Gabelli Go Anywhere Trust Extends Its Initial Public Offering Through August 11, 2015
July 29 2015 - 10:58AM
Business Wire
The Gabelli Go Anywhere Trust (the “Fund”) is extending its
initial public offering. The offering now expires at 5:00 PM,
Eastern Time, on August 11, 2015. Pursuant to the terms of the
offering set forth in the Fund's prospectus, there will be no
further extensions.
The Fund’s primary investment objective is total return,
consisting of capital appreciation and current income. Under normal
market conditions, the Fund intends to invest primarily in a broad
range of equity securities consisting of common stock, preferred
stock, convertible or exchangeable securities, and, to a lesser
extent, in debt securities.
The Fund may also invest up to 40% of its total assets in common
and preferred equity securities issued by other closed-end
management investment companies.
The Fund is offering a combination of both common and preferred
shares which are anticipated to trade on the New York Stock
Exchange or NYSE MKT. Shareholders will be required to purchase a
“Combination” of 3 common shares and 1 Series A Cumulative Puttable
and Callable Preferred Shares (the “Series A Preferred
Shares”).
The Combination is being offered at $100 per share (equating to
three common shares at $20 per share plus $40 (liquidation
preference) for one Series A Preferred Share).
The Fund will trade as a Combination for 60 days; thereafter
separate trading for the common shares and Series A Preferred
Shares will commence and the Combination will be delisted.
The lead underwriter of the offering is G.research, LLC.
It is anticipated that Gabelli Funds, LLC or its affiliates will
participate in the offering.
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 prospectus. Investors should
carefully consider the Fund’s investment objective, risks, charges
and expenses before investing. The prospectus contains this and
other information about the offering, and should be read carefully
before investing. To obtain a prospectus, please call
800-GABELLI or visit www.gabelli.com.
Closed-end funds involve risk for investors. Closed-end funds
are traded on the secondary market through a stock exchange. The
closed-end fund's investment return and principal value will
fluctuate so that an investor's shares may be worth more or less
than the original cost. Shares of closed-end funds may trade above
(a premium) or below (a discount) the net asset value (NAV) of the
fund's portfolio. The distribution rate of the preferred shares is
based on the $40 liquidation preference. Payment of distributions
is not assured and is made only when declared by the Fund’s Board
of Trustees. A portion of any planned distributions may be a return
of capital, which may have the effect of increasing the Fund’s
existing leverage. The distributions that include a return of
capital should not be considered as dividend yield nor as part of
the total return of an investment in the Fund.
The market price for a closed-end fund is based on supply and
demand which fluctuates daily based on many factors, such as
economic conditions and global events, investor sentiment, and
security specific factors. The possibility of a market decline
should be considered market risk. There is no assurance that the
Fund will achieve its investment objective and you can lose money
by investing in a closed-end fund. Past performance does not
guarantee future results.
The use of leverage, which can be described as exposure to
changes in price at a ratio greater than the amount of equity
invested, through the issuance of preferred shares, magnifies both
the favorable and unfavorable effects of price movements in the
investments made by the Fund. The Fund’s use of leverage in its
investment operations subjects it to substantial risk of loss.
GAMCO Investors, Inc. (NYSE:GBL), through its subsidiaries,
manages assets of private advisory accounts (GAMCO), mutual funds
and closed-end funds (Gabelli Funds, LLC), and partnerships and
offshore funds (Investment Partnerships) and is known for its
Private Market Value with a Catalyst™ style of investment. As of
March 31, 2015, GAMCO Investors, Inc. had $46.5 billion in assets
under management. Further information can be found at
www.gabelli.com.
NOT FDIC-INSURED
NOT BANK GUARANTEED
MAY LOSE VALUE
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version on businesswire.com: http://www.businesswire.com/news/home/20150729006163/en/
For Gabelli Go Anywhere TrustDavid Schachter,
914-921-5057orLaurissa Martire, 914-921-5399
Gamco Investors (NYSE:GBL)
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