Gabelli Dividend & Income Trust Trustees Have Approved Spin-Off of Gabelli Preferred Securities Trust Focusing on Preferred Securities
Gabelli Dividend & Income Trust (NYSE: GDV) has announced plans to spin off a new closed-end fund called Gabelli Preferred Securities Trust (GPS). The new fund will focus on preferred securities, with GDV contributing approximately $150 million in cash and/or securities. GPS shares will be distributed pro rata to GDV common shareholders and will seek listing on the NYSE.
The new fund is expected to utilize leverage, with the amount yet to be determined. GDV's distribution policy will remain unchanged, while GPS's distribution rate will be determined at spin-off. The transaction requires both shareholder and regulatory approvals, with specific details about cash/securities contribution, share distribution, and record dates to be announced later.
Gabelli Dividend & Income Trust (NYSE: GDV) ha annunciato piani per scorporare un nuovo fondo chiuso chiamato Gabelli Preferred Securities Trust (GPS). Il nuovo fondo si concentrerà su titoli privilegiati, con GDV che contribuirà con circa 150 milioni di dollari in contante e/o titoli. Le azioni di GPS saranno distribuite pro rata agli azionisti comuni di GDV e si cercherà di quotarle alla NYSE.
Si prevede che il nuovo fondo utilizzi leva finanziaria, con l'importo ancora da determinare. La politica di distribuzione di GDV rimarrà invariata, mentre il tasso di distribuzione di GPS sarà determinato al momento dello scorporo. La transazione richiede l'approvazione sia degli azionisti che delle autorità di regolamentazione, con dettagli specifici riguardo al contributo in contante/titoli, distribuzione delle azioni e date di registrazione che saranno annunciati in seguito.
Gabelli Dividend & Income Trust (NYSE: GDV) ha anunciado planes para escindir un nuevo fondo cerrado llamado Gabelli Preferred Securities Trust (GPS). El nuevo fondo se centrará en valores preferentes, con GDV contribuyendo aproximadamente con 150 millones de dólares en efectivo y/o valores. Las acciones de GPS se distribuirán pro rata a los accionistas comunes de GDV y se buscará su cotización en la NYSE.
Se espera que el nuevo fondo utilice apalancamiento, con el monto aún por determinar. La política de distribución de GDV permanecerá sin cambios, mientras que la tasa de distribución de GPS se determinará en el momento de la escisión. La transacción requiere la aprobación tanto de los accionistas como de los reguladores, con detalles específicos sobre la contribución en efectivo/valores, la distribución de acciones y las fechas de registro que se anunciarán más adelante.
Gabelli Dividend & Income Trust (NYSE: GDV)는 Gabelli Preferred Securities Trust (GPS)라는 새로운 폐쇄형 펀드를 분리할 계획을 발표했습니다. 새로운 펀드는 우선주에 집중하며, GDV는 약 1억 5천만 달러의 현금 및/또는 증권을 기여할 예정입니다. GPS의 주식은 GDV의 보통주 주주에게 비례 배분되며, NYSE에 상장될 예정입니다.
새로운 펀드는 레버리지를 활용할 것으로 예상되며, 그 금액은 아직 결정되지 않았습니다. GDV의 배당 정책은 변하지 않지만, GPS의 배당률은 분리 시 결정될 것입니다. 이 거래는 주주와 규제 기관의 승인을 필요로 하며, 현금/증권 기여, 주식 배분 및 기록 날짜에 대한 구체적인 세부 사항은 나중에 발표될 예정입니다.
Gabelli Dividend & Income Trust (NYSE: GDV) a annoncé des plans pour scinder un nouveau fonds fermé appelé Gabelli Preferred Securities Trust (GPS). Le nouveau fonds se concentrera sur les titres privilégiés, GDV contribuant à hauteur d'environ 150 millions de dollars en espèces et/ou en titres. Les actions de GPS seront distribuées au prorata aux actionnaires ordinaires de GDV et chercheront à être cotées à la NYSE.
Le nouveau fonds devrait utiliser l'effet de levier, le montant restant à déterminer. La politique de distribution de GDV restera inchangée, tandis que le taux de distribution de GPS sera déterminé lors de la scission. La transaction nécessite l'approbation des actionnaires et des autorités de régulation, avec des détails spécifiques concernant la contribution en espèces/titres, la distribution des actions et les dates d'enregistrement qui seront annoncés ultérieurement.
