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 the Fund issued
4,985,538 common shares, totaling $44,869,842. The Offering was
significantly over-subscribed. 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 3, 2014.
Holders of Rights were entitled to purchase one common share by
submitting three Rights and $9.00 per share (the subscription price).
The Fund received total subscriptions (including over-subscription
requests) for over 14 million common shares, or approximately 282% of
the shares available, totaling approximately $126 million. The
over-subscription requests exceeded the over-subscription shares
available. As a result, the available over-subscription shares were
allocated pro rata among those fully exercising record date
shareholders who over-subscribed based on the number of Rights
originally issued to them by the Fund. The Fund retained approximately
$44.9 million with the balance to be returned to those investors that
submitted over-subscription requests to the full extent of their excess
payments tendered. Approximately 74% of the shares issued were
subscribed for in the primary subscription, and the remaining shares
issued were subscribed for pursuant to the over-subscription privilege.
All of the common shares subscribed for were issued on July 16, 2014. It
is anticipated that these shares will be delivered on or about July 17,
2014.
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
$254 million in total net assets, after giving effect to the full
subscription of the Offering, 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 2014