Gabelli Dividend & Income Trust First Rights Offering Nearly $100 Million Over-Subscribed and Raising $164 Million
November 18 2019 - 3:15PM
Business Wire
The Board of Trustees of The Gabelli Dividend & Income Trust
(NYSE:GDV) (the “Fund”) is pleased to announce the successful
completion of its first transferable rights offering (the
“Offering”) in which the Fund will issue 8,243,243 common shares,
for gross proceeds totaling $164,864,860.
The Offering was over-subscribed. Pursuant to the Offering, 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 7, 2019. Holders of Rights were
entitled to purchase common shares by submitting ten Rights and
$20.00 for each share to be purchased (the subscription price). The
Offering expired at 5:00 PM Eastern Time on November 15, 2019 and
the Rights no longer trade on the New York Stock Exchange.
Preliminary results indicate that the Fund received total
subscriptions of approximately $257 million (including
over-subscription requests and notices of guaranteed delivery) for
156% of the common shares available to be issued pursuant to the
primary subscription. Approximately 49% of the shares were
subscribed for in the primary subscription and the remaining shares
were subscribed for pursuant to the over-subscription
privilege.
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 who over-subscribed based on the number of
Rights originally issued to them by the Fund. The Fund will return
to those investors that submitted over-subscription requests the
full amount of their excess payments.
The new common shares subscribed for will be issued on or about
November 21, 2019.
Any common shares issued as a result of the Offering will be
eligible for the Fund’s monthly December distribution to be paid on
December 20, 2019 to shareholders of record on December 13, 2019
but will not be record date shares for the Fund’s monthly November
distribution to be paid on November 21, 2019.
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 base prospectus contains this and additional information about
the Fund and the prospectus supplement contains 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,
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 $2.5 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).
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version on businesswire.com: https://www.businesswire.com/news/home/20191118005811/en/
Carter Austin Laurissa Martire (914) 921-5070
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