Value Trust expects to issue a press release on or about October 18, 2013 that will provide additional information regarding the spin-off of Global Trust, including the final ratio for the issuance of Global Trust shares of common stock, the initial cost basis for such shares, and a preliminary estimate regarding the tax character of such distribution.Value Trust is a closed-end diversified management investment company, the shares of common stock of which are listed and traded on the New York Stock Exchange. The Fund’s primary investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies. The investment goal of Global Trust is long-term growth of capital. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States. Each Fund is managed by Royce & Associates, LLC. An investor in Value Trust or Global Trust should consider the Fund's investment goals, risks, fees, and expenses carefully before investing. For more information on the Royce Funds SM, please call Investor Services at 1-800-221-4268 or visit www.roycefunds.com.
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.