RYE, N.Y. -- (Business Wire)
The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) is pleased to
announce the completion of its transferable rights offering (the
“Offering” or “Offer”) in which more than 6 million shares of common
stock will be issued, totaling approximately $54.5 million. Pursuant to
the Offer, the Fund issued one transferable right (a “Right”) for each
share of common stock of the Fund to stockholders of record (record date
stockholders) as of June 17, 2014. Holders of Rights were entitled to
purchase one share of common stock by submitting three Rights and $9.00
per share (the subscription price). The Offer expired at 5:00 PM Eastern
Time on July 18, 2014 and the Rights no longer trade on the New York
Stock Exchange.
Preliminary results indicate that the Fund received total subscriptions
of approximately $105 million (including over-subscription requests and
notices of guaranteed delivery) for 193% of the 6,055,660 shares
available to be issued pursuant to the primary subscription.
Approximately 75% 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 stockholders based on the number of Rights
originally issued to them by the Fund. The new common shares will be
issued on July 25, 2014.
We thank all our subscribing shareholders as well as the full service
brokers and financial advisers who assisted our shareholders throughout
the Offering.
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end
management investment company with $229 million 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), which is a publicly traded NYSE listed company.
This press release is not an offering, which can only be made by a
prospectus.Investors should consider the Fund’s investment
objectives, risks, charges, and expenses carefully before investing.The
Fund’s prospectus contains this and other important information and
should be read carefully before investing.Visit www.gabelli.com
for more information about the Fund.
Contacts:
For The Gabelli Multimedia Trust Inc.
Carter Austin or Laurissa
Martire
914-921-5070
Source: The Gabelli Multimedia Trust Inc.
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