- Each shareholder will receive one transferrable right (the “Right”) for each share of Series F Preferred held on the record date (June 22, 2012).
- One Right plus $25.00 (the “Subscription Price”) will be required to purchase one share of Series G Preferred pursuant to the offering (the “Primary Subscription”). The purchase price will be payable in cash, by surrender of Series F Preferred at liquidation preference or any combination of cash and such shares.
- Record date shareholders who fully exercise their Primary Subscription Rights will be eligible for an over-subscription privilege entitling these shareholders to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares of Series G Preferred. Rights acquired in the secondary market may not participate in the oversubscription privilege.
- The Fund’s Series F Preferred shares are expected to trade “Ex-Rights” on the New York Stock Exchange on June 20, 2012 and the Rights are expected to begin trading for normal settlement through the NASDAQ Capital Market on or about June 28, 2012.
- The offering expires at 5:00 PM Eastern Time on July 24, 2012, unless extended.
Gabelli Equity Trust Announces Preferred Share Rights Offering Record Date And Summary Of Terms
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