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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Royce Value Trust, Inc. Announces Terms For Spin-Off Of Royce Global Value Trust, Inc.

The spin-off of Royce Global Value Trust, Inc. (“Global Trust”), a newly organized, diversified, closed-end management investment company, was approved by the stockholders of Royce Value Trust, Inc. (NYSE:RVT) (“Value Trust”) on September 5, 2013.

Value Trust announced today that the distribution of Global Trust common stock to Value Trust stockholders is expected to be at a ratio of one (1) share of Global Trust common stock for every seven (7) shares of Value Trust common stock owned. Only whole shares of Global Trust common stock will be issued in connection with the spin-off; Value Trust stockholders will receive cash in lieu of fractional shares of Global Trust common stock. The fractional shares of Global Trust common stock that otherwise would have been issued in the spin-off will be aggregated and sold in the open market and Value Trust stockholders will receive a cash payment equal to their pro rata share of such total sales proceeds. The initial net asset value for each share of Global Trust common stock (“NAV”) is expected to be $9.79 per share. Such NAV is preliminary and subject to change.

The distribution will be made on October 17, 2013 to Value Trust stockholders of record as of the official close of business on October 10, 2013.

Shares of Global Trust common stock are expected to trade on the New York Stock Exchange on a “when issued” basis from October 8, 2013 through October 17, 2013 under the symbol “RGT wi” and on a “regular way” basis beginning October 18, 2013 under the symbol “RGT.”

Shares of Value Trust common stock will trade with “due bills” from October 8, 2013 through October 17, 2013, after which shares of Value Trust common stock will trade “ex-distribution.” Any Value Trust stockholder who sells shares of Value Trust common stock from October 8, 2013 through October 17, 2013 will also be selling the right to receive shares of Global Trust common stock in connection with the Value Trust shares sold.

1 of 2

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!
DOW 17,083.60 +4.03 0.02%
S&P 500 2,000.90 +4.16 0.21%
NASDAQ 4,573.3390 +15.6440 0.34%

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