The rights offering (the “Offering”) made by The Gabelli Equity Trust
(‘the Fund”) (NYSE:GAB) to the Fund’s common shareholders will expire on Monday,
October 20, 2014 at 5:00 PM Eastern time.
SUMMARY OF THE TERMS OF THE OFFERING
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Each shareholder received one transferable right (the “Right”) for
each share of common stock held on the record date (September 19,
2014).
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Seven Rights plus $5.75 (the “Subscription Price”) is required to
purchase one additional share of common stock (the “Primary
Subscription”). The purchase price is payable in cash.
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Record date shareholders who fully exercise their Primary Subscription
Rights are 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
privilege.
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Rights may be traded on the NYSE under the symbol “GAB RT”.
Holders of Rights who wish to subscribe for additional common shares
should contact their broker for instructions with respect to exercising
Rights. Holders of Rights who are unable or do not wish to exercise any
or all of their Rights may instruct their broker to sell any unexercised
Rights.
The Offering is made pursuant to the Fund’s effective shelf registration
statement on file with the Securities and Exchange Commission (the
“SEC”). As previously announced, investments of the proceeds raised will
be made in accordance with the Fund’s investment objectives and policies
as appropriate new investment opportunities are identified.
For questions and further information contact the Closed-End Fund Team
at 800-GABELLI (800-422-3554) or (914) 921-5070. Morrow & Co., LLC is
serving as the Information Agent for this offering and can be reached at
(800) 969-2372, Banks and Brokers please call (203) 658-9400. This
document is not an offering, which can only be made by a final
prospectus. Investors should carefully consider the Fund’s
investment objectives, risks, charges and expenses before investing.
The base prospectus and statement of additional information
contain this and additional information about the Fund, and the
prospectus supplement contains this and additional information about the
Offering, and should be read carefully before investing. The SEC
has not approved or disapproved these securities or passed upon the
adequacy of this press release.
The Gabelli Equity Trust Inc. is a non-diversified, closed-end
management investment company with $1.6 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,
Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.
Copyright Business Wire 2014