Clough Global Dividend and Income Fund Announces Record Date For Rights Offering
July 08 2019 - 5:45PM
Business Wire
The Board of Trustees of Clough Global Dividend and Income Fund
(the “Fund”) has authorized and set the terms of an offering to the
Fund’s shareholders of rights to purchase additional common shares
of the Fund.
The Fund is issuing transferable subscription rights (“Rights”)
to its common shareholders of record as of July 18, 2019 (the
“Record Date” and such shareholders, “Record Date Shareholders”)
who will be allowed to subscribe for new common shares of the Fund
(the “Primary Subscription”). Record Date Shareholders will receive
one Right for each common share held on the Record Date. For every
five Rights held, a holder of Rights may buy one new common share
of the Fund. Record Date Shareholders who exercise their Rights
will not be entitled to distributions payable during July 2019 and
August 2019 on shares issued in connection with the Rights
Offering.
Record Date Shareholders who fully exercise all Rights initially
issued to them in the Primary Subscription may be entitled to
subscribe for additional common shares that are not purchased by
other Record Date Shareholders.
The subscription price per common share will be determined based
upon a formula equal to 85% of the reported net asset value or 95%
of the market price per common share, whichever is higher on the
Expiration Date (as defined below). Market price per common share
will be determined based on the average of the last reported sales
prices of a common share on the NYSE American for the five trading
days preceding the Expiration Date (not including sales price on
the Expiration Date).
The rights offering is subject to the effectiveness of the
Fund’s Registration Statement currently on file with the Securities
and Exchange Commission (“SEC”) and will be made only by means of a
prospectus. The Fund anticipates that the offering will commence on
or about July 24, 2019 and expire on or about August 23, 2019 (the
“Expiration Date”), unless the offer is extended.
A Registration Statement relating to the securities has not been
made effective by the SEC as of the date of this release. These
securities may not be sold nor may offers to purchase be accepted
prior to the time the Registration Statement becomes effective with
the SEC.
This press release shall not constitute an offer to sell or
constitute a solicitation of an offer to buy.
The Clough Global Dividend and Income Fund
The Fund is a closed-end fund with an investment objective of
providing a high level of total return. The 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. The Fund’s
portfolio managers are Chuck Clough and Rob Zdunczyk. As of May
31st, 2019 the fund had approximately $157.6 million in total
assets. More information, including the Fund’s dividend
reinvestment plan, can be found at www.cloughglobal.com or call
877-256-8445.
Clough Capital Partners L.P.
Clough Capital, a Boston-based investment advisory firm which
manages approximately $1.8 billion in assets as of May 31st, 2019,
serves as investment adviser to the Fund.
The information in this prospectus is not complete and may be
changed. The Fund may not sell these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these
securities in any jurisdiction where the offer or sale is not
permitted.
An investor should consider investment objectives, risks,
charges and expenses carefully before investing. To obtain an
annual report or semi-annual report which contains this and other
information visit www.cloughglobal.com or call 1-877-256-8445. Read
them carefully before investing.
The Clough Global Dividend and Income 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.
Forward-looking statements are based on information that is
available on the date hereof, and neither the fund manager nor any
other person affiliated with the fund manager has any duty to
update any forward-looking statements. Important factors that could
affect actual results to differ from these statements include,
among other factors, material, negative changes to the asset class
and the actual composition of the portfolio.
ALPS Portfolio Solutions Distributor, Inc, FINRA Member
Firm.
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version on businesswire.com: https://www.businesswire.com/news/home/20190708005750/en/
Clough Capital Partners L.P. Jeremy Held, ALPS +1 (303) 623 2577
jeremy.held@alpsinc.com Clough Global Dividend and Income Fund
(NYSE MKT: GLV) Fund Services Group, 877-256-8445
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