Gabelli Utility Trust Rights Offering Oversubscribed by $68 Million Raising $50 Million
20 4월 2022 - 10:15PM
Business Wire
The Gabelli Utility Trust (NYSE:GUT) (the “Fund”) is pleased to
announce the successful completion of its transferable rights
offering (the “Offering” or “Offer”) in which the Fund will issue
9,133,529 common shares, for gross proceeds totaling $50,234,410,
assuming the over-subscription privilege is exercised.
The Offering was over-subscribed. Pursuant to the Offering, the
Fund issued one transferable right (a “Right”) for each common
share of the Fund held by shareholders of record as of March 10,
2022 (“record date shareholders”). Holders of Rights were entitled
to purchase common shares by submitting seven Rights and $5.50 for
each share to be purchased (the subscription price). The Offering
expired at 5:00 PM Eastern Time on April 19, 2022 and the Rights no
longer trade on the New York Stock Exchange.
Preliminary results indicate that the Fund received total
subscriptions of approximately $118 million (including
over-subscription requests and notices of guaranteed delivery) for
236% of the common shares available to be issued pursuant to the
primary subscription. Approximately 68% of the shares were
subscribed for in the primary subscription and the remaining shares
were subscribed for pursuant to the over-subscription
privilege.
The over-subscription requests exceeded the over-subscription
shares available. As a result, subject to approval of the
over-subscription privilege by the Board of Trustees’ pricing
committee, the available over-subscription shares will be allocated
pro rata among those fully exercising record date shareholders who
over-subscribed, based on the number of Rights originally issued to
them by the Fund. The Fund will return to those investors that
submitted over-subscription requests the full amount of their
excess payments.
The new common shares subscribed for will be issued on or about
April 25, 2022.
Any common shares issued as a result of the Offering will be
eligible for the Fund’s monthly distribution to be paid on May 23,
2022 to shareholders of record on May 13, 2022 but will not be
record date shares for the Fund’s monthly April distribution to be
paid on April 22, 2022 and will not be entitled to receive such
distribution.
We thank all our subscribing shareholders as well as the full
service brokers and financial advisers who assisted our
shareholders throughout the Offering.
The information herein is not complete and is subject to
change. This document 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
document is not an offering, which can only be made by a final
prospectus. Investors should consider the Fund’s investment
objective, risks, charges and expenses carefully before investing.
The base prospectus contains this and additional information about
the Fund and the prospectus supplement contains this and additional
information about the Offering. For further information regarding
the Offering, or to obtain a prospectus supplement and the
accompanying prospectus, please contact the Fund at 800-GABELLI or
914-921-5070.
About The Gabelli Utility Trust
The Gabelli Utility Trust is a diversified, closed-end
management investment company with $397 million in total net
assets, after giving effect to the Offering and assuming the
over-subscription privilege is exercised, whose primary investment
objective is to seek long-term growth of capital and income by
investing primarily in utility companies involved in the generation
and distribution of electricity, gas, and water. The Fund is
managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors,
Inc. (NYSE:GBL).
NYSE – GUT CUSIP – 36240A101
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version on businesswire.com: https://www.businesswire.com/news/home/20220420005656/en/
For information: David Schachter (914) 921-5057
Gabelli Utility (NYSE:GUT)
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