Liberty All-Star® Growth Fund, Inc.
October 15 2018 - 12:08PM
Business Wire
Temporarily Suspends and Recommences Rights
Offering
Liberty All-Star® Growth Fund, Inc. (NYSE: ASG) (the “Fund”) has
announced that, as of the close of the market on October 11, 2018,
it had temporarily suspended its previously announced offering to
shareholders of record as of September 17, 2018 of non-transferable
rights entitling them to subscribe for one additional shares 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. The Fund expects to file a
supplement to its prospectus with the U.S. Securities and Exchange
Commission (“SEC”) no later than October 15, 2018 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 October 31,
2018.
The Fund had, as required by the SEC’s registration form,
undertaken to suspend the offering until it amended its 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.
As indicated above, the Fund expects to file a supplement
updating information in the prospectus with the SEC no later than
October 15, 2018 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 them 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 are being
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 are not being
changed, including 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).
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
$158 million in net assets as of October 12, 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/20181015005726/en/
Liberty All-Star® Growth Fund, Inc.Bill
Parmentier, 1-800-241-1850www.all-starfunds.com
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