Clough Global Closed End Funds Boards of Trustees Reauthorize Share Repurchase Programs
March 09 2016 - 9:30AM
Business Wire
The Boards of Trustees (the "Boards") of the below-listed closed
end mutual funds advised by Clough Capital Partners L.P. (the
"Advisor"), have previously voted to extend the share repurchase
program for the current fiscal year ending October 31, 2016. Under
the share repurchase program, each of the Funds may purchase up to
5% of their outstanding common shares as of April 9, 2015, in the
open market, between now and the Fund's fiscal year end of October
31, 2016. As part of its evaluation of options to enhance
shareholder value, the Boards have authorized the Advisor to
repurchase shares of the Fund's common stock at such times and in
such amounts as the Advisor reasonably believes may enhance
stockholder 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 its 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 level distribution in the past 18 months
and increasing the frequency of its 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.
Charles I. Clough, Jr., Chairman & CEO of the Advisor,
commented "We are pleased that the Boards have extended the share
repurchase program for an additional year 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 $3.6 billion in assets: $1.4 billion in hedge
fund and institutional accounts; $99.6 million in open-end mutual
funds; and $2.1 billion in three closed-end funds (as of January
31, 2016) – 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 Fund nor any other person assumes
responsibility for the accuracy and completeness of such statements
in the future.
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Clough Capital Partners L.P.ALPSTom Carter, +1
303-623-2577tom.carter@alpsinc.comorFund Services
Group877-256-8445
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