Clough Global Closed-End Funds Adopt Share Repurchase Programs
April 20 2015 - 4:00PM
Business Wire
The Boards of Trustees (the "Boards") of the below-listed
closed-end funds advised by Clough Capital Partners L.P. (the
"Advisor"), announced today that they have each approved a share
repurchase program. Under the share repurchase program, each of the
Funds may purchase up to 5% of its outstanding common shares as of
April 9, 2015, in the open market, between now and the Fund's
fiscal year end of October 31, 2015. As part of its evaluation of
options to enhance shareholder value, each Board has authorized the
Advisor to repurchase its Fund's common shares at such times and in
such amounts as the Advisor reasonably believes may enhance
shareholder value.
The Funds are as follows:
Clough Global Equity Fund (NYSE MKT:
GLQ)Clough Global Opportunities Fund (NYSE MKT: GLO)Clough Global
Allocation Fund (NYSE MKT: GLV)
The Boards and the Advisor continually analyze options to
enhance shareholder value and potentially reduce the discount
between the market price of the Fund's common shares and their net
asset value per share ("NAV"). The Boards and the Advisor believes
that the share repurchase programs may further these goals because
the program allows the Funds to acquire their shares in the open
market at a discount to NAV, which will increase the NAV and
thereby benefit remaining shareholders while potentially providing
additional liquidity in the trading of the fund shares. The share
repurchase programs are the most recent in a series of actions the
Funds have taken to seek to enhance shareholder value, including
multiple increases of the distributions in the past 18 months and
increasing the frequency of their distributions from quarterly to
monthly. The Boards will monitor the repurchase programs and will
continue to consider strategic options to enhance shareholder value
in the long-term.
The Funds' repurchase programs will be implemented on a
discretionary basis under the direction of the Advisor. The Funds'
repurchase activity, including the number of shares purchased, the
average purchase price and the average discount to NAV, will be
disclosed in the Funds' annual and semi-annual reports to
shareholders. There is no assurance that the Funds will purchase
shares at any specific discount levels or in any specific amounts
or that the market prices of the Funds’ shares, either absolutely
or relative to their NAVs, will increase as a result of any share
repurchases.
Charles I. Clough, Jr., Chairman & CEO of the Advisor,
commented, "We are pleased that the Boards have taken another
positive step to address the Funds' discount and to support the
long-term interests of the Funds' shareholders."
The Clough Global Equity Fund
The Fund is a closed-end fund utilizing the Advisor's
research-driven, thematic process, with an investment objective of
providing a high level of total return. Having a global, flexible
mandate and utilizing the Firm’s research offices in Boston and
Hong Kong, the Fund will invest at least 80% in equity and
equity-related securities in both U.S. and non-U.S. markets, and
the remainder in fixed income securities, including corporate and
sovereign debt, in both U.S. and non-U.S. markets. More information
on the Clough Global Equity Fund, including the Fund’s dividend
reinvestment plan, can be found at www.cloughglobal.com or call
877-256-8445.
The Clough Global Opportunities Fund
The Fund is a closed-end fund with an investment objective of
providing a high level of total return. The Fund seeks to achieve
this objective by applying a fundamental research-driven investment
process and will invest in equity and equity-related securities as
well as fixed income securities, including both corporate and
sovereign debt. Utilizing Clough Capital’s global research
capabilities, with offices in Boston and Hong Kong, the Clough
Global Opportunities Fund will invest in both U.S. and non-U.S.
markets. More information on the Clough Global Opportunities Fund,
including the Fund’s dividend reinvestment plan, can be found at
www.cloughglobal.com or call 877-256-8445.
The Clough Global Allocation Fund
The Fund is a closed-end fund searching globally for the most
opportunistic investments in the capital markets, with an
investment objective of providing a high level of total return.
With research analysts in Boston and Hong Kong, the Clough Global
Allocation Fund seeks to pursue this objective by applying a
fundamental research-driven investment process and will invest in
equity and equity-related securities as well as fixed income
securities, including both corporate and sovereign debt, in both
U.S. and non-U.S. markets. More information on the Clough Global
Allocation Fund, including the Fund’s dividend reinvestment plan,
can be found at www.cloughglobal.com or call 877-256-8445.
Clough Capital Partners L.P.
The Advisor is a Boston-based investment advisory firm which
manages approximately $4.5 billion in assets: $1.8 billion in hedge
fund and institutional accounts; $85 million in open-end mutual
funds; and $2.5 billion in three closed-end funds (as of March 31,
2015) – Clough Global Allocation (GLV), Clough Global Equity (GLQ),
and the Clough Global Opportunities Fund (GLO). The firm uses a
global and theme-based approach and invests in securities on a
global basis. Clough was founded in 2000 by Chuck Clough and
partners James Canty and Eric Brock.
Certain statements made in this press release are
forward-looking statements. Actual future results or occurrences
may differ significantly from those anticipated in any
forward-looking statements due to numerous factors. These include
but are not limited to: market developments; legal and regulatory
developments; and other additional risks and uncertainties. As a
result, neither the Funds nor any other person assumes
responsibility for the accuracy and completeness of such statements
in the future.
__
An investor should consider investment objectives, risks,
charges and expenses carefully before investing. To obtain a
prospectus, annual report or semi-annual report which contains this
and other information visit www.cloughglobal.com or
call 877-256-8445. Read the prospectus carefully before
investing.
The Clough Global Equity Fund is a closed-end fund and
closed-end funds do not continuously issue shares for sale as
open-end mutual funds do. Since the initial public offering, the
Fund now trades in the secondary market. Investors wishing to buy
or sell shares need to place orders through an intermediary or
broker. The share price of a closed-end fund is based on the
market's value.
ALPSTom Carter, +1 303-623-2577tom.carter@alpsinc.comorFund
Services Group, 877-256-8445
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