The Gabelli Multimedia Trust Inc. (NYSE:GGT), a Maryland-based diversified closed-end management investment company, has entered into a definitive agreement for a transferable rights offering, according to a recent 8-K filing with the Securities and Exchange Commission. The rights offering allows existing shareholders as of June 28, 2024, to purchase additional shares of common stock.
Each shareholder will receive one transferable right for every share of common stock owned on the record date. Shareholders will need four rights plus $5.00 to acquire an additional share of common stock in what is termed the Primary Subscription. The offering does not allow for the issuance of fractional shares. However, shareholders who fully exercise their Primary Subscription Rights are entitled to an over-subscription privilege, which may permit them to buy any unclaimed shares at the same subscription price, subject to certain conditions and pro-rata distribution.
The Gabelli Multimedia Trust has engaged Computershare Trust Company, N.A. as the Rights Agent, as per the Rights Agent Agreement dated June 21, 2024, and Morrow Sodali LLC as the Information Agent according to the Information Agent Agreement dated June 4, 2024. These agreements facilitate the administration of the offering.
Subscription certificates evidencing the rights and copies of the prospectus supplement and prospectus are expected to be mailed to eligible shareholders starting July 3, 2024. The rights offering will expire at 5:00 PM Eastern Time on July 22, 2024, unless extended. To participate, shareholders must submit their completed subscription certificates and payment to the Rights Agent by the expiration date.
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