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[Federal Register Volume 62, Number 54 (Thursday, March 20, 1997)]
[Notices]
[Pages 13409-13410]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-7049]

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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22565; 811-8156]

The Global Privatization Fund, Inc.; Notice of Application

March 14, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of application for an order under the Investment Company 
Act of 1940 (the ``Act'').

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APPLICANT: The Global Privatization 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 DATES: The application was filed on July 26, 1996 and was 
amended on February 6, 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 April 8, 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 Fifth Street, N.W., Washington, D.C. 
20549. Applicant, 1345 Avenue of the Americas, New York, New York 
10105.

FOR FURTHER INFORMATION CONTACT: Elaine M. Boggs, Senior Counsel, at 
(202) 942-0572 (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 closed-end management investment company that is 
organized as a corporation under the laws of Maryland. Applicant 
registered under the Act and filed a registration statement on Form N-2 
on November 16, 1993. Applicant's registration statement was declared 
effective on February 18, 1994, and applicant commenced a public 
offering of its shares shortly thereafter.
    2. On June 27, 1995, applicant's board of directors considered and 
approved a sale of substantially all of the assets and liabilities of 
applicant to the Alliance Worldwide Privatization Fund, Inc. (the 
``Acquiring Fund''), a registered open-end investment company. The 
board of directors made the findings required by rule 17a-8 under the 
Act, i.e., that the reorganization was in the best interest of 
applicant and that there would be no dilution, by virtue of the 
proposed exchange, in the value of shares held at that time by 
applicant's shareholders.\1\ In determining that applicant should enter 
into the reorganization, the directors considered, among other things, 
the investment objectives and policies of applicant and the Acquiring 
Fund.
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    \1\ Rule 17a-8 provides an exemption from section 17(a) for 
certain reorganizations among registered investment companies that 
may be affiliated persons, or affiliated persons of an affiliated 
person, solely by reason of having a common investment adviser, 
common directors, and/or common officers.

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[[Page 13410]]

    3. On July 31, 1995, a proxy statement was filed with the SEC and 
applicant mailed proxy materials to its shareholders approximately a 
month later. On October 10, 1995, applicant's shareholders approved the 
reorganization.
    4. On October 27, 1995, applicant transferred its assets and 
liabilities to the Acquiring Fund in exchange for shares of the 
Acquiring Fund on the basis of the relative net asset values per share 
of applicant and the Acquiring Fund. Applicant's net asset on October 
27, 1995, equaled $1,057,273,286, or $14.06 per share. The shares of 
the Acquiring Fund received by applicant were distributed to 
applicant's shareholders based on the relative net asset values per 
share of the two funds. No brokerage fees were paid in connection with 
the reorganization.
    5. Expenses of approximately $500,000 incurred in connection with 
the reorganization were paid by applicant. The expenses consisted of 
legal fees of approximately $331,000, printing costs of approximately 
$150,000, taxes of approximately $7,000, accounting costs of 
approximately $5,000, and miscellaneous costs of approximately $7,000. 
Applicant states that legal and printing costs similar to those 
actually incurred would have been borne by applicant had the 
reorganization not occurred as applicant had a policy that, under 
prevailing market conditions, likely would have required applicant to 
make a tender offer for some or all of its shares.
    6. Applicant states that subsequent to the filing of the Form N-8F, 
it will file articles of dissolution with the State of Maryland to 
terminate applicant's legal existence.
    7. There are no securityholders to whom distributions in complete 
liquidation of their interests have not been made. Applicant has 
retained no assets. Applicant has no debts or other liabilities that 
remain outstanding. Applicant is not a party to any litigation or 
administrative proceeding.
    8. 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.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-7049 Filed 3-19-97; 8:45 am]
BILLING CODE 8010-01-M
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