The Board of Trustees of the GAMCO Global Gold, Natural Resources & Income Trust by Gabelli (NYSE MKT:GGN) (the “Fund”) has authorized the partial redemption of 2,000,000 of its outstanding 6.625% Series A Cumulative Preferred Shares (the “Series A Preferred Shares”). The redemption date is Thursday, April 11, 2013, and the redemption price is $25.069 per Series A Preferred Share, which is equal to the liquidation preference of $25.00 per Series A Preferred Share, plus accumulated but unpaid dividends of $0.069.
From and after the redemption date, the Series A Preferred Shares to be redeemed will no longer be deemed outstanding, dividends will cease to accrue, and all the rights of the Series A Preferred Shareholders with respect to the redeemed Series A Preferred Shares will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice shortly.
For Series A Preferred Shares held in brokerage accounts, Depository Trust Company (“DTC”), the holder of record, determines the allocations of this partial series redemption by lottery among each participant account. Each participant account, as nominee for underlying beneficial owners (street name shareholders), in turn determines the allocations of redeemed shares among underlying beneficial owners. The procedures used by various participant accounts to allocate redeemed shares among beneficial owners may differ from other participant accounts as well as from the procedures used by DTC.
The Series A Preferred Shares, which trade on the NYSE MKT under the symbol “GGN Pr A”, are rated “A1” by Moody’s Investors Service and have an annual dividend rate of $1.65625 per share. The Series A Preferred Shares were issued on October 16, 2007 at $25.00 per share and pay distributions quarterly. On October 17, 2012, the Series A Preferred Shares became callable at any time upon 15 days prior notice at the liquidation value of $25.00 per share plus accrued dividends.