Alliance Global Environment Fund Stockholders Approve Proposed Open-Ending; Conversion Scheduled.NEW YORK--(BUSINESS WIRE)--Sept. 12, 1997--Alliance Global Environment Fund, Inc. (NYSE NYSE See: New York Stock Exchange : AEF AEF: see World War I. ) (the "Fund"), a closed-end investment company closed-end investment company: see mutual fund. managed by Alliance Capital Management L.P. ("Alliance"), announced that its stockholders voted overwhelmingly, at today's adjourned session of their Annual Meeting, to approve the conversion of the Fund to an open-end investment company open-end investment company: see mutual fund. . Over 95% of the shares voted at the meeting, constituting 75.3% of the Fund's outstanding shares, voted in favor of the conversion. "We're gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that the Fund's Board and stockholders have endorsed Alliance's proposal to provide stockholders with continuous liquidity at net asset value," said John D. Carifa, President of Alliance and Chairman of the Fund. "In view of our continuing conviction of the highly attractive long-term investment merit of the global environment sector, we're pleased that the Fund will now take its place among the open-end Alliance Mutual Funds." The Fund's conversion to open-end form is scheduled to occur after the close of business on Friday, October 3, 1997. At that time, stockholders will receive full and fractional Class A shares of the open-end fund Open-End Fund A mutual fund that continues to sell shares to investors, and will buy back shares when investors wish to sell. Notes: Open-end funds have no limit to the number of shares they can issue. The majority of mutual funds are open end. equivalent in net asset value to their closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. shares. A transaction confirmation will be mailed to each stockholder. The Fund's first business day in open-end form will be Monday, October 6, 1997. In order to moderate the impact of a potentially large number of redemption and exchange requests, redemptions or exchanges of Class A shares received in the conversion will be subject to a 2% redemption fee through October 2, 1998. There will be no redemption fee after October 2, 1998. The entire amount of the redemption fee will be payable to the Fund, and not to Alliance, providing an antidilutive benefit to stockholders. The stock transfer records of the Fund, as a closed-end fund, will be closed permanently following the close of business on September 29, 1997. As a consequence, trading in the Fund's shares 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. will be suspended by the Exchange before the commencement of trading on September 30, 1997. The last day of trading in shares of the closed-end fund will be September 29, 1997. Following the conversion, the Fund's shares will be formally delisted from the Exchange. CONTACT: Shareholder Contact: 1-800-221-5672 or Media Contact Only: Duff Ferguson 212-969-1056 |
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