Gabelli Dividend & Income Trust Announces Rights Offering for Common Shares Record Date and Summary of Terms
September 26 2019 - 1:00PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund”) has approved a transferable rights offering
which would allow the Fund’s record date common shareholders to
acquire additional common shares (the “Offering”). The Offering
will be made only by means of a prospectus, and this announcement
does not constitute an offer to sell, or a solicitation of an offer
to buy, any of the Fund’s securities.
SUMMARY OF THE TERMS OF THE OFFERING
- Each shareholder will receive one transferable right (the
“Right”) for each common share held on the record date (October 7,
2019).
- Ten Rights plus $20.00 (the “Subscription Price”) will be
required to purchase one additional common share (the “Primary
Subscription”). The purchase price will be payable in cash.
- Record date shareholders who fully exercise their Primary
Subscription Rights will be eligible for an over-subscription
privilege entitling these shareholders to subscribe, subject to
certain limitations and a pro-rata allotment, for any additional
common shares not purchased pursuant to the Primary Subscription.
Rights acquired in the secondary market may not participate in the
over-subscription privilege.
- The Rights are expected to trade “when issued” on the New York
Stock Exchange beginning on October 3, 2019, and the Fund’s common
shares are expected to trade “Ex-Rights” on the New York Stock
Exchange beginning on October 4, 2019. The Rights are expected to
begin trading for normal settlement on the New York Stock Exchange
(NYSE:GDV RT) on or about October 10, 2019.
- The Offering expires at 5:00 PM Eastern Time on November 15,
2019, unless extended.
- A solicitation fee of $0.25 per each newly issued common share
purchased pursuant to the Primary Subscription will be available to
broker-dealers that have executed and delivered a soliciting dealer
agreement and have solicited the exercise of Rights. Soliciting
dealer agreements will be available from G.research, LLC, which
will act as Dealer Manager for the Offering.
The Fund expects to mail subscription certificates evidencing
the Rights and a copy of the prospectus for the Offering to record
date shareholders beginning on October 9, 2019. Financial Advisors
will likely send notices to you shortly thereafter. Inquiries
regarding the Offering should be directed to the Fund at
800-GABELLI or 914-921-5070.
The Offering is made pursuant to the Fund’s effective shelf
registration statement on file with the Securities and Exchange
Commission.
Any common shares issued as a result of the Offering will not be
record date shares for the Fund’s monthly distributions to be paid
on October 24, 2019 and November 21, 2019, and will not be entitled
to receive such distributions.
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 base prospectus contains this and additional information about
the Fund and the prospectus supplement will contain this and
additional information about the Offering, and should be read
carefully before investing. For further information regarding the
Offering, or to obtain a prospectus supplement and the accompanying
prospectus, when available, please contact the Fund at 800-GABELLI
or 914-921-5070.
The Gabelli Dividend & Income Trust is a diversified,
closed-end management investment company with $2.4 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).
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version on businesswire.com: https://www.businesswire.com/news/home/20190926005716/en/
Carter Austin Laurissa Martire (914) 921-5070
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