SunAmerica Focused Alpha Growth Fund, Inc. (NYSE: FGF) and
SunAmerica Focused Alpha Large-Cap Fund, Inc. (NYSE: FGI) (each a
“Fund” and collectively, the “Funds”) announced today that their
respective Boards of Directors (each a “Board” and collectively,
the “Boards”) have considered certain additional matters related to
the proposed reorganization of each Fund into a new open-end fund
(each an “Acquiring Fund” and together, the “Acquiring Funds”). The
Funds had previously announced the proposed reorganizations (each a
“Reorganization” and together, the “Reorganizations”) in a press
release dated July 27, 2011.
Since that announcement, the Boards and the Board of Trustees of
the Acquiring Funds have met to consider additional organizational
and other matters related to the Acquiring Funds and the proposed
Reorganizations. In connection with the consideration of these
matters, it has now been determined that if a Reorganization is
approved by shareholders, any redemptions and exchanges of shares
of an Acquiring Fund issued pursuant to the Reorganization will be
subject to a 1.00% redemption fee for a period of 90 days following
the closing date of the respective Reorganization.
As previously announced, each Fund expects to convene a special
meeting of the Fund’s shareholders on or about December 19, 2011 to
consider the proposed Reorganizations. If approved by shareholders,
the Reorganizations are expected to close in January 2012.
Shareholder approval of each Reorganization is not contingent upon
shareholder approval of the other Reorganization.
This press release is not intended to, and shall not, constitute
an offer to purchase or sell shares of any of the Funds or
Acquiring Funds; nor is this press release intended to solicit a
proxy from any shareholder of a Fund.
SunAmerica Focused Alpha Growth Fund, Inc. is a non-diversified,
closed-end management investment company. The Fund’s investment
objective is to provide growth of capital. The Fund seeks to pursue
this objective by employing a concentrated stock picking strategy
in which the Fund, through subadvisers selected by SunAmerica,
actively invests primarily in a small number of equity securities
(i.e., common stocks) and to a lesser extent equity-related
securities (i.e., preferred stocks, convertible securities,
warrants and rights) of companies primarily in the U.S. markets.
Marsico Capital Management, LLC (“Marsico”) is the large-cap stock
subadviser and BAMCO, Inc. (“BAMCO”) is the small- and mid-cap
stock subadviser.
SunAmerica Focused Alpha Large-Cap Fund, Inc. is a
non-diversified, closed-end management investment company. The
Fund’s investment objective is to provide growth of capital. The
Fund seeks to pursue this objective by employing a concentrated
stock picking strategy in which the Fund, through subadvisers
selected by SunAmerica, actively invests primarily in a small
number of equity securities (i.e., common stocks) and to a lesser
extent equity-related securities (i.e., preferred stocks,
convertible securities, warrants and rights) of large
capitalization companies primarily in the U.S. markets. Marsico is
the large-cap growth stock subadviser and BlackRock Investment
Management, LLC (“BlackRock”) is the large-cap value stock
subadviser.
For more information about the Funds, please visit
www.sunamericafunds.com.
As of July 29, 2011, SunAmerica Asset Management Corp. managed
and/or administered approximately $44.4 billion of assets.
Marsico, BAMCO and BlackRock are not affiliated with SunAmerica
Asset Management Corp.
Investors should carefully consider each Fund’s investment
objective, strategies, risks, charges and expenses before
investing.
EACH FUND SHOULD BE CONSIDERED AS ONLY ONE ELEMENT OF A COMPLETE
INVESTMENT PROGRAM. EACH FUND’S EQUITY EXPOSURE AND DERIVATIVE
INVESTMENTS INVOLVE SPECIAL RISKS. AN INVESTMENT IN EACH FUND
SHOULD BE CONSIDERED SPECULATIVE.
There is no assurance that the Funds will achieve their
investment objectives. The Funds are actively managed and their
portfolio composition will vary. Investing in a Fund is subject to
several risks, including: Non-Diversified Status Risk, Growth and
Value Stock Risk (FGI only), Key Adviser Personnel Risk, Investment
and Market Risk, Issuer Risk, Foreign Securities Risk, Emerging
Markets Risk, Income Risk, Small and Medium Capitalization Company
Risk (FGF only), Liquidity Risk, Market Price of Shares Risk,
Management Risk, Anti- Takeover Provisions Risk and Portfolio
Turnover Risk. The price of shares of each Fund traded on the New
York Stock Exchange will fluctuate with market conditions and may
be worth more or less than their original offering price. Shares of
closed-end funds often trade at a discount to their net asset
value, but may also trade at a premium.
This press release, and other statements that SunAmerica or FGF
or FGI (the “Funds”) may make, may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act, with respect to the future financial or business
performance, strategies or expectations of SunAmerica or the Funds.
Forward-looking statements are typically identified by words or
phrases such as “trend,” “potential,” opportunity,” “pipeline,”
“believe,” “comfortable,” “expect,” “anticipate,” “current,”
“intention,” “estimate,” “position,” “assume,” “outlook,”
“continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and
similar expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “may” or similar expressions.
SunAmerica cautions that forward-looking statements are subject
to numerous assumptions, risks and uncertainties, which change over
time. Forward-looking statements speak only as of the date they are
made, and neither SunAmerica nor any of the Funds assumes a duty to
or undertakes to update forward-looking statements. Actual results
could differ materially from those anticipated in forward-looking
statements and future results could differ materially from
historical performance.
The following factors, among others, could cause actual events
to differ materially from forward-looking statements or historical
performance: (1) the introduction, withdrawal, success and timing
of business initiatives and strategies; (2) changes in political,
economic or industry conditions, the interest rate environment or
financial and capital markets, which could result in changes in the
Funds’ net asset value; (3) the impact of increased competition;
(4) the impact of future acquisitions or divestitures; (5) the
unfavorable resolution of any legal proceedings; (6) the extent and
timing of any distributions or share repurchases; (7) the impact,
extent and timing of technological changes and the adequacy of
intellectual property protections; (8) the impact of legislative
and regulatory actions and reforms and regulatory, supervisory or
enforcement actions of government agencies relating to the Funds or
SunAmerica; (9) terrorist activities and international hostilities,
which may adversely affect the general economy, domestic and local
financial and capital markets; (10) the ability to attract and
retain highly talented professionals; (11) the impact of changes to
tax legislation; (12) the Funds’ inability to obtain the necessary
shareholder approvals for the Reorganizations to occur; (13) the
Funds’ inability to satisfy the requisite regulatory requirements
or closing conditions; and (14) the Funds’ inability to complete
the Reorganizations in a timely manner.
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