you are referring to the consolidation of ACG, GSF, SI, and AOF, these are my thoughts.
Some months ago Alliance Capital announced that there would be a share buyback in all of these except AOL to enhance shareholder value. I said at the time that I doubted that it would ever happen since it takes capital to do that which just isn't available or lying around idle. Also, to buy back shares in these funds tends to have the effect of reducing the amount of assets under management which is the base for the management fees that are charged by Alliance Capital.
IMHO that announcement was an attempt to placate the very angry shareholders of these Closed End Funds because of the poor management of the funds and the tremendous erosion of their principal and lowering of dividends.
IMHO this latest consolidation announcement is another well timed attempt to take the pressure off the managing entity and to cover their very poor management trail of these funds. The consolidation leaves what assets remain totally in tact along with their management fee base and the shareholders outside looking in and totally disarmed.
IMHO there will be one small impact on these funds from the consolidation. It will cost money to do this; And if one owned equal shares of all four of these funds I project that when the dust all settles shareholders will receive slightly less in dividend income than they received prior to the consolidation due to the consolidation costs and increased management fees which will no doubt result.
As a long time investor in these funds, those are my observations and predictions. Perhaps you would care to share yours.
Now the results for "performance " will be on the new fund. All the previous erosion is history. And mgmt will forget about that history immediately and focus on "enhanced shareholder value", "cost savings" and other buzzy bon mots to justify their fees and salaries.
These jerks, when graded on performance, make government employees look good!