SunAmerica Focused Alpha Large-Cap Fund, Inc. Announces Final Results of in-Kind Tender Offer
24 Novembre 2010 - 12:49AM
Business Wire
SunAmerica Focused Alpha Large-Cap Fund, Inc. (NYSE: FGI) (the
“Fund”) announced today that in accordance with its in-kind tender
offer (the “Offer”) to acquire up to 25% of its outstanding shares
of common stock, which expired at 5:00 p.m. Eastern time on
Thursday, November 18, 2010, the Fund has accepted 2,413,809
properly tendered shares, representing 25% of the Fund’s
outstanding shares of common stock, at a price per share of $16.64
(the “Purchase Price”), which is equal to 98.5% of the Fund’s net
asset value per share as of the close of regular trading on the New
York Stock Exchange on November 19, 2010. The total value of the
assets of the Fund to be distributed in payment for such properly
tendered shares accepted in the Offer based on the Purchase Price
is $40,165,782.
7,244,050 shares, or 75% of the Fund’s outstanding shares of
common stock, were tendered and not withdrawn in response to the
Offer. Because the number of shares tendered exceeded 25% of the
Fund’s outstanding shares of common stock, the Fund will purchase
tendered shares on a pro rata basis. Accordingly, on a pro rata
basis, approximately 33.3% of the shares properly tendered by each
participating shareholder have been accepted for payment.
Attached hereto as Exhibit A is the
schedule of portfolio securities to be distributed in connection
with the Offer. The market value of each of these portfolio
securities may increase or decrease before the actual receipt by
shareholders of such portfolio securities. The Fund will pay cash
in lieu of any fractional share of a portfolio security that is not
distributed due to rounding. In addition, the Fund will pay cash in
lieu of delivering fewer than 100 shares of a portfolio security to
any participating shareholder. The Fund delivered the distributable
assets on November 22, 2010 to brokers whose customers tendered
shares in the Offer.
The Offer referred to in this announcement was made only by an
Offer Notice, a related Letter of Transmittal and other documents
which were filed with the Securities and Exchange Commission as
exhibits to a tender offer statement on Schedule TO. Shareholders
are encouraged to consult their own tax advisers regarding the tax
consequences of participating in the Offer.
The Fund 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 Asset Management Corp., 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) primarily in the U.S. markets. Marsico Capital Management,
LLC is the large-cap growth stock subadviser and BlackRock
Investment Management, LLC is the large-cap value stock
subadviser.
For more information about the SunAmerica Focused Alpha
Large-Cap Fund, please visit www.sunamericafunds.com.
As of October 31, 2010, SunAmerica Asset Management Corp.
managed and/or administered approximately $41.9 billion of
assets.
Marsico Capital Management, LLC and BlackRock Investment
Management, LLC are not affiliated with SunAmerica Asset Management
Corp.
Investors should carefully consider the SunAmerica Focused Alpha
Large-Cap Fund’s investment objective, strategies, risks, charges
and expenses before investing.
THE SUNAMERICA FOCUSED ALPHA LARGE-CAP FUND SHOULD BE CONSIDERED
AS ONLY ONE ELEMENT OF A COMPLETE INVESTMENT PROGRAM. THE FUND’S
EQUITY EXPOSURE AND DERIVATIVE INVESTMENTS INVOLVE SPECIAL RISKS.
AN INVESTMENT IN THIS FUND SHOULD BE CONSIDERED SPECULATIVE.
There is no assurance that the SunAmerica Focused Alpha
Large-Cap Fund will achieve its investment objective. The Fund is
actively managed and its portfolio composition will vary. Investing
in the Fund is subject to several risks, including: Non-Diversified
Status Risk, Growth and Value Stock Risk, Key Adviser Personnel
Risk, Investment and Market Risk, Issuer Risk, Foreign Securities
Risk, Emerging Markets Risk, Income Risk, Hedging Strategy Risk,
Derivatives Risk, Preferred Securities Risk, Debt Securities Risk,
Small and Medium Capitalization Company Risk, Leverage Risk,
Liquidity Risk, Market Price of Shares Risk, Management Risk,
Anti-Takeover Provisions Risk, Portfolio Turnover Risk and
Non-Investment Grade Securities Risk. The price of shares of the
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.
Exhibit A
SunAmerica Focused Alpha Large-Cap
Fund, Inc.
Schedule of
Portfolio Securities to be Distributed in the Offer
Security Name CUSIP Market
Price Per Share as of November
19, 2010 Aetna, Inc. 00817Y108 $30.64 Amazon.com,
Inc. 023135106 164.82 Anadarko Petroleum Corp.
032511107 63.63 Apple, Inc. 037833100 306.90
Baidu, Inc. ADR 056752108 108.59 BHP Billiton PLC ADR
05545E209 74.83 Cardinal Health, Inc.
14149Y108 36.20 Cummins, Inc. 231021106 94.31
DIRECTV, Class A 25490A101 42.18 Edison International
281020107 37.85 Intel Corp. 458140100
21.14 International Paper Co. 460146103 24.80 Macy's,
Inc. 55616P104 25.08 Marathon Oil Corp.
565849106 34.27 McDonald's Corp. 580135101
79.64 News Corp., Class A 65248E104 14.19
priceline.com, Inc. 741503403 409.34 Qwest
Communications International, Inc. 749121109 6.93
UnitedHealth Group, Inc. 91324P102 36.00 Wynn
Resorts, Ltd. 983134107 102.99
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