Gabelli Utility Trust Announces Rights Offering for Common Shares Record Date and Summary of Terms
01 Marzo 2021 - 3:46PM
Business Wire
The Board of Trustees of The Gabelli Utility Trust (NYSE:GUT)
(the “Fund”) has approved a transferable rights offering which
would allow the Fund’s record date common shareholders to acquire
additional common shares (the “Offering”). The Offering will be
made only by means of a prospectus, and this announcement does not
constitute an offer to sell, or a solicitation of an offer to buy,
any of the Fund’s securities.
SUMMARY OF THE TERMS OF THE OFFERING
- Each shareholder will receive one transferable right (the
“Right”) for each common share held on the record date (March 11,
2021).
- Seven Rights plus $5.50 (the “Subscription Price”) will be
required to purchase one additional common share (the “Primary
Subscription”). The purchase price will be payable in cash.
- Record date shareholders who fully exercise their Primary
Subscription Rights will be eligible for an over-subscription
privilege entitling these shareholders to subscribe, subject to
certain limitations and a pro-rata allotment, for any additional
common shares not purchased pursuant to the Primary Subscription.
Rights acquired in the secondary market may not participate in the
over-subscription privilege.
- The Rights are expected to trade “when issued” on the New York
Stock Exchange beginning on March 9, 2021, and the Fund’s common
shares are expected to trade “Ex-Rights” on the New York Stock
Exchange beginning on March 10 2021. The Rights are expected to
begin trading for normal settlement on the New York Stock Exchange
(NYSE: GUT RT) on or about March 16, 2021.
- The Offering expires at 5:00 PM Eastern Time on April 14, 2021,
unless extended.
The Fund expects to mail subscription certificates evidencing
the Rights and a copy of the prospectus for the Offering to record
date shareholders beginning on March 15, 2021. Financial Advisors
will likely send notices to you shortly thereafter. Inquiries
regarding the Offering should be directed to the Fund at
800-GABELLI or 914-921-5070.
The Offering is made pursuant to the Fund’s effective shelf
registration statement on file with the Securities and Exchange
Commission.
Any common shares issued as a result of the Offering will not be
record date shares for the Fund’s monthly distributions to be paid
on March 24, 2021 and April 23, 2021, and will not be entitled to
receive such distributions.
Depending on market conditions at the time of closing, the Fund
may use the net proceeds from the offering for investment purposes
consistent with the Fund’s investment objectives or, in the
discretion of the Board, the proceeds may be used to redeem shares
of the Fund’s outstanding preferred stock.
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 will contain this and
additional information about the Offering, and should be read
carefully before investing. For further information regarding the
Offering, or to obtain a prospectus supplement and the accompanying
prospectus, when available, 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 $323 million in total net assets
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/20210301005998/en/
Investor Relations Contact: David Schachter (914} 921-5057
dschachter@gabelli.com
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