Herzfeld Caribbean : The Herzfeld Caribbean Basin Fund, Inc. Appoints New Independent Director
08/07/2007| 05:33pm US/Eastern
The Herzfeld Caribbean Basin Fund (Nasdaq Capital Market: CUBA)
announced the appointment of Kay W. Tatum, Ph.D., CPA as an independent
director to the Fund's Board of Directors. Dr.
Tatum, 55, is Chair and Associate Professor of Accounting at the
University of Miami's School of Business
Administration. She has participated in various activities involving
professional auditing standards. Her numerous accomplishments include
being named to the Public Company Accounting Oversight Board's
initial Standing Advisory Group and serving a two-year appointment on
that board from 2004-2005. Prior to that appointment, she was a member
of the American Institute of Certified Public Accountant's
International Auditing Standards Subcommittee from 1998-2003.
Dr. Tatum's articles about auditing topics
have appeared in the Journal of Accountancy and The CPA Journal.
She is also a contributing author to the book Audit Committees: A
Guide for Directors, Management and Consultants.
Dr. Tatum will also serve as a member of the Fund's
audit committee and as its chairperson. She replaces Albert L.
Weintraub, who served the Fund in similar capacities, and who retired
from the board last month at the age of 77. Dr. Tatum will be presented
to shareholders for election at the Fund's
upcoming Annual Meeting scheduled for mid-November, 2007. Due to Mr.
Weintraub's retirement, the Fund's
audit committee was not composed of three independent directors as
required under Nasdaq's Marketplace Rule 4350.
The appointment of Dr. Tatum to the audit committee reestablishes the
proper audit committee composition within the cure period provided by
On July 30, 2007, the Company notified the staff of Nasdaq that due Mr.
Weintraub's retirement the Company no longer
complied with the Nasdaq's audit committee
composition requirements as set forth in Marketplace Rule 4350(d)(2)
requiring an audit committee comprised of three independent directors.
On July 31, 2007, the Nasdaq provided notice to the Fund acknowledging
the Fund's notification of its non-compliance
and apprising the Fund of the cure period provided by Marketplace Rules
4350(c)(1) and 4350(d)(4). At a meeting of its board of directors and
audit committee held on August 1, 2007, the Board elected Dr. Tatum to
the board of directors of the Fund and appointed Dr. Tatum to serve on
the Fund's audit committee, effective upon
Dr. Tatum's acceptance. The board of
directors has determined that Dr. Tatum is an ?audit
committee financial expert? and ?independent?
as such terms are defined by Item 3 of Form N-CSR. In addition, the
audit committee appointed Dr. Tatum as its chairperson, effective upon
Dr. Tatum's acceptance. On August 7, 2007,
Dr. Tatum accepted her election to the board and appointment to the
audit committee. Upon notification of these actions, the Nasdaq staff
issued a letter on August 7, 2007 stating that the company now complies
with the Marketplace Rule 4350 and that the matter is closed.
The Herzfeld Caribbean Basin Fund, Inc. is a closed-end fund managed by
HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. The Fund
seeks long-term capital appreciation. To achieve its objective the Fund
invests in issuers that are likely, in the Advisor's
view, to benefit from economic, political, structural and technological
developments in the countries in the Caribbean Basin, which the Fund
considers to include Cuba, Jamaica, Trinidad and Tobago, the Bahamas,
the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands
Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala,
Belize, Costa Rica, Panama, Colombia, Venezuela and the United States.
Thomas J. Herzfeld Advisors, Inc. specializes in the field of closed-end
funds. Information about the advisor and the Fund can be found at www.herzfeld.com.
Information about research published by Thomas J. Herzfeld Advisors,
Inc. is available at www.herzfeldresearch.com.
For further information:
Thomas J. Herzfeld Advisors, Inc.
L. Gondor, 305-271-1900
© Business Wire 2007