GAMCO Global Gold, Natural Resources & Income Trust by Gabelli Announces Partial Redemption of Its 6.625% Series a Cumulative Preferred Shares
The Board of Trustees of the GAMCO Global Gold, Natural Resources &
Income Trust by Gabelli (NYSE MKT:GGN) (the “Fund”) has authorized the
partial redemption of 2,000,000 of its outstanding 6.625% Series A
Cumulative Preferred Shares (the “Series A Preferred Shares”). The
redemption date is Thursday, April 11, 2013, and the redemption price is
$25.069 per Series A Preferred Share, which is equal to the liquidation
preference of $25.00 per Series A Preferred Share, plus accumulated but
unpaid dividends of $0.069.
From and after the redemption date, the Series A Preferred Shares to be
redeemed will no longer be deemed outstanding, dividends will cease to
accrue, and all the rights of the Series A Preferred Shareholders with
respect to the redeemed Series A Preferred Shares will cease, except the
right to receive the redemption price. Shareholders of record will be
mailed a redemption notice shortly.
For Series A Preferred Shares held in brokerage accounts, Depository
Trust Company (“DTC”), the holder of record, determines the allocations
of this partial series redemption by lottery among each participant
account. Each participant account, as nominee for underlying beneficial
owners (street name shareholders), in turn determines the allocations of
redeemed shares among underlying beneficial owners. The procedures used
by various participant accounts to allocate redeemed shares among
beneficial owners may differ from other participant accounts as well as
from the procedures used by DTC.
The Series A Preferred Shares, which trade on the NYSE MKT under the
symbol “GGN Pr A”, are rated “A1” by Moody’s Investors Service and have
an annual dividend rate of $1.65625 per share. The Series A Preferred
Shares were issued on October 16, 2007 at $25.00 per share and pay
distributions quarterly. On October 17, 2012, the Series A Preferred
Shares became callable at any time upon 15 days prior notice at the
liquidation value of $25.00 per share plus accrued dividends.
The GAMCO Global Gold, Natural Resources & Income Trust by Gabelli is a
non-diversified, closed-end management investment company with $1.3
billion in total net assets whose primary investment objective is to
provide a high level of current income. The Fund invests primarily in
equity securities of gold and natural resources companies and intends to
earn income primarily through a strategy of writing (selling) primarily
covered call options on equity securities in its portfolio. The Fund is
managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), which is a publicly traded NYSE listed company.