Each shareholder will receive one transferable right (the “Right”) for
each share of common stock held on the record date (September 19,
Seven Rights plus $5.75 (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.
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. Rights acquired in
the secondary market may not participate in the over-subscription
The Rights are expected to trade “when issued” on the New York Stock
Exchange beginning on September 16, 2014, and the Fund’s shares of
common stock are expected to trade “Ex-Rights” on the New York Stock
Exchange beginning on September 17, 2014. The Rights are expected to
begin trading for normal settlement on the New York Stock Exchange
(NYSE:GAB RT) on or about September 24, 2014.
The Offering expires at 5:00 PM Eastern Time on October 20, 2014.
RYE, N.Y.--(BUSINESS WIRE)--
The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (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, and this announcement does not constitute an
offer to sell, or a solicitation of an offer to buy, any of the Fund’s
SUMMARY OF THE TERMS OF THE OFFERING
The Fund expects to mail subscription certificates evidencing the Rights
and a copy of the prospectus for this Offering to record date
shareholders beginning on September 23, 2014. Financial Advisors will
likely send notices to you shortly thereafter. Morrow & Co., LLC will
serve as the Information Agent for this Offering.
The Offering is made pursuant to the Fund’s effective shelf registration
statement on file with the Securities and Exchange Commission.
Any shares of common stock issued as a result of the Offering will not
be record date shares for the Fund’s quarterly distribution to be paid
on September 23, 2014 and will not be entitled to receive such
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. 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
The Gabelli Equity Trust Inc. is a non-diversified, closed-end
management investment company with $1.7 billion 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,
The Gabelli Equity Trust Inc.
Molly Marion, 914-921-5070
Source: The Gabelli Equity Trust Inc.