SOURCE: Global Income Fund

March 17, 2008 16:46 ET

Global Income Fund, Inc. Announces Intention to Voluntarily Delist Common Stock From American Stock Exchange

NEW YORK, NY--(Marketwire - March 17, 2008) - Global Income Fund, Inc. (AMEX: GIF) (the "Fund") today announced that it has submitted written notice to the American Stock Exchange ("AMEX") of its intention to voluntarily delist its common stock from the AMEX. On or about March 27, 2008, the Fund intends to file a Form 25 with the Securities and Exchange Commission ("SEC") to complete the voluntary delisting of its common stock from the AMEX, which will become effective 10 days after the filing date.

Following the effectiveness of the Form 25 filing, the Fund anticipates that its common stock will be quoted over-the-counter on the OTC Bulletin Board ("OTCBB") or Pink Sheets LLC ("Pink Sheets") to the extent market makers commit to make a market in the Fund's shares, although the Fund can provide no assurance that trading in the stock will continue. The OTCBB and Pink Sheets are electronic networks through which participating broker-dealers can make markets and enter orders to buy and sell shares of issuers. The Fund expects that a registered broker-dealer may sponsor the Fund's shares on the OTCBB or Pink Sheets and act as a market maker following delisting of the Fund's shares from the AMEX.

The Board of Directors decided to take this action after considering the recommendation of a special committee of the independent members of the Board of Directors created to evaluate the issue. The committee concluded that the disadvantages of maintaining its listing on the AMEX outweigh the benefits to the Fund and its stockholders, and the Board concurred with the committee's recommendation. Among the factors considered were:

--  the ongoing costs and expenses, both direct and indirect, associated
    with being listed on the AMEX;
    
--  the ongoing corporate governance requirements of the AMEX and Sarbanes-
    Oxley Act of 2002 which apply only to listed companies; and
    
--  the limited trading volume and liquidity of the Fund's stock on the
    AMEX.
    

Delisting will allow management to focus its resources on pursuing the Fund's investment objectives and position the Fund to enhance long term stockholder value. The Fund will continue to maintain its investment company registration and update its stockholders with financial information as required.

Commenting on these developments, Thomas B. Winmill, President of the Fund, stated: "Costs and obligations associated with being listed on the AMEX have a real effect on our results. In addition, due to our small market capitalization, we have not enjoyed many of the benefits traditionally associated with an AMEX listing. Our Board believes that stockholder value is best served through emphasizing future returns over the limited benefits that have resulted from our current AMEX listing."

The primary investment objective of Global Income Fund, Inc. is to provide for its shareholders a high level of income, with capital appreciation as a secondary objective. The Fund pursues its investment objectives by investing primarily in a global portfolio of investment grade fixed income securities and closed end funds. The Fund is managed by CEF Advisers, Inc., a subsidiary of Winmill & Co. Incorporated, which is engaged through subsidiaries in stock market and gold investing through its investment management of equity and gold mutual funds, and closed end funds. More information about the Fund may be obtained at www.globalincomefund.net.

This release contains certain "forward-looking statements" made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Fund, which may cause the Fund's actual results to be materially different from those expressed or implied by such statements. Such risks, uncertainties and other factors include those described in the Fund's filings with the Securities and Exchange Commission. The forward-looking statements made herein are only made as of the date of this release, and the Fund undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Contact:
    John F. Ramírez
    Email: Email Contact
    1-212-344-6310, extension 208