Gabelli Equity Trust Concludes 2017 Rights Offering Heavily Oversubscribed
December 13 2017 - 3:30PM
Business Wire
The Board of Directors of The Gabelli Equity Trust Inc.
(NYSE:GAB) (the “Fund”) is pleased to announce the completion of
its transferable rights offering (the “Offering” or “Offer”) in
which more than 31.5 million common shares will be issued,
resulting in proceeds to the Fund of approximately $173.3 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 November 6, 2017.
Holders of Rights were entitled to purchase common shares by
submitting seven Rights and $5.50 for each share to be purchased
(the subscription price). The Offer expired at 5:00 PM Eastern Time
on December 12, 2017 and the Rights no longer trade on the New York
Stock Exchange.
Preliminary results indicate that the Fund received total
subscriptions of approximately $284 million (including
over-subscription requests and notices of guaranteed delivery) for
164% of the 31,514,058 shares available to be issued pursuant to
the primary subscription. Approximately 67% 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 19, 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
final 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.
The Gabelli Equity Trust Inc. is a non-diversified, closed-end
management investment company with $1.9 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/20171213006139/en/
For The Gabelli Equity Trust Inc.Molly Marion, 914-921-5070
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