Bull & Bear Global Income Fund Announces Completion of Rights Offering.NEW YORK--(BUSINESS WIRE)--June 16, 1998--Bull & Bear Global Income Fund, Inc. (AMEX-BBZ) (the "Fund") announced today the completion of its rights offering to holders of the Fund's common stock. The Fund had issued one non-transeferable right for each share held by shareholders of record as of May 20, 1998. The rights entitled record date shareholders to purchase at the Subscription Price per share one share of common stock for each two rights delivered on or prior to the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 offering period commenced on May 20, 1998 and 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. in accordance with the terms of the offer, the Subscription Price was calculated as $6.15. The Fund currently is in the process of issuing approximately 1,576,468 additional shares of common stock as a result of its rights offering. This increases the outstanding shares to approximately 4,745,000 shares. The proceeds to the Fund, after deduction of expenses incurred by the Fund in connection with the rights offering were approximately $9 million. These proceeds increase the Fund's net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. to approximately $33.4 million. Approximately 2,324,000 shares were requested in 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. and pursuant to the over-subscription privilege. Pursuant to terms of the offer, the Fund will allocate available shares remaining after fulfilling exercises of rights pursuant to the primary subscription privilege 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 offer, 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 additional shares of common stock (up to 394,117 shares) in order to satisfy over-subscription requests. The Fund declined to issue the additional over-subscription shares. On June 18, 1998, a confirmation will be sent by the Subscription Agent to each record date shareholder (or, if the shareholder's shares are held by Cede or any other depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. or nominee, to Cede or such depository or nominee), showing (i) the number of shares acquired pursuant to the primary subscription, (ii) the number of shares, if any, acquired pursuant to the over-subscription privilege, (iii) the per share and total purchase price for the shares, and (iv) any additional amount payable by such shareholder to the Fund or any excess to be refunded by the Fund to such shareholder, in each case based on the Subscription Price. 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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