Alliance All-Market Advantage Fund, Inc. Announces Completion of Rights Offering.NEW YORK--(BUSINESS WIRE)--July 20, 1999-- Alliance All-Market Advantage Fund, Inc. (NYSE NYSE See: New York Stock Exchange :AMO AMO - America's Multimedia Online )(the "Fund") announced today that the Fund's non-transferable rights offering for 845,600 shares of common stock has been completed and was substantially over-subscribed. The Board of Directors of the Fund has approved the issuance of the entire over-subscription amount available to satisfy requests for additional shares, representing the issuance of 211,400 additional shares for a total of 1,057,000 shares. The shares available pursuant to the over-subscription privilege will be allocated pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. among those stockholders who over-subscribed based on the number of rights originally issued to them by the Fund. The subscription price of $41.68 per share was determined based on 95% of the average of the last reported sales price of a share of the Fund's common stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. on July 16, 1999, the date of the expiration of the offer, and on the four preceding business days. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Fund from the rights offering, based on the subscription price of $41.68 per share, are estimated at approximately $41.9 million. The record date for the rights offering was June 21, 1999. The Fund's investment adviser is Alliance Capital Management L.P. PaineWebber Incorporated acted as the dealer manager for the offering. |
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