This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gabelli Global Multimedia Trust Adjourns Annual Meeting Of Shareholders

The Gabelli Global Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) has adjourned its Annual Meeting of Shareholders of the Fund (the “Meeting”). A definitive date and time for the reconvened Meeting will be announced.

Following an investment presentation by Larry Haverty and Chris Marangi, Associate Portfolio Managers of the Fund, that included a discussion of the Fund’s efforts to grow net asset value (“NAV”), Carter Austin, Ombudsman of the Fund, discussed the initiatives adopted by the Board of Directors to enable the public market price of the Fund’s shares (NYSE:GGT) to more closely track the Fund’s NAV. Mr. Austin then reviewed the history of the Gabelli Equity Trust and its 10% distribution policy, which supports the price of the publicly traded shares that generally track the NAV. Mr. Austin then highlighted the Fund’s adoption of a 10% distribution policy and authorization to repurchase shares when the shares are trading at a discount of 5% or more from NAV, rather than the previous threshold of a discount of 10% or more.

Mario J. Gabelli, Chairman of the Board of the Fund, then announced that the Meeting would be adjourned to enable one of the Fund’s largest beneficial owners of shares who was not voting as the Board recommended on several proposals to more appropriately file with the SEC a Schedule 13D, in place of its previously filed Schedule 13G. Mr. Gabelli then stated that without those shares, a quorum was not present and the Meeting was adjourned.

The reconvened Meeting will be held no later than July 30, 2010 and the record date for the Meeting remains April 1, 2010.

The Gabelli Global Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $138 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,171.82 -107.92 -0.62%
S&P 500 1,994.57 -15.83 -0.79%
NASDAQ 4,525.5750 -54.2140 -1.18%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs