Gabelli Global Small and Mid Cap Value Trust Announces Rights Offering for Common Shares Record Date and Summary of Terms
October 10 2017 - 04:10PM
Business Wire
The Board of Trustees of The Gabelli Global Small and Mid Cap
Value Trust (NYSE:GGZ) (the “Fund”) has approved a transferable
rights offering which would 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.
SUMMARY OF THE TERMS OF THE OFFERING
- Each shareholder will receive one
transferable right (the “Right”) for each common share held on the
record date October 23, 2017.
- Three Rights plus $11.50 (the
“Subscription Price”) will be required to purchase one additional
common share (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 common shares not purchased pursuant to the
Primary Subscription. Rights acquired in the secondary market may
not participate in the over-subscription privilege.
- The Rights are expected to trade “when
issued” on the New York Stock Exchange beginning on October 19,
2017, and the Fund’s common shares are expected to trade
“Ex-Rights” on the New York Stock Exchange beginning on October 20,
2017. The Rights are expected to begin trading for normal
settlement on the New York Stock Exchange (NYSE:GGZ RT) on or about
October 26, 2017.
- The Offering expires at 5:00 PM Eastern
Time on December 5, 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 October 25, 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 common shares issued as a result of the Offering will not be
record date shares for the Fund’s year end distribution, if any,
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 Global Small and Mid Cap Value Trust is a
diversified, closed-end management investment company with $148
million in total managed assets whose investment objective is
long-term capital growth. Under normal market conditions, the Fund
invests at least 80% of its total assets in equity securities of
companies with small or medium sized market capitalizations. The
Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO
Investors, Inc. (NYSE:GBL)
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For The Gabelli Global Small and Mid Cap Value TrustCamillo
Schmidt-ChiariCarter Austin914-921-5070
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