Gabelli Dividend & Income Trust Authorizes Spin-off of a Newly Formed Closed-End Investment Company
August 26 2013 - 12:15PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund” or “Dividend & Income Trust”) has
approved, subject to shareholder and other regulatory approvals,
the creation of a newly formed diversified, closed-end investment
company (the “New Fund”) that draws upon our global research to
invest in the equities of SMID (small and mid capitalization value
stocks) primarily outside the U.S., a segment of the market we
believe provides investment opportunities.
The Dividend & Income Trust would contribute approximately
$100 million of its cash and/or securities and would then
distribute all of the shares of the New Fund pro rata to the common
shareholders of the Dividend & Income Trust. The New Fund will
seek to have its shares listed on the New York Stock Exchange.
The transaction, which is expected to be voted upon at a Special
Meeting of Shareholders following requisite regulatory approvals,
would represent the first spin-off of a closed-end investment
company by the Gabelli Dividend & Income Trust and the fourth
spin-off of a closed-end investment company by a Gabelli fund.
There are no assurances that such shareholder and regulatory
approvals will be received.
The Board of Trustees of the Dividend & Income Trust will
determine the amount of capital to be distributed, the number of
shares to be distributed, and the record and distribution dates,
which will be announced at a later time. The distribution will be
made only by means of a prospectus and this notice does not
constitute an offer of any securities for sale.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund and, when available, the
New 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 non-diversified,
closed-end management investment company with $2.3 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.
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