Gabelli Global Small and Mid Cap Value Trust Concludes 2017 Rights Offering Heavily Over-Subscribed
December 06 2017 - 5:05PM
Business Wire
The Board of Trustees of The Gabelli Global Small and Mid Cap
Value Trust (NYSE:GGZ) (the “Fund”) is pleased to announce the
completion of its transferable rights offering (the “Offering” or
“Offer”) in which more than 2.5 million common shares will be
issued, resulting in proceeds to the Fund of approximately $29.7
million. Pursuant to the Offer, the Fund issued one transferable
right (a “Right”) for each common share of the Fund to shareholders
of record (record date shareholders) as of
October 23, 2017. Holders of Rights were entitled to
purchase common shares by submitting three Rights and $11.50 for
each share to be purchased (the subscription price). The Offer
expired at 5:00 PM Eastern Time on December 5, 2017 and the Rights
no longer trade on the New York Stock Exchange.
Preliminary results indicate that the Fund received total
subscriptions of approximately $110.5 million (including
over-subscription requests and notices of guaranteed delivery) for
373% of the 2,578,483 shares available to be issued pursuant to the
primary subscription. Approximately 77% of the shares to be issued
were subscribed for in the primary subscription. The
over-subscription requests exceeded the over-subscription shares
available. As a result, the available over-subscription shares will
be allocated pro rata among those fully exercising record date
shareholders based on the number of Rights originally issued to
them by the Fund. The new common shares will be issued on or about
December 12, 2017.
We thank all our subscribing shareholders as well as the full
service brokers and financial advisers who assisted our
shareholders throughout 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 consider the Fund’s investment
objective, risks, charges, and expenses carefully before investing.
The Fund’s prospectus contains this and additional information
about the Fund and the Offering, and should be read carefully
before investing. For further information regarding the Offering,
or to obtain a prospectus, please contact the Fund at 800-GABELLI
or 914-921-5070 or visit www.gabelli.com.
The Gabelli Global Small and Mid Cap Value Trust is a
diversified, closed-end management investment company with $150
million in total net 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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