[Federal Register Volume 61, Number 69 (Tuesday, April 9, 1996)]
[Notices]
[Pages 15843-15844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-8708]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21869; 811-5613]
Global Income Plus Fund, Inc.; Notice of Application for
Deregistration
April 2, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Global Income Plus Fund, Inc.
RELEVANT ACT SECTION: Order requested under section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on March 6, 1996.
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 April 29, 1996,
and should be accompanied by proof of service on the 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 Fifth Street, N.W., Washington, D.C.
20549. Applicant, 1285 Avenue of the Americas, New York, N.Y. 10019.
FOR FURTHER INFORMATION CONTACT:
Mary T. Geffroy, Staff Attorney, at (202) 942-0553, or Robert A.
Robertson, 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 from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a registered closed-end investment company,
organized as a Maryland corporation. On July 13, 1988, applicant filed
with the SEC a registration statement on Form N-2 pursuant to the
Securities Act of 1933. The registration statement was declared
effective on August 24, 1988 and the initial public offering commenced
on August 25, 1988.
[[Page 15844]]
2. On February 15, 1995, applicant's board of directors approved a
resolution to adopt an Agreement and Plan of Reorganization and
Liquidation (``Plan'') between applicant and PaineWebber Global Income
Fund (``Income Fund''), a series of PaineWebber Investment Series. The
Plan provided that Income Fund would, on June 30, 1995 (``Closing
Date''), acquire all of the assets and liabilities of applicant in
exchange solely for Class A shares of beneficial interest in the Income
Fund (``Closing Shares'').\1\
\1\ At a meeting held on February 15, 1995, the applicant's
board of directors found that the reorganization contemplated by the
Plan was in the best interests of applicant's shareholders and that
the interests of the shareholders would not be diluted as a result
of the reorganization.
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3. On March 22, 1995, applicant filed with the SEC a registration
statement on Form N-14 which included a combined prospectus relating to
the shares of Income Fund to be issued in connection with the
reorganization , and a form of proxy. The registration statement became
effective on April 7, 1995. On or about April 18, 1995, the combined
prospectus and form of proxy were distributed to the shareholders of
the applicant, and on May 25, 1995, the shareholders approved the Plan
and the transactions contemplated thereunder.
4. On Closing Date, applicant: (1) received from Income Fund a
number of Closing Shares having an aggregate net asset value equal to
the aggregate value of applicant's assets transferred to Income Fund as
of the Closing Date; and (2) distributed to applicant's shareholders
the Closing Shares in exchange for the shareholder's holdings of
applicant's common stock. This distribution of the Closing Shares was
accomplished by opening accounts on the books of Income Fund in the
names of the shareholders of applicant and transferring thereto the
Closing Shares credited to the account of applicant on the books of
Income Fund. Each shareholder account so opened was credited with the
pro rata number of Closing Shares due each shareholder.
5. As of the Closing Date, there were 26,096,317 shares of common
stock, with a par value of $.001 per share, of the applicant
outstanding. These shares had an aggregate net asset value of
$230,716,946.32 and a per share net asset value of $8.84. There were no
other classes of securities of the applicant outstanding.
6. Certain expenses were incurred in connection with the merger,
consisting primarily of legal expenses, expenses of printing and
mailing communications to shareholders, registration fees, and
miscellaneous account and administrative expenses. The expenses
totalled approximately $250,000 and were borne by applicant and Income
Fund in proportion to their respective net assets. As of the date of
the application, applicant had no shareholders, assets, or liabilities,
and was not a party to any litigation or administrative proceeding.
Applicant is neither engaged, nor does it propose to engage, in any
business activities other than those necessary for the winding-up of
its affairs.
7. On January 31, 1996, applicant and Income Fund filed articles of
transfer with, and such articles were approved for record by, the
Maryland State Department of Assessments and Taxation. Pursuant to
section 3-407 of the Maryland General Corporate Law, applicant intends
to promptly file articles of dissolution.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-8708 Filed 4-8-96; 8:45 am]
BILLING CODE 8010-01-M
