Gabelli Utility Trust Rights Offering Oversubscribed Raising $43 Million
15 Abril 2021 - 8:00AM
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
7,885,840 common shares, for gross proceeds totaling
$43,372,120.
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 11,
2021 (“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 14, 2021 and the Rights no
longer trade on the New York Stock Exchange.
Preliminary results indicate that the Fund received total
subscriptions of approximately $72 million (including
over-subscription requests and notices of guaranteed delivery) for
167% of the common shares available to be issued pursuant to the
primary subscription. Approximately 64% 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, 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 20, 2021.
Any common shares issued as a result of the Offering will be
eligible for the Fund’s monthly May distribution to be paid on May
21, 2021 to shareholders of record on May 14, 2021 but will not be
record date shares for the Fund’s monthly April distribution to be
paid on April 23, 2021 and will not be entitled to receive such
April 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 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, 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 $386 million in total net
assets, after giving effect to the Offering, 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/20210415005599/en/
Investor Relations Contact: David Schachter (914) 921-5057
dschachter@gabelli.com
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