Gabelli Go Anywhere Trust Series A Cumulative Puttable and Callable Preferred Shares Maintains Its Dividend Rate At 5.00%
22 7월 2019 - 10:00PM
Business Wire
The Board of Trustees of The Gabelli Go Anywhere Trust (NYSE
American:GGO) (the “Fund”) has approved the annual dividend rate
for the Series A Preferred Shares at 5.00%, effective for one year
after the dividend period ending September 26, 2019.
The Series A Preferred Shares trade on the NYSE American under
the symbol “GGO Pr A,” were issued on September 2, 2016 at $40.00
per share and began trading as a separate security on November 2,
2016. The annual dividend rate of 5.00% was determined based on the
Statement of Preferences for the Series A Preferred Shares. The
dividend payment on September 26, 2019 will be $0.50 per share and
will remain at the same rate for the next four quarters.
The Series A Preferred shares are not callable at the Fund’s
option prior to September 2, 2021, unless a redemption is necessary
in the judgment of the Board of Trustees to maintain the Fund’s tax
status as a regulated investment company under Subchapter M of the
Internal Revenue Code of 1986, as amended.
During the 30 day period prior to September 26, 2019, holders of
the Series A Preferred Shares may put any or all of their Series A
Preferred Shares to the Fund at the liquidation preference of $40
per share plus any accumulated and unpaid dividends.
All or part of the distribution may be treated as long term
capital gain or qualified dividend income (or a combination of
both), subject to the maximum federal income tax rate, that is
currently 20% in taxable accounts for individuals (or zero
depending on an individual’s tax bracket). In addition, certain
U.S. shareholders who are individuals, estates, or trusts and whose
income exceeds certain thresholds will be required to pay a 3.8%
Medicare surcharge on their "net investment income" which includes
dividends received from the Fund and capital gains from the sale or
other disposition of shares of the Fund.
Long term capital gains, qualified dividend income, and ordinary
income, if any, will be allocated on a pro-rata basis to all
distributions to preferred shareholders for the year. The final
determination of the sources of all distributions in 2019 will be
made after year end and can vary from the quarterly estimates. All
shareholders with taxable accounts will receive written
notification regarding the components and tax treatment for all
2019 distributions in early 2020 via Form 1099-DIV.
If the Fund does not generate sufficient earnings (dividends and
interest income, less expenses, and realized net capital gain)
equal to or in excess of the aggregate distributions paid by the
Fund to the Preferred Shareholders in a given year, then the amount
distributed in excess of the Fund’s earnings would be deemed a
return of capital. Since this would be considered a return of a
portion of a shareholder’s original investment, it is generally not
taxable and would be treated as a reduction in the shareholder’s
cost basis.
Investors should carefully consider the investment objectives,
risks, charges, and expenses of the Fund before investing. More
information regarding the Fund’s distribution policy and other
information about the Fund is available by calling 800-GABELLI
(800-422-3554) or visiting www.gabelli.com.
The Gabelli Go Anywhere Trust is a non-diversified, closed-end
management investment company whose primary investment objective is
total return, consisting of capital appreciation and current
income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of
GAMCO Investors, Inc. (NYSE:GBL).
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David Schachter (914) 921-5070
Gabelli Go Anywhere (AMEX:GGO)
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