER CONSIDERATIONS Shares of the Issuer have been accumulated on behalf of managed accounts. ITEM 4. PURPOSE OF TRANSACTION April 16, 2010, an affiliate of the filing persons sent the letter included in Exhibit A to the issuer. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER As per the N-CSR filed on January 7, 2010 there were 11,212,000 shares of common stock outstanding as of 10/31/2009 The percentage set forth in item 5 was derived using such number. Bulldog Investors, Brooklyn Capital Management, Phillip Goldstein and Andrew Dakos beneficially own an aggregate of 652,198 shares of KEF or 5.82% of the outstanding shares.Power to dispose of and vote securities resides either with Mr. Goldstein, Mr. Dakos or with clients. c) During the past 60 days the following shares of KEF were purchased: Date: Shares: Price: 02/23/10 900 8.7500 02/24/10 40,650 8.8482 02/26/10 34,000 8.6899 03/01/10 38,300 8.7938 03/02/10 600 8.8800 03/03/10 54,670 9.0199 03/04/10 39,400 8.9807 03/12/10 4,970 9.3396 03/19/10 10,000 9.3200 03/24/10 1,200 9.3300 03/26/10 20,000 9.3388 03/31/10 3,800 9.3900 04/01/10 1,700 9.6500 04/19/10 20,000 9.6956 04/20/10 600 9.8400 04/21/10 42,000 9.9800 04/26/10 10,920 10.0851 04/27/10 25,000 9.9051 04/28/10 8,102 9.9299 d) Beneficiaries of managed accounts are entitled to receive any dividends or sales proceeds. e) NA ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit A. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: 04/29/2010 By: /s/ Phillip Goldstein Name: Phillip Goldstein By: /S/ Andrew Dakos Name: Andrew Dakos Exhibit A: Opportunity Partners L.P. 60 Heritage Drive, Pleasantville, NY 10570 914-747-5262 // pgoldstein@bulldoginvestors.com April 16, 2010 Korea Equity Fund, Inc. Two World Financial Center\ Building B, 22nd Floor New York, New York 10281-1712 Attention: Neil A. Daniele, Secretary Dear Mr. Danielle: Opportunity Partners is a registered holder of 100 shares of Korea Equity Fund, Inc. (the "Fund") and beneficially owns an additional 132,343 shares. Inclusive of the foregoing, affiliates of Opportunity Partners beneficially own in aggregate 545,576 common shares, all of which were acquired since August 28, 2009. The Fund has announced that it "may, from time to time, take action to reduce or eliminate a market value discount from net asset value, either by repurchasing shares in the open market at prices below net asset value or by making a tender offer." To the best of our knowledge, none of these measures has ever been implemented. Since the Fund's shares continue to trade at a double-digit discount, we think it is time to afford stockholders an opportunity to realize net asset value. To that end, we intend to submit two proposals and to nominate one candidate for election as a director at the 2010 annual meeting of stockholders. We assume one director will be elected at the meeting. Please advise us if a different number of directors will be elected. Our proposals are as follows: 1. The management agreement between the Fund and Nomura Asset Management U.S.A. Inc. is hereby terminated as soon as possible. 2. The shareholders request that the board of directors authorize a self-tender offer for all outstanding common shares of the Fund at net asset value (NAV). If more than 50% of the Fund's outstanding common shares are tendered, the tender offer should be cancelled and the Fund should be liquidated or merged into an open-end mutual fund. Our nominee is Phillip Goldstein (born 1945); Park 80 West, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663. Since 1992, Mr. Goldstein has been an investment advisor and a principal of the general partner of six investment partnerships in the Bulldog Investors group of private funds. He is a director of the following closed-end funds: Mexico Equity and Income Fund since 2000, Brantley Capital Corporation since 2001, ASA Ltd since 2008, and Special Opportunities Fund (f/k/a Insured Municipal Income Fund) since 2009. Since 2009, he has been a principal of Brooklyn Capital Management, the current investment adviser to Special Opportunities Fund. Mr. Goldstein and his wife jointly own 5,000 shares of the Fund in street name. The above nominee has consented to being named in the proxy statement and to serve as a director of the Fund if elected. There are no arrangements or understandings between Opportunity Partners and our nominee nor do we know of any material conflicts of interest that would prevent him from acting in the best interest of the Fund. We do not know of any other stockholder supporting the above proposals or nomination. Please notify us immediately if you need any further information. Finally, please feel free to contact us if you would like to discuss actions the board might take to avoid a proxy contest. Thank you. Very truly yours, Phillip Goldstein President Kimball & Winthrop, Inc. General Partner -----END PRIVACY-ENHANCED MESSAGE-----