[Federal Register Volume 61, Number 119 (Wednesday, June 19, 1996)] [Notices] [Pages 31200-31201] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 96-15577] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 22015; 811-6065] Templeton Global Utilities, Inc.; Notice of Application June 13, 1996. AGENCY: Securities and Exchange Commission (``SEC''). ACTION: Notice of Application for Deregistration under the Investment Company Act of 1940 (the ``Act''). ----------------------------------------------------------------------- APPLICANT: Templeton Global Utilities, Inc. RELEVANT ACT SECTION: Section 8(f). [[Page 31201]] SUMMARY OF APPLICATION: Applicant requests an order declaring that it has ceased to be an investment company. FILING DATES: The application was filed on May 10, 1996. HEARING OR NOTIFICATION OF HEARING: An order granting the application will be issued unless the SEC orders a hearing. Interested persons may request a hearing by writing to the SEC's Secretary and serving applicant with a copy of the request, personally or by mail. Hearing requests should be received by the SEC by 5:30 p.m. on July 8, 1996, and should be accompanied by proof of service on the applicant, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons may request notification of a hearing by writing to the SEC's Secretary. ADDRESSES: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C. 20549. Applicant, 700 Central Avenue, St. Petersburg, Florida 33701. FOR FURTHER INFORMATION CONTACT: Diana L. Titus, Paralegal Specialist, at (202) 942-0584, or Alison E. Baur, Branch Chief, at (202) 942-0564 (Division of Investment Management, Office of Investment Company Regulation). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained for a fee from the SEC's Public Reference Branch. Applicant's Representations 1. Applicant is a closed-end diversified management investment company organized as a Maryland corporation. On March 27, 1990, applicant registered under the Act and filed a registration statement on Form N-2 pursuant to section 8(b) of the Act and under the Securities Act of 1933 to register shares of applicant's common stock. The registration statement was declared effective on May 23, 1990 and the initial public offering of applicant's shares commenced on that date. 2. On December 5, 1995, applicant's Board of Directors approved a plan of reorganization providing for a transfer of all or substantially all of applicant's assets in exchange for Class I shares of Franklin Global Utilities Fund (``Franklin Global''), a series of Franklin Strategic Series. In accordance with rule 17a-8 under the Act, which governs mergers of certain affiliated investment companies, the board determined that the reorganization was in the best interests of applicant and that the interests of applicant's existing shareholders would not be diluted as a result of the reorganization.1 --------------------------------------------------------------------------- \1\ Although purchases and sales between affiliated persons generally are prohibited by section 17(a) of the Act, rule 17a-8 provides an exemption for certain purchases and sales among investment companies that are affiliated persons of each other solely by reason of having a common investment adviser, common directors, and/or common officers. --------------------------------------------------------------------------- 3. On December 19, 1995, applicant filed proxy materials with the SEC. On or about January 19, 1996, proxy materials were sent to shareholders. At a meeting held on February 20, 1996, the reorganization was apporved by applicant's shareholders. 4. On March 29, 1996, Franklin Global acquired all or substantially all of the assets of applicant in exchange in Class I shares of Franklin Global and the assumption by Franklin Global of certain identifiable liabilities of applicant. The number of full and fractional shares of Franklin Global that was issued to applicant's shareholders was determined on the basis of the relative net asset values per share and the aggregate net assets of Franklin Global and applicant as of the close of business on the New York Stock Exchange on that date. 5. Expenses incurred in connection with the reorganization were approximately $72,537. Applicant, its adviser, Templeton Global Advisors Limited, Franklin Global, and its adviser, Franklin Advisors, Inc. shared these expenses equally. No brokerage commissions were paid to transfer ownership of portfolio securities by applicant to Franklin Global. 6. Applicant has no remaining assets, debts, or liabilities, and has no securityholders. 7. Applicant is not a party to any litigation or administrative proceeding. Applicant is not now engaged, and does not propose to engage, in any business activities other than those necessary for the winding up of its affairs. 8. Applicant intends to file a certificate of dissolution in accordance with Maryland laws. For the SEC, by the Division of Investment Management, under delegated authority. Margaret H. McFarland, Deputy Secretary. [FR Doc. 96-15577 Filed 6-18-96; 8:45 am] BILLING CODE 8010-01-M