[Federal Register Volume 62, Number 36 (Monday, February 24, 1997)]
[Notices]
[Page 8285]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-4443]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22516; 811-5255]
The Rodney Square International Securities Fund, Inc.; Notice of
Application
February 14, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Deregistration under the Investment
Company Act of 1940 (the ``Act'').
-----------------------------------------------------------------------
APPLICANT: The Rodney Square International Securities Fund, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATE: The application was filed on December 26, 1996 and amended
on February 11, 1997.
HEARING OR NOTIFICATION OF HEARING: An order granting the application
will be issued unless the SEC orders a hearing. Interested persons may
request a hearing by writing to the SEC's Secretary and serving
applicant with a copy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on March 11, 1997,
and should be accompanied by proof of service on applicant, in the form
of an affidavit or, for lawyers, a certificate of service. Hearing
requests should state the nature of the writer's interest, the reason
for the request, and the issues contested. Persons may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Applicant, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19809-0001.
FOR FURTHER INFORMATION CONTACT: Shirley A. Bodden, Paralegal
Specialist, at (202) 942-0575, or Mercer E. Bullard, Branch Chief, at
(202) 942-0564 (Division of Investment Management, Office of Investment
Company Regulation).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a registered open-end management investment company
organized as a Maryland corporation. On July 24, 1987, applicant
registered under the Act by filing a notification of registration on
Form N-8A. On the same date, applicant filed a registration statement
under the Act and under the Securities Act of 1933 to register an
indefinite number of shares of its only series, The Rodney Square
International Equity Fund (the ``Fund''). The registration statement
became effective on October 27, 1987, and applicant commenced a public
offering of the shares on November 2, 1987.
2. In order to stop further losses on the part of the shareholders,
and because net asset value was declining, on May 20, 1996, applicant's
board of directors adopted the following resolutions: (1) that
liquidation and dissolution of the applicant was advisable and (2) that
a special meeting of the applicant's shareholders be called to approve
the liquidation and dissolution of the applicant. Proxy materials were
filed with the SEC on July 5, 1996 and were mailed to applicant's
shareholders on or about that date. At a meeting held on July 25, 1996,
shareholders approved the liquidation and dissolution of the applicant.
3. At the close of business on July 30, 1996, the Fund had
approximately 102,312 outstanding shares with an aggregate net asset
value of $1,334,984 and a per share net asset value of $13.05.
Immediately following the close of business on July 31, 1996, applicant
redeemed all of its outstanding shares at their net asset value of
$13.06 per share, except for 25,000 shares held by Rodney Square
Mangement Corporation, applicant's administrator and transfer agent.
The shares held by Rodney Square Management Corporation were not
redeemed on July 31, 1996, as certain of applicant's portfolio
securities were ``when-issued'' and not readily saleable. These
securities were subsequently sold in open market transactions at their
then-current market prices. The shares held by Rodney Square Management
Corporation were redeemed on October 30, 1996, for $323,811, or $12.95
per share. Applicant has made distributions in complete liquidation to
all its securityholders.
4. All expenses, including legal, accounting, and other general and
administrative expenses, relating to applicant's liquidation and the
winding up of its affairs, except for brokerage commissions incurred in
connection with the sale of applicant's portfolio securities, have been
borne by Wilmington Trust Company, applicant's investment adviser.
These expenses totaled approximately $22,771. Brokerage commissions
incurred from May 20, 1996 to October 30, 1996 in connection with the
sale of applicant's portfolio securities were approximately $62,584.
5. At the time of this application, applicant has no outstanding
assets, securityholders, debts or liabilities. Applicant is not a party
to any litigation or administrative proceeding. Applicant is not now
engaged, nor does it propose to engage, in any business activities
other than those necessary for the winding up of its affairs.
6. Applicant intends to file Articles of Resolution with the State
of Maryland to effect its dissolution as a Maryland corporation.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-4443 Filed 2-21-97; 8:45 am]
BILLING CODE 8010-01-M
