Liberty All-Star® Equity Fund and Liberty All-Star® Growth Fund, Inc. Announce Board Approval of Special Shareholder Meetings
March 23 2018 - 4:15PM
Business Wire
Liberty All-Star® Equity Fund (NYSE: USA) and Liberty All-Star®
Growth Fund, Inc. (NYSE: ASG) (each, a “Fund”) have each announced
that on March 22, 2018 the Board of Trustees of Liberty All-Star®
Equity Fund and the Board of Directors of Liberty All-Star® Growth
Fund, Inc. (collectively, the “Board”) approved that a special
meeting of each Fund’s shareholders be held on May 31, 2018. In
addition, the Board of each Fund approved a new Fund Management
Agreement with ALPS Advisors, Inc. (“ALPS Advisors”) and new
Portfolio Management Agreements with the Fund’s current
sub-advisors, subject to approval of such agreements by
shareholders of the Fund. The new Fund Management Agreements and
Portfolio Management Agreements were considered in connection with
the recently announced transaction in which DST Systems, Inc.
(“DST”), the parent company of ALPS Advisors, entered into a
definitive agreement with SS&C Technologies Holdings, Inc.
(“SS&C”) wherein SS&C will acquire DST (the “Transaction”).
The Transaction, when completed, will result in a change of control
of ALPS Advisors, which may be deemed to result in an “assignment”
of the Funds’ existing Fund Management Agreements and Portfolio
Management Agreements, resulting in their automatic termination.
Completion of the Transaction is subject to a number of conditions.
DST and SS&C currently expect to complete the Transaction
before the end of the second quarter of 2018.
To provide for continuity in the operation of the Funds,
shareholders of the Funds will be asked to approve the new Fund
Management Agreements and new Portfolio Management Agreements at
the special meeting of shareholders to be held on May 31, 2018. The
record date for each Fund’s special meeting of shareholders is
March 2, 2018.
The Funds do not continuously issue shares. Shares of the Funds
trade 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.
Liberty All-Star® Equity Fund’s shares are listed on the New York
Stock Exchange under the symbol USA and Liberty All-Star® Growth
Fund, Inc.’s shares are listed on the New York Stock Exchange under
the symbol ASG. ALPS Advisors, Inc. is the investment advisor of
Liberty All-Star® Equity Fund and Liberty All-Star® Growth Fund,
Inc., which are multi-managed, closed-end investment companies with
more than $1.3 billion and $158 million in net assets, respectively
as of March 21, 2018.
***
In connection with the presentation of the new Fund Management
Agreements and new Portfolio Management Agreements to the Funds’
shareholders for approval, the Funds intend to file relevant
materials with the Securities and Exchange Commission (the “SEC”),
including a preliminary proxy statement on Schedule 14A. Following
the filing of the definitive proxy statement with the SEC, the
Funds will mail the definitive proxy statement and a proxy card to
each shareholder entitled to vote at the special meeting.
Shareholders are urged to carefully read these materials in
their entirety (including any amendments or supplements thereto)
and any other relevant documents that the Funds will file with the
SEC when they become available because they will contain important
information. The proxy statement and other relevant materials
(when available), and any and all documents filed by the Funds with
the SEC, may be obtained for free at the SEC’s website at
www.sec.gov.
This communication is not a solicitation of a proxy from any
Fund shareholder. The Funds, their investment advisors and
sub-advisers and certain of their respective directors/trustees,
officers and affiliates may be deemed under the rules of the SEC to
be participants in the solicitation of proxies from shareholders in
connection with the proposals. Information about the investment
advisors and sub-advisers, directors/trustees and officers of the
Funds may be found in their respective annual reports and annual
proxy statements previously filed with the SEC.
Past performance cannot predict future results.
An investment in the Fund involves risk, including loss of
principal.
ALPS Portfolio Solutions Distributor, Inc. – FINRA Member
Firm
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180323005715/en/
Liberty All-Star FundsBill Parmentier,
1-800-241-1850www.all-starfunds.com
Liberty All Star Equity (NYSE:USA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Liberty All Star Equity (NYSE:USA)
Historical Stock Chart
From Apr 2023 to Apr 2024