NEW YORK, March 1, 2018 /PRNewswire/ -- Royce Value Trust,
Inc. (NYSE: RVT) (the "Fund") announced today that it was
postponing its previously announced record date of March 5, 2018 for determination of stockholders
entitled to participate in the Fund's pending common stock rights
offering (the "Offer") in order to allow sufficient time for its
Registration Statement to be declared effective prior to the record
date as required by New York Stock Exchange ("NYSE") listing
standards. The Fund intends to announce the updated record date and
subscription schedule for the Offer, subject to compliance with
applicable regulatory and NYSE requirements, through the issuance
of a subsequent press release once the effective date for its
Registration Statement is known.
The material terms of the Offer remain unchanged and are
summarized below.
- Each stockholder will receive one non-transferable right (each,
a "Right") for each whole share of common stock held of record as
of the record date, rounded up to the nearest number of Rights
evenly divisible by ten. The Rights will allow record date
stockholders to subscribe for one share of common stock for each
ten Rights held (the "Primary Subscription"). The Rights are
non-transferable and may not be purchased or sold.
- 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 NYSE on the first
business day after the expiration date of the Offer (the "Pricing
Date") or (ii) the net asset value per share on the Pricing
Date.
- Record date 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 by other
record date stockholder 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 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 (the "Commission"). Such Registration Statement is not
complete, remains subject to review and comment by the staff of the
Commission, and may be changed. The Offer will be made only by
means of a final prospectus.
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 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. Its 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. In managing the Fund's assets, Royce uses a core
approach that combines multiple investment themes and offers wide
exposure to small- and micro-cap stocks by investing in companies
with high returns on invested capital or those with strong
fundamentals and/or prospects trading at what Royce believes are
attractive valuations.
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).
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SOURCE Royce Value Trust, Inc.