Company Website:
http://www.all-starfunds.com
BOSTON -- (Business Wire)
Liberty All-Star® Equity Fund (NYSE: USA) (the “Fund”)
announced the preliminary results of its tender offer (the “Offer”) to
purchase up to 7.5% of its outstanding shares of beneficial interest.
The Offer, which expired at 5:00 p.m. EDT on September 23, 2013, was
oversubscribed. Because the number of shares tendered exceeded the
number of shares the Fund offered to purchase, the Fund will purchase
shares on a pro-rata basis in accordance with the number of shares
properly tendered and not withdrawn by each shareholder and the terms of
the Offer to Purchase, with appropriate adjustment to avoid purchase of
fractional shares.
Based on preliminary information provided by Computershare Trust
Company, the depositary for the Offer, approximately 64,581,723 shares,
or approximately 34.2% of the Fund’s outstanding shares were tendered
through the expiration date of the Offer. This number is subject to
adjustment and should not be regarded as final. The Fund will announce
the final results of the Offer at a later date.
ALPS Advisors, Inc. is the investment advisor of the Fund, a
multi-managed, closed-end investment company with more than $1.1 billion
in net assets as of September 23, 2013. The Fund’s shares are listed on
the New York Stock Exchange under the symbol USA. The Fund is a
closed-end fund and does not continuously offer shares. The Fund 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.
This press release contains forward-looking statements. These statements
are based on the current expectations and beliefs of the Fund’s
management and are subject to a number of factors and uncertainties that
could cause actual results to differ materially from those described in
the forward-looking statements. The forward-looking statements contained
in this document include references to completion of the Offer and the
payment for shares related thereto. These statements, including their
underlying assumptions, are subject to risks and uncertainties and are
not guarantees of future performance. Results may differ due to various
factors such as the possibility that conditions to completion of the
Offer are not satisfied. For further details of these risks, you should
read the filings with the Securities and Exchange Commission related to
the Offer, including the Schedule TO that has been filed and the
documents referred to therein. Except as required by law, the Fund is
under no obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result of
new information, future events, or otherwise.
Contacts:
Liberty All-Star Equity Fund, Inc.
Bill Parmentier,
1-800-241-1850
www.all-starfunds.com
Source: Liberty All-Star Equity Fund, Inc.
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