BOSTON, March 10, 2020 /PRNewswire/ -- Liberty All-Star®
Growth Fund, Inc. (NYSE: ASG) (the "Fund") has announced that, as
of the close of the market on March 9,
2020, it had temporarily suspended its previously announced
offering to shareholders of record as of February 7, 2020 of non-transferable rights
entitling them to subscribe for one additional share for every five
shares held (the "Primary Subscription"), with the right to
subscribe for additional shares not subscribed for by others in the
Primary Subscription. The Fund expects to file a supplement to its
Prospectus with the U.S. Securities and Exchange Commission ("SEC")
no later than March 10, 2020
reflecting the event described below and will reinstate the rights
offering immediately upon filing of the Prospectus supplement. In
addition, the Fund will extend the rights offering until
March 27, 2020.
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
February 7, 2020, 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 February 7, 2020. The
NAV of the Fund as of March 9, 2020
was $5.45, representing a decline of
15.2% from its net asset value of $6.43 as of February 7,
2020.
As indicated above, the Fund expects to file a supplement
updating information in the Prospectus with the SEC no later than
March 10, 2020 and will recommence
the rights offering immediately upon filing the Prospectus
supplement. The Fund will notify shareholders of this decline by
means of the Prospectus supplement and thereby permit shareholders
to cancel any exercise of subscription rights they made prior to
suspension of the offering on March 9,
2020.
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 March 27,
2020. 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 are being revised:
the Subscription Period (February 12,
2020 to March 27, 2020), the
Expiration Date (March 27, 2020), and
Pricing Date (March 30, 2020).
The Fund reserves the right to further extend the Subscription
Period and other related dates as described in the Prospectus.
All other terms and conditions of the offering have not been
changed, including the Record Date (February
7, 2020), the aggregate number of shares offered (7,603,572)
and the rate (one additional share for each five rights
held). The Estimated Subscription Price applicable to the
offering remains at $6.30 and will be
collected in full from shareholders or their brokers who submitted
subscriptions to the offering
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
$208 million in net assets as of
March 9, 2020.
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.
For Information Contact:
Liberty All-Star® Growth Fund, Inc.
1-800-241-1850
www.all-starfunds.com
LAS000963
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SOURCE Liberty All-Star Growth Fund, Inc.