Liberty All-Star® Growth Fund, Inc. Recommences Rights Offering
October 17 2018 - 4:39PM
Business Wire
Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) (the “Fund”) has
announced that it had recommenced its previously announced offering
to shareholders of record as of September 17, 2018 of
non-transferable rights entitling them to subscribe for one
additional share for every three shares held (the “Primary
Subscription”), with the right to subscribe for additional shares
not subscribed for by others in the Primary Subscription. A
supplement to its prospectus has been filed with the U.S.
Securities and Exchange Commission (“SEC”) reflecting the event
described below and recommencement of the rights offering. In
addition, the Fund has extended the rights offering until October
31, 2018.
The Fund had, as required by the SEC’s registration form,
undertaken to suspend the offering until it updated information in
the prospectus relating to the offering if, subsequent to September
17, 2018, the effective date of the Fund’s registration statement
relating to the offering, the Fund’s net asset value (“NAV”)
declined more than ten percent from its NAV as of September 17,
2018. The NAV of the Fund as of October 11, 2018 was $5.65,
representing a decline of 10.2% from its net asset value of $6.29
as of September 17, 2018.
Shareholders are permitted to cancel any exercise of
subscription rights they made prior to suspension of the offering
on October 11, 2018. Cancellation must be made by written
communication to the subscription agent for the rights offering at
the address listed in the prospectus referencing the prior
subscription request. Cancellation requests by shareholders who
exercised their subscription rights through securities brokers must
be made to those brokers. All cancellation requests must be
received by the Fund prior to the close of business on the revised
Expiration Date of the offering, which is October 31, 2018. If a
shareholder does not cancel a prior subscription request, the
subscription will remain valid and be processed as submitted.
As a result of the extension of the rights offering, the
following terms and conditions of the offering also were revised:
the Subscription Period (September 21, 2018 to October 31, 2018),
the Expiration Date (October 31, 2018), and the Pricing Date
(November 1, 2018), subject to the ability of the Fund to further
extend the Subscription Period and the related dates as disclosed
in the prospectus.
All other terms and conditions have not been changed. In
particular, the Estimated Subscription Price applicable to the
offering remains at $6.25 and will be collected in full from
shareholders or their brokers who submitted subscriptions to the
offering. References to the Subscription Price, Estimated Purchase
Price and net asset value per share in the October 15, 2018
Supplement to the prospectus only reflect the market impact as of
October 11, 2018 on the Fund’s net asset value per share. In
addition, the Record Date (September 17, 2018), the aggregate
number of shares offered (9,205,421) and the rate (one additional
share for each three rights held) also remain unchanged.
This press release shall not constitute an offer to sell or
constitute a solicitation of an offer to buy. Investors should read
the prospectus and consider the investment objective, risks,
charges and expenses of the Fund carefully before investing.
The Fund does not continuously issue shares and trades in the
secondary market. Investors wishing to buy or sell shares need to
place orders through an intermediary or broker. The share price of
a closed-end fund is based on the market’s value. The Fund’s shares
are listed on the New York Stock Exchange under the ticker symbol
ASG. ALPS Advisors, Inc. is the investment advisor of the Fund, a
multi-managed, closed-end investment company with more than $163
million in net assets as of October 16, 2018.
Past performance cannot predict future results.An investment in
the Fund involves risk, including loss of principal.Secondary
market support provided to the Fund by ALPS Fund Services, Inc.’s
affiliate ALPS Portfolio Solutions Distributor, Inc., a FINRA
Member. ALPS Fund Services, Inc., ALPS Advisors, Inc. and ALPS
Portfolio Solutions Distributor, Inc. are affiliated entities.
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version on businesswire.com: https://www.businesswire.com/news/home/20181017005927/en/
Liberty All-Star Growth Fund, Inc. (ASG)Bill Parmentier,
1-800-241-1850www.all-starfunds.com
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