Liberty All-Star® Equity Fund Announces Results of Rights Offering

Rhea-AI Summary

The Liberty All-Star Equity Fund (NYSE: USA) announced that its rights offering, which closed on November 22, 2021, was fully subscribed. The offering will result in the issuance of 27,979,915 shares, exceeding the initial primary subscription of 22,383,932 shares, due to demand. The Subscription Price was set at $7.78, reflecting 95% of the net asset value on the expiration date. The Fund, with over $1.8 billion in net assets, does not continuously issue shares and trades based on market value.

Positive

• Rights offering fully subscribed, indicating strong investor interest.
• Total of 27,979,915 shares issued, surpassing initial offering.

Negative

• Limited availability of shares for over-subscribed investors may lead to dissatisfaction.

BOSTON, Nov. 23, 2021 /PRNewswire/ -- The Liberty All-Star^® Equity Fund (NYSE: USA) today announced that based on results provided by the Fund's subscription agent its rights offering, which expired on November 22, 2021, was fully subscribed.  The Fund will issue 27,979,915 shares, which represents the entire 22,383,932 primary subscription shares in the offering, plus 5,595,983 additional shares made available by means of the secondary over-subscription privilege. Since there were not sufficient shares to honor all over-subscription requests, available shares will be allocated among those shareholders who over-subscribed based on the number of shares held on the record date.

The Subscription Price per share is $7.78, which represents 95 percent of the net asset value of a share on the Expiration Date.

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 NYSE under the ticker symbol USA. ALPS Advisors, Inc. is the investment advisor of the Fund, a multi-managed, closed-end investment company with more than $1.8 billion in net assets as of November 22, 2021.

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.

For Information Contact:
Liberty All-Star^® Equity Fund
1-800-241-1850
www.all-starfunds.com

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SOURCE Liberty All-Star Equity Fund

FAQ

What was the outcome of the Liberty All-Star Equity Fund's rights offering on November 22, 2021?

The rights offering was fully subscribed, leading to the issuance of 27,979,915 shares.

What is the Subscription Price for Liberty All-Star Equity Fund's shares?

The Subscription Price was set at $7.78 per share.

How many shares were issued during the Liberty All-Star Equity Fund offering?

A total of 27,979,915 shares were issued.

What was the net asset value percentage for the Subscription Price in the rights offering?

The Subscription Price represented 95% of the net asset value.

What is the stock symbol for the Liberty All-Star Equity Fund?

The stock symbol for the Liberty All-Star Equity Fund is USA.