Gabelli Equity Trust Announces Rights Are Expected to Trade “Ex Rights” on the New York Stock Exchange on November 3, 2017
November 02 2017 - 4:05PM
Business Wire
The Board of Directors of The Gabelli Equity Trust Inc.
(NYSE:GAB) (the “Fund”) previously announced a transferable rights
offering which will allow the Fund’s record date common
shareholders to acquire additional common shares (the “Offering”).
The Offering to acquire additional common shares will be made only
by means of a prospectus, and this announcement does not constitute
an offer to sell, or a solicitation of an offer to buy, any of the
Fund’s securities.
The Rights traded “when issued” on the New York Stock Exchange
on November 2, 2017, and the Fund’s common shares are expected to
trade “Ex-Rights” on the New York Stock Exchange beginning on
November 3, 2017. The Rights are expected to begin trading for
normal settlement on the New York Stock Exchange (NYSE:GAB RT) on
or about November 9, 2017.
SUMMARY OF THE TERMS OF THE OFFERING
- Each shareholder will receive one
transferable right (the “Right”) for each share of common stock
held on the record date November 6, 2017.
- Seven Rights plus $5.50 (the
“Subscription Price”) will be required to purchase one additional
share of common stock (the “Primary Subscription”). The purchase
price will be payable in cash.
- Record date shareholders who fully
exercise their Primary Subscription Rights will be eligible for an
over-subscription privilege entitling these shareholders to
subscribe, subject to certain limitations and a pro-rata allotment,
for any additional shares of common stock not purchased pursuant to
the Primary Subscription. Rights acquired in the secondary market
may not participate in the over-subscription privilege.
- The Offering expires at 5:00 PM Eastern
Time on Tuesday, December 12, 2017.
The Fund expects to mail subscription certificates evidencing
the Rights and a copy of the prospectus for this Offering to record
date shareholders beginning on November 8, 2017. Financial Advisors
will likely send notices to you shortly thereafter. Inquiries
regarding the Offering should be directed to the Fund at
800-GABELLI or 914-921-5070.
The Offering is made pursuant to the Fund’s effective shelf
registration statement on file with the Securities and Exchange
Commission.
Any shares of common stock issued as a result of the Offering
will not be record date shares for the Fund’s quarterly
distribution to be paid on December 15, 2017 and will not be
entitled to receive such distribution.
The information herein is not complete and is subject to
change. This document is not an offer to sell these
securities and is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.
This document is not an offering, which can only be made by a
final prospectus. Investors should consider the Fund’s investment
objective, risks, charges and expenses carefully before
investing. The base prospectus contains this and additional
information about the Fund and the prospectus supplement will
contain this and additional information about the Offering, and
should be read carefully before investing. For further
information regarding the Offering, or to obtain a prospectus
supplement and the accompanying prospectus, when available, please
contact the Fund at 800-GABELLI or 914-921-5070.
The Gabelli Equity Trust Inc. is a non-diversified, closed-end
management investment company with $1.8 billion in total net assets
whose primary investment objective is long-term growth of capital.
The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO
Investors, Inc. (NYSE:GBL).
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version on businesswire.com: http://www.businesswire.com/news/home/20171102006665/en/
For The Gabelli Equity Trust Inc.Molly Marion, 914-921-5070
Gamco Investors (NYSE:GBL)
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