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Alpine Total Dynamic Divdend Fund's (AOD) board authorizes a share repurchase plan "reflect(ing)...

Alpine Total Dynamic Divdend Fund's (AOD) board authorizes a share repurchase plan "reflect(ing) the Board's belief ... that the market continues to undervalue the (stock)." Net asset value is estimated at $4.57 vs. yesterday's close of $3.93. Fund president Sam Lieber was a buyer of shares a month ago. Shares +2.3% to $4.02 premarket. (PR)
Comments (1)
  • lakeridgefarm
    , contributor
    Comments (2) | Send Message
     
    Excuse me folks, but I am quite confused. I wrote a very explicit letter to the board of directors and managers at Alpine Funds in Purchase, N.Y. regarding my displeasure with their recent dramatic reduction of dividends. This process of stealing from the shareholders seems to be an ongoing theme up there. AOD is a (CEF) closed end fund and not an individual stock in just one company. By it's very definition, a closed end fund is authorized to issue only a pre-approved and specified number of shares. How can these funds that obviously were raised by selling off assets (stock holdings) within the fund be used by the fund managers to buy shares? This share buyback action will actually remove funds that could and should be used to buy more dividend paying stocks from around the world for the benefit of the fund's shareholders and not for any financial gain or pocket lining of the managers and the funds' overly staffed personnel base. The letter I had mailed specifically requested that proportionate reductions in costs and overhead should be applied as per the yet again 50% monthly dividend reduction. Specifically, these cuts should be applied across the board for shareholders and managers alike in regards to salaries and benefits. I should have been able to predict the fund's direction when they sold off their lucrative holdings of Pepsi several years ago. There has only been a downward spiral of AOD ever since. Perhaps I am looking at this matter incorrectly so if I am then please advise me accordingly. My name is Kevin Keperling Sr. and my email address is: lakeridgefarm@verizon.net
    Just perhaps my family and several friends whom collectively own over 35,000 shares should pool together with the help of other concerned folks like yourselves and implement a strategic takeover of some director positions? Then the shareholders best interest could always be placed at the first and foremost position with regards to decisions that are made.
    28 Feb 2013, 02:33 PM Reply Like
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