- Each shareholder will receive one transferable right (the “Right”) for each common share held on the record date (November 12, 2012).
- Five Rights plus $6.00 (the “Subscription Price”) will be required to purchase one additional common share (the “Primary Subscription”). The purchase price will be payable in cash.
- 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 common shares not purchased pursuant to the Primary Subscription. Rights acquired in the secondary market may not participate in the over-subscription privilege.
- The Rights are expected to trade “when issued” on the New York Stock Exchange beginning on November 7, 2012, and the Fund’s common shares are expected to trade “Ex-Rights” on November 8, 2012. The Rights are expected to begin trading for normal settlement on the New York Stock Exchange (NYSE:GUT RT) on or about November 16, 2012.
- The Offering expires at 5:00 PM Eastern Time on December 14, 2012.
Gabelli Utility Trust Announces Rights Offering
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