NEW YORK, Feb. 22, 2018 /PRNewswire/ -- Royce Value
Trust, Inc. (NYSE: RVT) (the "Fund") announced today that it has
fixed the close of business on March 5,
2018 as the record date for determination of stockholders
entitled to participate in the Fund's previously-announced common
stock rights offering (the "Offer"). Each stockholder will
receive one non-transferable right (each, a "Right") for each whole
share of common stock held of record as of such record date,
rounded up to the nearest number of Rights evenly divisible by ten.
The Rights will allow stockholders to subscribe for one new share
of common stock for each ten Rights held (the "Primary
Subscription"). The Rights are non-transferable and may not be
purchased or sold.
Record date common stockholders who fully exercise their Rights
in the Primary Subscription may subscribe, subject to certain
limitations and a pro-rata allotment, for those shares not
purchased pursuant to the Primary Subscription. If such
over-subscription requests exceed the number of shares available,
the Fund may, in its sole discretion and subject to certain
anti-dilution limitations, increase the number of shares subject to
subscription by up to 20% of the number of shares available under
the Primary Subscription. The subscription price for all
shares of common stock issued pursuant to the Offer will be the
lower of: (i) $0.25 below the last
reported sale price per share on the New York Stock Exchange on the
first business day after the expiration date of the Offer (the
"Pricing Date") or (ii) the NAV per share on the Pricing Date.
The Offer is subject to the effectiveness of the Fund's
Registration Statement on Form N-2 that was filed on January 25, 2018 with the Securities and Exchange
Commission. Such Registration Statement is not complete and may be
changed. The Offer will be made only by means of a final
prospectus. Subject to effectiveness of such Registration
Statement, it is currently expected that: (i) a prospectus for the
Offer and subscription certificates evidencing the Rights will be
mailed to record date common stockholders in March 2018; (ii) the subscription period will
last from approximately March 19,
2018 to April 19, 2018, unless
extended by the Fund; and (iii) the Pricing Date will be
April 20, 2018, unless the
subscription period is extended by the Fund.
The information in this press release is not complete and is
subject to change. This press release is not an offer to sell these
securities and is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted. This
press release is not an offering, which can only be made by a
prospectus. Investors should carefully consider the Fund's
investment objective, risks, charges and expenses before investing.
The prospectus will contain this information and additional
information about the Fund and the Offer, and should be read
carefully before investing. Please contact the Fund (toll free) at
(800) 221-4268 with any questions about the Offer.
Shares of closed-end investment companies frequently trade at
a discount from their NAV per share. The market price of the Fund's
shares of common stock is determined by a number of factors,
several of which are beyond the control of the Fund. Therefore, the
Fund cannot predict whether its shares will trade at, below, or
above its NAV per share.
The Fund is a diversified, closed-end management investment
company. The Fund's investment goal is long-term capital growth.
The Fund normally invests at least 65% of its assets in the equity
securities of small- and micro-cap companies, generally those with
stock market capitalizations ranging from $100 million to $3
billion, that Royce & Associates, LP ("Royce"), the
Fund's investment adviser, believes are trading below its estimate
of their current worth. The Fund also may invest up to 25% of its
assets in securities of issuers headquartered outside the United States. The Fund may invest a
portion of its assets in companies with stock market
capitalizations in excess of $3
billion. Royce uses a value investing style in managing the
Fund's assets.
About Royce & Associates, LP:
Royce & Associates, LP is a small-cap equity specialist
offering distinct investment strategies with unique risk/return
profiles designed to meet a variety of investors' needs. For more
than 40 years, our strategies have focused on active,
risk-conscious investing driven by deep, fundamental company
research. Chuck Royce, the firm's
founder and a pioneer of small-cap investing, enjoys one of the
longest tenures in the industry. Royce & Associates, LP is a
subsidiary of Legg Mason Inc. (NYSE: LM).
View original
content:http://www.prnewswire.com/news-releases/royce-value-trust-inc-announces-record-date-for-its-common-stock-rights-offering-300603122.html
SOURCE Royce Value Trust, Inc.