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Gabelli Global Multimedia Trust Concludes 2011 Rights Offering, Which is Heavily Over-Subscribed

^{Published on 2011-04-27 05:45:47 - Market Wire}
 

RYE, N.Y.--([ BUSINESS WIRE ])--The Gabelli Global Multimedia Trust Inc. (the aFunda) (NYSE:GGT) is pleased to announce the completion of its transferable rights offering (the aOfferinga or aOffera) in which approximately 4.5 million shares of common stock are expected to be issued, totaling nearly $32 million. Pursuant to the Offer, the Fund issued one transferable right (a aRighta) for each share of common stock of the Fund to shareholders of record (record date shareholders) as of March 29, 2011. Three Rights entitled a shareholder to purchase one newly issued share of common stock at a price of $7.00 per share (the subscription price). The Offer expired at 5:00 p.m. Eastern Time on April 26, 2011 (the expiration date) and the Rights no longer trade on the New York Stock Exchange.

Preliminary results indicate that the Fund received subscriptions (including over-subscription requests) for about 300% of the 4,525,223 shares available to be issued pursuant to the primary subscription, totaling nearly $95 million. Approximately 79% of the shares to be issued were subscribed for in the primary subscription. Pursuant to the Offering, the remaining shares to be issued will be allocated by means of the over-subscription privilege.

Those shareholders of record as of March 29, 2011 who exercised their full primary subscription Rights were eligible for an over-subscription privilege entitling them to subscribe, subject to certain limitations and subject to allotment, for any shares not purchased pursuant to the primary subscription. Details regarding shares to be allocated pursuant to the over-subscription privilege are not yet available. The Board of Directors has the right in its absolute discretion to eliminate the over-subscription privilege with respect to the primary over-subscription shares if it considers it to be in the best interest of the Fund to do so. The Board of Directors may make that determination at any time, without prior notice to Rights holders or others, up to and including the seventh day following the expiration date.

Any new shares issued as a result of the Offer will not be record date shares for the Funda™s 2011 annual shareholder meeting scheduled to be held on May 16, 2011, which has a record date of March 21, 2011, and those shares will not be deemed outstanding for quorum purposes or be able to be voted at that meeting.

We thank all our subscribing shareholders as well as the full service brokers and financial advisers who assisted our shareholders throughout the Offering.

The Gabelli Global Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $200 million in total net assets, after giving effect to the full subscription of the Offering, whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.