This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Gabelli Healthcare & WellnessRx Trust Completes Successful Rights Offering Which Raises $18 Million

Stocks in this article: GBLGRX

The Gabelli Healthcare & Wellness Rx Trust (the “Fund”) (NYSE:GRX) is pleased to announce the completion of a rights offering (the “Offering” or “Offer”) in which the Fund issued 2,809,315 common shares, totaling $18,260,548. The Offering was significantly over-subscribed. The Fund’s common shareholders of record as of March 8, 2011 (record date shareholders) received one transferable right (a “Right”) for each common share of the Fund held on the record date. Holders of Rights were entitled to purchase one newly issued common share by submitting three Rights and $6.50 per share (the subscription price).

The Fund received subscriptions (including over-subscription requests) for over 8.5 million common shares, totaling approximately $55 million. The Fund retained $18 million with the balance to be returned to investors that submitted over-subscription requests. Approximately 68% of the shares issued were subscribed for in the primary subscription. Pursuant to the Offering, the remaining shares were allocated to shareholders who exercised their full primary subscription Rights in accordance with the terms of the over-subscription privilege.

All of the common shares subscribed for were issued on April 20, 2011. It is anticipated that the newly issued common shares will be delivered on or about April 21, 2011.

We thank all our subscribing shareholders as well as the full service brokers and financial advisers who assisted our shareholders throughout the Rights Offering.

The Gabelli Healthcare & Wellness Rx Trust is a non-diversified, closed-end management investment company with $128 million in total net assets, after giving effect to the full subscription of the Rights Offering, 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.

Copyright Business Wire 2010

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!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

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