PITTSFORD, N.Y., March 23, 2015 /PRNewswire/ -- Karpus
Investment Management announced today that it will be presenting
its stockholder proposal at the 2015 Annual Meeting of the
AllianceBernstein Income Fund, Inc. (NYSE: ACG) to be held on
April 16, 2015.
Karpus' proposal requests that the Board of Directors promptly
consider authorizing a self-tender offer for all outstanding common
shares of the Fund at or close to net asset value. "If more than
50% of the Fund's outstanding shares are tendered, we want the
Board to cancel the tender offer and take the steps necessary to
liquidate, merge or convert the Fund to an open-end fund," stated
Brett D. Gardner, Senior Corporate
Governance Analyst.
Gardner further stated, "Since nearly 30% of ACG's outstanding
shares voted last year to open-end the Fund, we adamantly believe
that a strong response is needed to address the concerns of such a
significant amount of shareholders. If approved by shareholders and
implemented by the Fund, we feel this is exactly what our proposal
would do."
He concluded, "We feel that the Board has failed to effectively
manage the Fund's discount and the time has come to allow
stockholders to realize close to full value for their shares.
Karpus will be voting its roughly 11.5 million shares 'For' our
stockholder proposal and to 'Withhold Authority' for each of ACG's
trustee nominees."
Karpus Investment Management is a 29 year-old firm based in
Pittsford, NY that practices
conservative money management and has approximately $2.6 billion in assets under management. It is
one of the largest long-term stockholders in ACG and has held
shares since 2010.
Karpus Investment Management
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Contact:
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Artie
Regan
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Regan &
Associates, Inc.
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(212) 587-3005
(phone)
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(212) 587-3006
(fax)
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info@reganproxy.com
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SOURCE Karpus Investment Management