SunAmerica Focused Alpha Growth Fund, Inc. (NYSE: FGF) (the
“Fund”) announced today that in accordance with its in-kind tender
offer (the “Offer”) to acquire up to 30% 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 6,106,571
properly tendered shares, representing 30% of the Fund’s
outstanding shares of common stock, at a price per share of $17.96
(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 $109,674,015.
13,811,673 shares, or 67.9% 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common stock, were tendered and not withdrawn in response to the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 30% 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 44.2% 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 stock subadviser and BAMCO, Inc. is the small-
and mid-cap stock subadviser.
For more information about the SunAmerica Focused Alpha Growth
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 BAMCO, Inc. are not
affiliated with SunAmerica Asset Management Corp.
Investors should carefully consider the SunAmerica Focused Alpha
Growth Fund’s investment objective, strategies, risks, charges and
expenses before investing.
THE SUNAMERICA FOCUSED ALPHA GROWTH 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 Growth
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 Growth Fund,
Inc.
Schedule of
Portfolio Securities to be Distributed in the Offer
Security Name
CUSIP
Market Price Per Share as of
November 19, 2010
Amazon.com, Inc. 023135106
$164.82 Anadarko Petroleum Corp.
032511107 63.63 Apple,
Inc. 037833100
306.90 Arch Capital Group, Ltd.
G0450A105 90.19 Baidu, Inc. ADR
056752108 108.59
BHP Billiton PLC ADR 05545E209
74.83 CARBO Ceramics, Inc.
140781105 93.15 Church
& Dwight Co., Inc. 171340102
65.35 Community Health Systems, Inc.
203668108 32.62
Concho Resources, Inc. 20605P101
78.91 Cummins, Inc.
231021106 94.31 DeVry, Inc.
251893103
44.53 Dick's Sporting Goods, Inc.
253393102 34.09 DIRECTV, Class A
25490A101 42.18
Eaton Vance Corp. 278265103
30.37 Edwards Lifesciences Corp.
28176E108 66.89
Expeditors International of Washington, Inc.
302130109 51.85 FactSet Research
Systems, Inc. 303075105
89.41 Fastenal Co.
311900104 52.47 Hyatt Hotels Corp.,
Class A 448579102
41.36 IDEXX Laboratories, Inc.
45168D104 64.55 ITC Holdings Corp.
465685105
60.73 McDonald's Corp. 580135101
79.64 Molycorp, Inc.
608753109 30.32 Morningstar,
Inc. 617700109
50.51 MSCI, Inc., Class A
55354G100 35.26 priceline.com, Inc.
741503403
409.34 Under Armour, Inc., Class A
904311107 54.25 Verisk Analytics, Inc.,
Class A 92345Y106
30.73 Wynn Resorts, Ltd.
983134107 102.99
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