The Board of Directors of The Gabelli Multimedia Trust (NYSE:GGT) (the “Fund”) has approved a transferable rights offering which would allow the Fund’s record date common shareholders to acquire additional shares of common stock (the “Offering”). The Offering will be made only by means of a prospectus, and this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Fund’s securities.
SUMMARY OF THE TERMS OF THE OFFERING
- Each shareholder will receive one transferable right (the “Right”) for each share of common stock held on the record date (June 17, 2014).
- Three Rights plus $9.00 (the “Subscription Price”) will be required to purchase one additional share of common stock (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 shares of common stock 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 June 12, 2014, and the Fund’s shares of common stock are expected to trade “Ex-Rights” on the New York Stock Exchange beginning on June 13, 2014. The Rights are expected to begin trading for normal settlement on the New York Stock Exchange (NYSE:GGT RT) on or about June 20, 2014.
- The Offering expires at 5:00 PM Eastern Time on July 18, 2014.
The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus for this Offering to record date shareholders beginning on June 19, 2014. Financial Advisors will likely send notices to you shortly thereafter. Morrow & Co., LLC will serve as the Information Agent for this Offering.