Welcome to our dedicated page for Gabelli Equity Trust news (Ticker: GAB), a resource for investors and traders seeking the latest updates and insights on Gabelli Equity Trust stock.
The Gabelli Equity Trust Inc. (NYSE: GAB) is a diversified, closed-end management investment company focused on long-term growth of capital, with income as a secondary objective. This news page compiles company-issued announcements and market communications related to the fund’s operations, policies, and capital structure.
Recent news for The Gabelli Equity Trust has centered on its 10% distribution policy and the declaration of recurring quarterly cash distributions on its common shares. The Board of Directors regularly announces whether it has reaffirmed this policy and specifies the per-share distribution amount, record dates, and payment dates. These releases also describe how distributions may be sourced from net investment income, net capital gains, or return of capital, and they outline how the fund allocates these components on a book basis over the year.
Another key category of news involves the fund’s capital structure and preferred stock. The Gabelli Equity Trust has reported on a tender offer for its Series C and Series E Auction Rate Cumulative Preferred Stock, including the cash consideration per preferred share and the treatment of accrued and unpaid dividends for shares accepted in the offer. These items are tied to a tender offer statement on Schedule TO filed with the SEC.
Investors and observers can use this news stream to follow developments in the fund’s distribution policy, the estimated tax character of distributions, and Board decisions affecting common and preferred shareholders. Regularly reviewing these updates can help users understand how the fund is implementing its stated objectives and managing its equity-based investment strategy over time.
The Gabelli Equity Trust (NYSE: GAB) announced the redemption of its 5.45% Series J Cumulative Preferred Stock, effective January 31, 2022. Investors will receive $25.132465 per share, which includes accumulated dividends. This stock will no longer be considered outstanding post-redemption. Additionally, the Fund is conducting a private placement for its new 4.25% Series M Cumulative Preferred Stock to finance this redemption. As of now, the Gabelli Equity Trust manages approximately $2.3 billion in net assets, focusing on long-term capital growth.
The Gabelli Equity Trust (NYSE:GAB) has announced the initial closing of a private placement for its 4.25% Series M Cumulative Preferred Stock. The proceeds will be used to redeem the Fund's 5.45% Series J Preferred Stock. The Series M Preferred is set to begin quarterly distributions on March 26, 2022, and it has a liquidation preference of $100 per share, with a non-callable period until March 26, 2027. Gabelli Equity Trust, managed by Gabelli Funds, LLC, has total net assets of $2.2 billion, focusing on long-term capital growth.
The Gabelli Equity Trust (NYSE: GAB) has announced the redemption of all Series J Cumulative Preferred Stock, effective January 31, 2022. The redemption price is $25.132465 per share, which includes accumulated dividends. After the redemption date, the Series J Preferred shares will no longer be outstanding, and dividends will cease to accumulate. The shares, rated 'A1' by Moody's, have an annual dividend rate of $1.3625 and were originally issued at $25.00 per share. Payments will be handled by Computershare Trust Company as the paying agent.
The Gabelli Equity Trust Inc. (NYSE:GAB) announced a cash distribution of
The Gabelli Equity Trust (NYSE:GAB) has reaffirmed a 10% distribution policy, declaring a cash distribution of $0.15 per share on September 23, 2021, for shareholders on record by September 16, 2021. The Fund aims to distribute at least 10% of its average net asset value annually, which is subject to market fluctuations and the company's financial health. Importantly, some distributions may be classified as return of capital, affecting shareholders' tax obligations. Notably, in 2021, distributions comprised 5% net investment income, 33% net capital gains, and 62% return of capital.
The Gabelli Equity Trust Inc. (NYSE:GAB) has completed its transferable rights offering, issuing over 26.2 million common shares and raising approximately $144 million. Shareholders as of June 2, 2021, received rights to purchase shares at $5.50 each. The offering, which closed on July 14, 2021, saw total subscriptions reaching about $267 million, reflecting strong demand. Approximately 64% of the shares were subscribed in the primary offering, with the remaining shares allocated through an over-subscription process. New shares are expected to be issued on July 21, 2021.
The Gabelli Equity Trust Inc. (NYSE:GAB) has announced a transferable rights offering scheduled for June 2, 2021. Shareholders will receive one right for each share held, allowing them to purchase one additional share at a subscription price of $5.50 for ten rights. The offering includes an over-subscription privilege for shareholders who fully exercise their rights. The rights are expected to trade on the NYSE starting May 28, 2021, with the offering expiring on July 14, 2021. Proceeds may be used to redeem outstanding preferred stock.
The Gabelli Equity Trust Inc. (NYSE:GAB) announced a $0.15 cash distribution per share, to be paid on June 23, 2021, to shareholders recorded by June 16, 2021, reaffirming its 10% distribution policy. The Fund aims for an annual distribution of at least 10% of its average net asset value. The Board will continue to review distribution levels, influenced by the Fund’s net asset value and market conditions. Potential returns of capital may occur if earnings fall short of distributions. Approximately 6% of the 2021's distributions are from net investment income, with the majority being returns of capital.
The Gabelli Equity Trust (NYSE:GAB) has declared a cash distribution of $0.15 per share, reaffirming its 10% distribution policy. This payment is scheduled for March 24, 2021, for shareholders on record by March 17, 2021. The Trust aims to distribute a minimum of 10% of its net asset value annually, with quarterly reviews by its Board of Directors. A portion of the distribution may be subject to capital gains tax, and if earnings do not cover the distributions, the excess might be seen as a return of capital. This could affect the cost basis for shareholders.
The Board of Directors of The Gabelli Equity Trust (NYSE:GAB) announced a cash distribution of $0.15 per share, payable on December 18, 2020, to shareholders of record as of December 11, 2020. This distribution will bring total distributions for 2020 to $0.60 per share, exceeding the 10% distribution policy based on the average net asset value (NAV). The Fund's NAV fluctuates, and the current financial market environment will be considered in future distributions. The Fund emphasizes that distributions may include returns of capital and suggests consulting tax implications with the final determination provided in early 2021.