SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: October 6, 1995
BULL & BEAR GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
09667 13-1897916
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(Commission File Number) (IRS Employer Identification No.)
11 Hanover Square, New York, New York 10005
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(Address of principal executive offices) (Zip Code)
212-785-0900
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report.)
Exhibit Index on page 4
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Item 2. Acquisition or Disposition of Assets
(a) A Company investment management subsidiary (the "Investment Manager")
entered into an Asset Purchase Agreement with Excel Advisors, Inc. ("Excel
Advisors"), providing for the Investment Manager's purchase of the assets
that relate to the management of Excel Midas Gold Shares, Inc. ("Midas
Gold"), a mutual fund, for $182,500. The source of the funds used was the
Company's working capital. The transfer of these assets resulted in the
assignment and automatic termination of the current investment management
agreement between the Excel Advisors and Midas Gold (the "Current
Agreement"). Accordingly, as a result of the termination of the Current
Agreement, shareholders of Midas Gold were asked to consider a new
investment management agreement ("New Agreement") between Midas Gold and
the Investment Manager effective upon the termination of the Current
Investment Management Agreement. In connection such matters, shareholders
were also asked to consider a subadvisory agreement, described below, and a
reorganization of Midas Gold, resulting in its reincorporation as a
Maryland company to be named "Midas Fund, Inc." and authorizing the
approval of agreements for Midas Fund, Inc. identical to the New Agreement
and the subadvisory agreement, as well as a plan of distribution with a
Company broker/dealer subsidiary, and to elect a new board of directors
comprised similarly to the boards of directors of the Bull & Bear Funds.
Each of the above items was approved by shareholders on August 25, 1995.
With respect to Midas Gold and Bull & Bear Gold Investors Ltd. (the
"Funds"), the Company investment management subsidiaries (the "Investment
Managers") entered into subadvisory agreements with Lion Resource
Management Limited (the "Subadviser") regarding Fund portfolio investments.
Pursuant to the agreements, the Subadviser advises and consults with the
Investment Managers regarding the selection, clearing and safekeeping of
the Funds' portfolio investments and assists in pricing and generally
monitoring such investments. The Subadviser also provides the Investment
Managers with advice as to allocating the Funds' portfolio assets among
various countries, including the United States, and among equities,
bullion, and other types of investments, including recommendations of
specific investments. The Investment Managers, not the Funds, pay the
Subadviser monthly a percentage of the Investment Manager's net fees based
upon the Funds' performance and total net assets. Each agreement was
approved by that Fund's shareholders on August 25, 1995.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BULL & BEAR GROUP, INC.
October 6, 1995 By://Thomas B. Winmill//
Thomas B. Winmill, Esq.
Co-President
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EXHIBIT INDEX
N/A
4
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