NEWS RELEASE FOR IMMEDIATE RELEASE
DATE:
MONDAY, March 25, 2002
FROM: BLUE CHIP VALUE FUND, INC.
1225 17TH STREET, 26TH FLOOR
DENVER, COLORADO 80202
CONTACT: MARGARET JURADO, INVESTOR RELATIONS
(800) 624-4190
BLUE CHIP VALUE FUND ANNOUNCES RIGHTS OFFERING DETAILS
DENVER, CO. (March 25, 2002) Blue Chip Value Fund, Inc. (NYSE: BLU) 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 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 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 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 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 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.
*** www.blu.com ***
Blue Chip Value Fund is a closed-end diversified management investment company whose objective is to seek a high level of total return through investment in a portfolio having at least 80% of its assets in equity securities of well established companies with headquarters in the United States. These stocks are included in, or similar in size to those included in, the Standard and Poor's 500 Composite Stock Price Index. The Fund will normally have approximately 50 stocks within the portfolio. The Fund features a Dividend Reinvestment and Cash Purchase Plan. Denver Investment Advisors LLC is the Fund's investment adviser.