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SunAmerica Focused Alpha Growth Fund, Inc. Announces Results of 2010 Annual Meeting of Shareholders

^{Published on 2010-05-20 08:35:23 - Market Wire}
 

JERSEY CITY, N.J.--([ BUSINESS WIRE ])--SunAmerica Focused Alpha Growth Fund, Inc. (NYSE: FGF) (the aFunda) announced today the results of its 2010 Annual Meeting of Shareholders, which was held on May 18, 2010 (the aMeetinga).

The nominees for election as directors, Dr. Judith L. Craven and William J. Shea, who are currently directors of the Fund, received a plurality of the votes cast at the Meeting and were re-elected to the Board of Directors (the aBoarda) of the Fund for three-year terms, to expire at the annual meeting of shareholders to be held in 2013, and until their successors are duly elected and qualify. Approximately 78% of the votes cast were aFORa each nominee and 22% of the votes cast were aWITHHELDa from each nominee.

In addition, shareholders of the Fund also considered a non-binding shareholder proposal recommending that the Board promptly initiate a self-tender offer under which the Fund would repurchase 50% of its issued shares at a price equivalent to 98% of net asset value per share. This proposal received more than a majority of votes cast at the Meeting, with approximately 54% of the votes cast aFORa the proposal (representing 23% of the Funda™s outstanding shares) and 46% of votes cast aAGAINSTa the proposal. In addition, approximately 14% of the Funda™s outstanding shares abstained from voting on the proposal and 35% of the Funda™s outstanding shares were broker non-votes representing shares that are held in street name for which the broker has not received voting instructions from the beneficial owner and the broker does not have discretionary voting authority. Abstentions and broker non-votes are counted as shares present for purposes of determining whether a quorum is present at the meeting, but are not counted as votes cast and have no effect on the result of the vote on the shareholder proposal.

The Board will consider the shareholder proposal that was approved in light of its duties to the Fund and its shareholders. In particular, the special committee of the Board (the aCommitteea), which was recently established to examine and explore ways to address the discount between the market price per share and the net asset value per share, will consider the results of the shareholder proposal, as well as other sources of information, in connection with its evaluation of potential options to address the discount. At the conclusion of this evaluation process, the Committee will make recommendations to the Board as to any options that it believes should be pursued by the Fund.

The Fund is a non-diversified, closed-end management investment company. The Funda™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 March 31, 2010, SunAmerica Asset Management Corp. managed and/or administered approximately $41.5 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 Funda™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 FUNDa™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.