Castle Convertible Fund, Inc. Announces Proposed Reorganization
May 13 2008 - 5:19PM
PR Newswire (US)
NEW YORK, May 13 /PRNewswire/ -- Castle Convertible Fund, Inc.
(AMEX:CVF) today announced the approval by the fund's Board of
Directors of a plan to reorganize the closed-end fund into a newly
formed open-end mutual fund that pursues the same objectives as the
fund. The new offering will be a series of The Alger Funds, also
managed by Fred Alger Management, Inc., and will be named "Alger
Convertible Fund." In addition, the fund's Board of Directors
authorized that a special meeting of shareholders be held to vote
on the proposed reorganization. If the reorganization is approved
by the fund's shareholders, it is expected to be completed in the
fourth quarter of 2008. The fund currently has assets of
approximately $57 million. The fund plans to file preliminary proxy
materials with the Securities and Exchange Commission that will
contain additional information about the proposed reorganization,
meeting, and record dates. About Fred Alger Management, Inc. and
the Fund Founded in 1964, Fred Alger Management, Inc. ("Alger") is
a leading asset management firm managing more than $13 billion.
Alger employs a bottom-up approach in its attempt to identify the
fastest-growing companies in their respective sectors. For more
than 40 years, Alger has followed a rigorous process, a consistent
approach, and a core philosophy: find dynamic, innovative companies
creating change and invest in them. Alger offers investment
advisory services to separately managed, sub-advised, and wrap
accounts. Fred Alger & Company, Incorporated, Member NYSE,
SIPC, offers mutual funds as well as institutional funds for
defined benefit and defined contribution plans. For more
information, please visit http://www.alger.com/. The fund is
managed by Alger. For more information, please contact Christina
Halpern, Fred Alger Management, Inc., 111 Fifth Ave., New York, NY
10003. (212) 806-2937. CONTACTS: KEKST & COMPANY ALGER Jeff
Taufield/John Patteson Christina Halpern 212-521-4800 212-806-2937
DATASOURCE: Fred Alger Management, Inc. CONTACT: Jeff Taufield, or
John Patteson, both of Kekst & Company, +1-212-521-4800;
Christina Halpern of Alger, +1-212-806-2937 Web site:
http://www.alger.com/
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