Bull & Bear Global Income Fund, Inc. Rights Offering Over-Subscribed.NEW YORK--(BUSINESS WIRE)--June 12, 1998--Bull & Bear Global Income Fund, Inc. (AMEX-BBZ) (the "Fund") announced today that it had received subscriptions for approximately 2,320,000 shares of the Fund's common stock of 1,576,468 shares offered pursuant to its Rights Offering, which expired at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on June 10, 1998 (the "Expiration Date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. "). The Fund also announced the subscription price per share (the "Subscription Price") of $6.15 per share. In accordance with the terms of the Rights Offering, the Subscription Price is 93% of the lower of (i) the average of the last reported sales price of a share of the Fund's Common Stock on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. on the Expiration Date (the "Pricing Date") and on the four preceding business days thereof and (ii) the net asset value per share as of the close of business on the Pricing Date. The average of the last reported sales prices of the Fund's shares on the Pricing Date and the four preceding business days was $6.6125. The net asset value per share as of the close of business on the Pricing Date was $7.70. The subscription price was therefore calculated at 93% of $6.6125, or $6.15. Since sufficient shares are not available to honor all requests for over-subscription, pursuant to the terms of the Rights Offering the Fund will allocate available shares remaining after fulfilling exercises of rights pursuant to the primary subscription privilege Subscription privilege The right of current shareholders of a corporation to buy newly issued shares before they are available to the public. subscription privilege See preemptive right. on a 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. basis, based on the number of rights issued to persons requesting over-subscriptions. Under the terms of the Rights Offering, the Fund is authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: to issue shares of common stock up to an additional 25% of the shares available pursuant to the Rights Offering (up to 394,117 shares) in order to satisfy such over-subscription requests. The Fund is currently considering whether to issue the additional over-subscription shares. The Fund is a diversified, closed-end management investment company which invests primarily in investment grade fixed income securities issued by governments and corporations throughout the world. The Fund's primary investment objective is to provide a high level of income, and its secondary investment objective is capital appreciation. CONTACT: Corporate Investor Noun 1. corporate investor - a company that invests in (acquires control of) other companies company - an institution created to conduct business; "he only invests in large well-established companies"; "he started the company in his garage" Communications, Inc. 1-888-200-4398 |
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