Gabelli Multimedia Trust Rights Offering Concludes Raising $24 Million
Rhea-AI Summary
The Gabelli Multimedia Trust Inc. (NYSE:GGT) has successfully concluded its transferable rights offering, raising approximately $24 million in gross proceeds. The Fund will issue about 4.8 million shares of common stock as a result. Shareholders of record as of June 28, 2024, received one transferable right for each share held, with four rights and $5.00 required to purchase one new share. The offering expired on July 22, 2024, and new shares will be issued around July 25, 2024.
The Gabelli Multimedia Trust is a closed-end management investment company with $174 million in total net assets, focused on long-term capital growth. It is managed by Gabelli Funds, , a subsidiary of GAMCO Investors, Inc.
Positive
- Successful rights offering raising $24 million in gross proceeds
- Issuance of approximately 4.8 million new shares of common stock
- Total net assets of $174 million
Negative
- Potential dilution for existing shareholders who did not participate in the rights offering
News Market Reaction
On the day this news was published, GGT declined 0.79%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
RYE, N.Y., July 23, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) announces the completion of its transferable rights offering (the “Offering” or “Offer”). Preliminary results indicate that the Fund will issue approximately 4.8 million shares of common stock, resulting in gross proceeds to the Fund of approximately
Pursuant to the Offer, the Fund issued one transferable right (a “Right”) for each share of common stock held by shareholders of record (record date shareholders) as of June 28, 2024. Holders of Rights were entitled to purchase shares of common stock by submitting four Rights and
The new shares of common stock subscribed for will be issued on or about July 25, 2024.
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 supplement and accompanying 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, 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.
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with
NYSE: GGT
CUSIP – 36239Q109
For information:
Carter Austin
(914) 921-5475
Laurissa Martire
(914) 921-5399
FAQ
How much did Gabelli Multimedia Trust (NYSE:GGT) raise in its recent rights offering?
When did the rights offering for Gabelli Multimedia Trust (NYSE:GGT) expire?
How many new shares will Gabelli Multimedia Trust (NYSE:GGT) issue from the rights offering?
What was the subscription price for the Gabelli Multimedia Trust (NYSE:GGT) rights offering?
