The GDL Fund Authorizes Non-Transferable Preferred Share Rights Offering
November 20 2017 - 12:45PM
Business Wire
The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”)
has approved in principle a non-transferable rights offering (the
“Offering”) by the Fund to the holders of its Series B Cumulative
Puttable and Callable Preferred Shares (the “Series B Preferred”)
to acquire shares of a newly designated series of preferred shares,
Series C Cumulative Puttable and Callable Preferred Shares (the
“Series C Preferred”). Key aspects of the Offering, including the
timing and the pricing, as well as the terms of the Series C
Preferred and the amount of liquidation preference of Series C
Preferred available for issuance in the Offering, have yet to be
determined. The Offering, including the terms of the Series C
Preferred, is subject to final approval by a pricing committee
established by the Board, and the Board and/or the pricing
committee reserves the right to delay or cancel the Offering.
The Fund intends to apply for a New York Stock Exchange listing
of the Series C Preferred if the Offering is commenced.
Any 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. The
information in this announcement is not complete and is subject to
change. This document is not an offer to sell any of the Fund’s
securities and is not soliciting an offer to buy any of the Fund’s
securities in any jurisdiction where the offer or sale is not
permitted. This document is not an offering, which can only be made
by a final prospectus. A registration statement related to the
Fund’s securities has been filed with the Securities and Exchange
Commission, but has not yet become effective. The Fund may not sell
its securities, including the Series C Preferred, until the
registration statement filed with the Securities and Exchange
Commission is effective. Investors should consider the Fund’s
investment objective, risks, charges and expenses carefully before
investing. The preliminary base prospectus filed with the
Securities and Exchange Commission and the final base prospectus,
when available, contains or will contain this and additional
important information about the Fund and should be read carefully
before investing. Additionally, the prospectus supplement filed
with the Securities and Exchange Commission in connection with any
Offering will contain this and additional important information
about the Fund and the Offering, and should be read carefully
before investing. For further information regarding the Offering,
or to obtain a preliminary base prospectus or a prospectus
supplement and the accompanying final base prospectus, when
available, please contact the Fund at 800-GABELLI or
914-921-5070.
The GDL Fund is a diversified, closed-end management investment
company with approximately $338 million in total managed assets
whose investment objective is to achieve absolute returns in
various market conditions without excessive risk of capital. The
Fund is managed by Gabelli Funds, LLC, and a subsidiary of GAMCO
Investors, Inc. (NYSE:GBL).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171120005891/en/
The GDL FundPeter Baldino, 914-921-5070
GDL (NYSE:GDL)
Historical Stock Chart
From Mar 2024 to Apr 2024
GDL (NYSE:GDL)
Historical Stock Chart
From Apr 2023 to Apr 2024