ALLIANCE GLOBAL ENVIRONMENT FUND, INC. -- REPURCHASE PROGRAM.NEW YORK--(BUSINESS WIRE)--March 14, 1996--Alliance Global Environment Fund, Inc. (NYSE NYSE See: New York Stock Exchange : AEF AEF: see World War I. ), a closed-end management investment company, announced today that the Board of Directors of the Fund has approved a program for the repurchase by the Fund of up to 20% of the Fund's outstanding Common Stock over the coming twelve months. Repurchases of Fund shares will take place in the open market. As of March 12, 1996, 6,907,169 shares of the Fund's Common Stock were outstanding. Commenting upon the Board's action, John D. Carifa, Chairman of the Board, stated that "in view of the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. recent performance of the Fund, shares of the Fund are, we believe, a more attractive investment than is reflected in their current market discount. The share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program is intended to enhance shareholder values by attempting to bring the Fund's market value more into line with the Fund's investment merits. We also anticipate that the repurchase program's antidilutive effect Antidilutive effect Result of a transaction that increases earnings per common share (e.g., by decreasing the number of shares outstanding). will further benefit the Fund's shareholders. The Fund intends to carry out the repurchase program within the context of its normal investment operations." -0- Alliance Global Environment Fund, Inc. is managed by Alliance Capital Management L.P. CONTACT: Shareholder Contact: 1-800-221-5672 or Media Contact: Linda Finnerty 212-969-1316 |
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