GGT The Gabelli Multimedia Trust

Gabelli Multimedia Trust Announces Rights Offering for Shares of Common Stock Record Date and Summary of Terms

Gabelli Multimedia Trust Announces Rights Offering for Shares of Common Stock Record Date and Summary of Terms

RYE, N.Y., June 18, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE: ) (the “Fund”) has approved a transferable rights offering which would allow the Fund’s record date common shareholders to acquire additional shares of common stock (the “Offering”). The Offering will be made only by means of a prospectus supplement and accompanying 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 share of common stock held on the record date (June 28, 2024). The number of Rights to be issued to a shareholder as of the close of business on the record date will be rounded up to the nearest number of Rights evenly divisible by four.



  • Four Rights plus $5.00 (the “Subscription Price”) will be required to purchase one additional share of common stock (the “Primary Subscription”). The purchase price will be payable in cash. Fractional shares of common stock will not be issued upon the exercise of Rights.



  • 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 shares of common stock not purchased pursuant to the Primary Subscription at the same Subscription Price. Rights acquired in the secondary market may not participate in the over-subscription privilege and any record date shareholder who sells any Rights will not be eligible to participate in the over-subscription privilege.



  • The Rights are expected to trade “when issued” on the New York Stock Exchange beginning on June 27, 2024, and the Fund’s shares of common stock are expected to trade “Ex-Rights” on the New York Stock Exchange beginning on June 28, 2024. The Rights are expected to begin trading for normal settlement on the New York Stock Exchange (NYSE: GGT RT) on or about July 5, 2024.



  • The Offering expires at 5:00 PM Eastern Time on July 22, 2024, unless extended. Rights may be exercised at any time during the subscription period.

The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus supplement and accompanying prospectus for the Offering to record date shareholders beginning on July 3, 2024. 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.

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 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.

The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $166 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GGT

CUSIP – 36239Q109

For information:

Carter Austin

(914) 921-5475

Laurissa Martire

(914) 921-5399



EN
18/06/2024

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on The Gabelli Multimedia Trust

 PRESS RELEASE

Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declar...

Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declared First Quarter Distribution of $0.22 Per Share RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on March 24, 2025 to common stock shareholders of record on March 17, 2025. The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisf...

 PRESS RELEASE

Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declar...

Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declared Fourth Quarter Distribution of $0.22 Per Share RYE, N.Y., Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on December 20, 2024 to common stock shareholders of record on December 13, 2024.   With this fourth quarter distribution, the total distributions from the Fund for 2024 would equate to $0.88 per share. The Fund intends to pay a minimu...

 PRESS RELEASE

Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declar...

Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declared Third Quarter Distribution of $0.22 Per Share RYE, N.Y., Aug. 23, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on September 23, 2024 to common stock shareholders of record on September 16, 2024. We note that the minimum annual distribution of 10% of the average net asset value of the Fund is based on the ending net asset values per share as of D...

 PRESS RELEASE

Gabelli Multimedia Trust Rights Offering Concludes Raising $24 Million

Gabelli Multimedia Trust Rights Offering Concludes Raising $24 Million 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 $24 million (including over-subscription requests and notices of guaranteed delivery). Pursuant to the Offer, the Fund issued one transferabl...

 PRESS RELEASE

Gabelli Multimedia Trust Alerts Common Stock Shareholders to Rights Of...

Gabelli Multimedia Trust Alerts Common Stock Shareholders to Rights Offering Expiration Date of July 22, 2024 RYE, N.Y., July 15, 2024 (GLOBE NEWSWIRE) -- The Gabelli Multimedia Trust’s (NYSE: GGT) (the “Fund”) transferrable rights offering to acquire additional shares of common stock expires at 5:00 PM Eastern Time on July 22, 2024, unless extended. The Fund encourages shareholders to take action this week. SUMMARY OF THE TERMS OF THE OFFERING Each shareholder received one transferable right (the “Right”) for each share of common stock held on the record date (June 28, 2024).Four Right...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch