Gabelli Healthcare & WellnessRx Trust Concludes Rights Offering Which is Heavily Over-Subscribed
The Gabelli Healthcare & WellnessRx Trust (the “Fund”)
(NYSE:GRX) is pleased to announce the completion of its transferable
rights offering (the “Offering” or “Offer”) in which more than 3.7
million common shares will be issued, totaling approximately $33.6
million. Pursuant to the Offer, the Fund issued one transferable right
(a “Right”) for each common share of the Fund to shareholders of record
(record date shareholders) as of June 17, 2013. Holders of Rights were
entitled to purchase one common share by submitting three Rights and
$9.00 per share (the subscription price). The Offer expired at 5:00 PM
Eastern Time on July 17, 2013 and the Rights no longer trade on the NYSE.
Preliminary results indicate that the Fund received total subscriptions
of approximately $83 million (including over-subscription requests and
notices of guaranteed delivery) for 247% of the 3,739,154 shares
available to be issued pursuant to the primary subscription.
Approximately 72% of the shares to be issued were subscribed for in the
primary subscription. The over-subscription requests exceeded the
over-subscription shares available. As a result, the available
over-subscription shares will be allocated pro rata among those
fully exercising record date shareholders based on the number of Rights
originally issued to them by the Fund. The new common shares will be
issued on July 25, 2013.
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 Healthcare & WellnessRx Trust is a
diversified, closed-end management investment company with approximately
$163 million in total net assets whose 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.
This press release is not an offering, which can only be made by a
prospectus. Investors should consider the Fund’s investment
objectives, risks, charges, and expenses carefully before investing. The
Fund’s prospectus contains this and other important information and
should be read carefully before investing. Visit www.gabelli.com
for more information about the Fund.
Copyright Business Wire 2013