Blue Chip Value Fund Announces Rights Offering Details.Business Editors DENVER--(BUSINESS WIRE)--March 25, 2002 Blue Chip Value Fund, Inc. (NYSE NYSE See: New York Stock Exchange :BLU BLU Blue BLU Bluefish (FAO fish species code) BLU Bigger, Longer, Uncut (South Park Movie) BLU Backlight Unit (LCD) BLU Bomb Live Unit ) announced that the price for shares issued pursuant to its recently completed rights offering is $6.26 per share. This is 95% of $6.5886, which represents the average of the Volume Weighted Average Price on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. of the Fund's Common Stock on March 22, 2002, and the four (4) preceding trading days. The Fund's Net Asset Value on March 22, 2002 was $7.06. The Fund plans to issue 5,262,771 new shares, which represents the entire 4,210,217 shares available in the Offer plus 1,052,554 additional shares made available by means of the Over-Subscription Privilege. Since there were not sufficient shares to honor all over-subscription requests, available shares will be allocated among those who oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. based on the number of shares of Common Stock held of record on the Record Date. The Subscription Agent is currently working on the allocation process and the Fund expects to issue a press release with additional details by March 28, 2002, once this process is completed. The Subscription Agent has informed the Fund that any excess money collected from beneficial owners via DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). will be returned to DTC as soon as practical following the allocation process. Registered holders participating in the Offering can expect that confirmation statements will be mailed by March 29, 2002. Since the actual Subscription Price was greater than the estimated Subscription Price, participants in the rights offering may need to submit an additional amount to complete their full request for shares. Any additional amount due must be received by the Subscription Agent no later than 5:00 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time on April 12, 2002. If such amount is not received in time, the Fund will adjust the participants request accordingly to reflect the amount of funds submitted to date. Any excess money collected from registered holders will be returned by check on April 5, 2002. Common Stock certificates and Dividend Reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. Participant Confirmation Statements will also be mailed on or about April 12, 2002. Shares issued in the Offer will be eligible for the first-quarter distribution if held of record on the record date. Details of the first-quarter distribution will be released on April 1, 2002. |
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