The Gabelli Global Multimedia Trust Inc. (the “Fund”) (NYSE:GGT) is pleased to announce the completion of its transferable rights offering (the “Offering” or “Offer”) in which approximately 4.5 million shares of common stock are expected to be issued, totaling nearly $32 million. Pursuant to the Offer, the Fund issued one transferable right (a “Right”) for each share of common stock of the Fund to shareholders of record (record date shareholders) as of March 29, 2011. Three Rights entitled a shareholder to purchase one newly issued share of common stock at a price of $7.00 per share (the subscription price). The Offer expired at 5:00 p.m. Eastern Time on April 26, 2011 (the expiration date) and the Rights no longer trade on the New York Stock Exchange.
Preliminary results indicate that the Fund received subscriptions (including over-subscription requests) for about 300% of the 4,525,223 shares available to be issued pursuant to the primary subscription, totaling nearly $95 million. Approximately 79% of the shares to be issued were subscribed for in the primary subscription. Pursuant to the Offering, the remaining shares to be issued will be allocated by means of the over-subscription privilege.
Those shareholders of record as of March 29, 2011 who exercised their full primary subscription Rights were eligible for an over-subscription privilege entitling them to subscribe, subject to certain limitations and subject to allotment, for any shares not purchased pursuant to the primary subscription. Details regarding shares to be allocated pursuant to the over-subscription privilege are not yet available. The Board of Directors has the right in its absolute discretion to eliminate the over-subscription privilege with respect to the primary over-subscription shares if it considers it to be in the best interest of the Fund to do so. The Board of Directors may make that determination at any time, without prior notice to Rights holders or others, up to and including the seventh day following the expiration date.
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