Royce Global Value Trust, Inc. Stockholders Approve New Investment Advisory Agreement at Special Meeting
On December 17, 2020, Royce Global Value Trust (NYSE: RGT) announced that stockholders approved a new investment advisory agreement with Royce Investment Partners.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
On December 17, 2020, Royce Global Value Trust (NYSE: RGT) announced that stockholders approved a new investment advisory agreement with Royce Investment Partners. The agreement took effect immediately, maintaining the existing investment advisory fee rate. There will be no changes to the Fund's portfolio management team, investment objective, or strategies. Royce Global Value Trust is a closed-end management investment company, focusing on U.S. and non-U.S. common stocks with market caps up to $10 billion.
Positive
- Approval of a new investment advisory agreement, signaling continued shareholder support.
- No increase in the investment advisory fee, which helps maintain cost efficiency.
Negative
- None.
Details
News Market Reaction – RGT
The recorded move for RGT in the trading session of this news was -2.38%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Dec. 17, 2020 /PRNewswire/ -- Royce Global Value Trust, Inc. (NYSE: RGT) (the "Fund") announced that the Fund's stockholders voted to approve a new investment advisory agreement with the Fund's investment adviser, Royce Investment Partners ("Royce")1, at today's Special Meeting of Stockholders of the Fund.
Such new investment advisory agreement became effective upon its approval.2 There will be no increase in the contractual investment advisory fee rate for the Fund as a result of the implementation of the new agreement. In addition, implementation of the new agreement will not result in any changes to the Fund's portfolio management personnel, investment objective, principal investment strategy, or investment restrictions.
About Royce Global Value Trust, Inc.
Royce Global Value Trust, Inc. is a closed-end diversified management investment company whose shares are listed and traded on the New York Stock Exchange. The Fund invests in both U.S. and non-U.S. common stocks (generally market caps up to
For further information on The Royce Funds℠, please visit our web site at: www.royceinvest.com.
Forward Looking Statement
This press release is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. This letter may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can sometimes be identified by the use of words such as "plan," "expect," "will," "should," "could," "anticipate," "intend," "project," "estimate," "guidance," "possible," "continue" and other similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements are based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual results, performance and events to differ materially from those described in the forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Fund's filings with the SEC, including the Fund's Annual Report to Stockholders on Form N-CSR for the year ended December 31, 2019, the Fund's Semiannual Report to Stockholders on Form N-CSRS for the six-month period ended June 30, 2020, and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund does not undertake any responsibility to update publicly or revise any forward-looking statement.
Media Contact
Joele Frank, Wilkinson Brimmer Katcher: Lucas Pers 212-355-4449
Important Disclosure Information
1 Royce & Associates, LP is a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners and has served as the Fund's investment adviser since the Fund's inception.
2 The Fund's previous investment advisory agreement terminated in accordance with its terms as required by applicable law upon completion of Franklin Resources, Inc.'s acquisition of Legg Mason Inc., Royce's former indirect parent company, after the close of business on July 31, 2020. The Fund had been operating under an interim investment advisory agreement with Royce since that time. Such interim agreement terminated upon stockholder approval of the new investment advisory agreement as described herein.
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SOURCE Royce Global Value Trust, Inc.
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