Gabelli Equity Trust plans rights offering for preferred investors

By Stephanie N. Rotondo

Phoenix, June 5 - Gabelli Equity Trust Inc. will issue a new series of preferred stock via a transferable rights offering to holders of the 6.2% series F cumulative preferred stock, the fund said in a press release Tuesday.

Timing, size and pricing have yet to be determined.

Under the terms of the rights offering, holders of the series F preferreds will receive one right for each preferred held. One right plus the subscription price will be required to receive one of the newly issued preferred shares.

The Rye, N.Y.-based closed-end investment management company will apply to list the rights on the Nasdaq.

Proceeds will be used for investment purposes and to redeem the series F shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.