Gabelli Dividend & Income Trust Announces Spin-off Terms for The Gabelli Global Small and Mid Cap Value Trust
June 02 2014 - 4:10PM
Business Wire
The spin-off of The Gabelli Global Small and Mid Cap Value Trust
(“Global Trust”), a newly organized, diversified, closed-end
management investment company, was approved by shareholders of the
Gabelli Dividend & Income Trust (NYSE:GDV) (“Dividend &
Income Trust”) at a Special Meeting on April 15, 2014.
The Dividend & Income Trust announced today that the
distribution of the Global Trust common shares to Dividend &
Income Trust common shareholders will be at a ratio of one common
share of the Global Trust for every ten common shares owned of
Dividend & Income Trust. The Dividend & Income Trust will
contribute approximately $100 million of its assets to the Global
Trust. The Global Trust’s initial net asset value is anticipated to
be $12.00 per share. Dividend & Income Trust common
shareholders with fewer than ten common shares will not receive
common shares of the Global Trust in the distribution but will be
entitled to his or her pro rata share of the net proceeds from
sales of fractional share interests.
The distribution will be made on June 23, 2014 to Dividend &
Income Trust common shareholders of record as of the official close
of business on June 16, 2014.
Shares of the Global Trust are expected to trade on the New York
Stock Exchange on a “when issued” basis from June 12, 2014 through
June 23, 2014 under the symbol “GGZ wi” and on a “regular way”
basis beginning June 24, 2014 under the symbol “GGZ.”
Shares of the Dividend & Income Trust will trade with “due
bills” from June 12, 2014 through June 23, 2014, after which shares
of the Dividend & Income Trust will trade “ex-distribution.”
Any Dividend & Income Trust shareholder who sells common shares
of Dividend & Income Trust from June 12, 2014 through June 23,
2014 will also be selling the right to receive shares of the Global
Trust in connection with the Dividend & Income Trust shares
sold.
The Global Trust will seek long-term growth of capital by
investing at least 80% of its total assets, under normal market
conditions, in equity securities (such as common stock and
preferred stock) of companies with small or medium-sized market
capitalizations and at least 40% of its total assets in the equity
securities of companies located outside the United States and in at
least three countries.
The Board of Trustees of the Dividend & Income Trust
previously declared a $0.10 per share cash distribution payable on
June 23, 2014 to Dividend & Income Trust common shareholders of
record as of the official close of business on June 16, 2014.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding this and other information about the Fund is
available by calling 800-GABELLI (800-422-3554) or visiting
www.gabelli.com.
The Gabelli Dividend & Income Trust is a diversified,
closed-end management investment company with $2.5 billion in total
net assets whose primary investment objective is to provide a high
level of total return with an emphasis on dividends and income. The
Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO
Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed
company.
For Gabelli Dividend & Income TrustCarter Austin,
914-921-5070orLaurissa Martire, 914-921-5070
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