Board of Directors of Alliance National Municipal Income Fund, Inc. Approves the Issuance of the Fund's Common Stock in Connecti
November 20 2006 - 3:06PM
PR Newswire (US)
NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- The Board of Directors
of Alliance National Municipal Income Fund, Inc. (NYSE: AFB;
"Alliance National Municipal") has approved the issuance of the
Fund's common stock for exchange in the acquisition of the assets
and the assumption of the liabilities of ACM Municipal Securities
Income Fund, Inc. (NYSE: AMU "ACM Municipal Securities") by
Alliance National Municipal (the "Acquisition"). The issuance of
Alliance National Municipal common stock for exchange in the
Acquisition requires stockholder approval. Under the rules of the
New York Stock Exchange, on which Alliance National Municipal is
listed, stockholder approval is required prior to the issuance of
common stock if a transaction would result in an increase of 20% or
more of the amount of the fund's outstanding shares. The
Acquisition would require Alliance National Municipal to increase
the number of its outstanding shares by more than 20%. A Special
Meeting of Stockholders of Alliance National Municipal is scheduled
to be held on Thursday, February 22, 2007. The close of business on
December 15, 2006 has been fixed as the record date for the Special
Meeting of Stockholders. The Acquisition will not occur if
stockholders of Alliance National Municipal do not approve the
issuance of shares of the Fund's common stock. If stockholders of
Alliance National Municipal approve the issuance of the Fund's
common stock for exchange in the Acquisition, the Acquisition, if
approved by stockholders of ACM Municipal Securities, is expected
to take place in mid-2007. ACM Municipal Securities and Alliance
National Municipal are diversified, closed-end U.S.-registered
management investment companies. Both Funds are advised by
AllianceBernstein L.P. DATASOURCE: Alliance National Municipal
Income Fund, Inc. CONTACT: Shareholder, +1-800-221-5672, for
Alliance National Municipal Income Fund, Inc. Web site:
http://www.alliancebernstein.com/
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