Gabelli Dividend & Income Trust (NYSE: GDV) hat Pläne angekündigt, einen neuen geschlossenen Fonds namens Gabelli Preferred Securities Trust (GPS) abzutrennen. Der neue Fonds wird sich auf Vorzugsaktien konzentrieren, wobei GDV etwa 150 Millionen Dollar in bar und/oder Wertpapieren beisteuern wird. Die GPS-Anteile werden pro rata an die GDV-Stammaktionäre verteilt und sollen an der NYSE gelistet werden.
Es wird erwartet, dass der neue Fonds Hebelwirkung nutzen wird, wobei der Betrag noch festgelegt werden muss. Die Ausschüttungspolitik von GDV bleibt unverändert, während der Ausschüttungssatz von GPS bei der Abspaltung festgelegt wird. Die Transaktion erfordert sowohl die Genehmigung der Aktionäre als auch der Aufsichtsbehörden, wobei spezifische Details zu den Beiträgen in bar/Wertpapiere, zur Aktienverteilung und zu den Stichtagen später bekannt gegeben werden.
- Creation of new investment vehicle (GPS) expanding investment opportunities
- Significant initial funding of $150 million for the new fund
- GDV's distribution policy will remain unchanged post spin-off
- GPS expected to implement leverage to enhance returns
- Transaction subject to regulatory and shareholder approval uncertainty
- Final structure and leverage amount still undetermined
- Potential impact on GDV's asset base due to $150M transfer
RYE, N.Y., Feb. 24, 2025 (GLOBE NEWSWIRE) -- The Board of Trustees of The Gabelli Dividend & Income Trust (NYSE: GDV) (the “Fund” or “GDV”) has approved the spin off a newly created closed-end fund (Gabelli Preferred Securities Trust or “GPS”) whose investment objective will be to seek income and capital appreciation by investing in preferred securities. As investor preferences change and vary across portions of the capital structure, the Fund, which has focused on common equity, is considering additional allocation to preferred securities.
The Fund would contribute approximately
It is expected that GDV’s distribution policy will remain unchanged. The Board of Trustees of GPS will determine the distribution rate of the new closed-end fund at the time of the spin-off.
The transaction is expected to be voted upon at a meeting of shareholders of the Fund following requisite regulatory approvals. There are no assurances that such shareholder and regulatory approvals will be received.
The Board of Trustees of the Fund will determine the amount of cash and/or securities to be contributed, the number of shares to be distributed, and the record and distribution dates, which will be announced at a later time.
For more information regarding this press release, call:
Investor Relations Team
Carter Austin, Laurissa Martire, David Schachter, and Bethany Uhlein
(914) 921-5070
This press release is not intended to, and does not constitute an offer to purchase or sell any securities; nor is this press release intended to solicit a proxy from any shareholder. The solicitation of proxies in connection with the special meeting of shareholders to effect the transaction will only be made by a final, effective Registration Statement on Form N-14, which includes a definitive Proxy Statement/Prospectus, after the Registration Statement is declared effective by the Securities and Exchange Commission (the “SEC”). This Registration Statement has yet to be filed with the SEC. After the Registration Statement is filed with the SEC, it may be amended or withdrawn and the Proxy Statement/Prospectus will not be distributed to shareholders unless and until the Registration Statement is declared effective by the SEC.
The Fund and its trustees, officers and employees and the Fund’s investment adviser and its officers and employees and other persons may be deemed to be participants in the solicitation of proxies in connection with the special meeting of shareholders. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Fund’s trustees, officers and employees and other persons by reading the Proxy Statement/Prospectus relating to the special meeting of shareholders when it is filed with the SEC.
Investors and security holders of the Fund are urged to read the Proxy Statement/Prospectus and other documents filed with the SEC carefully and in their entirety when they become available because these documents will contain important information about the transaction. Investors should consider the investment objective, risks, charges and expenses of the Fund carefully. The Proxy Statement/Prospectus will contain information with respect to the investment objective, risks, charges and expenses of the Fund and other important information about the Fund.
Security holders may obtain free copies of the Registration Statement and Proxy Statement/Prospectus and other documents (when they become available) filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies of the Proxy Statement/Prospectus and other documents filed with the SEC may also be obtained after the Registration Statement becomes effective by calling the Fund at (914) 921-5070.
| THE GABELLI DIVIDEND & INCOME TRUST Investor Relations Team: Carter Austin Laurissa Martire David Schachter Bethany Uhlein (914) 921-5070 ClosedEnd@gabelli.com |
The Fund also files annual and semi-annual reports and other information with the SEC. You may request a free copy of our annual and semiannual reports or request other information about us and make shareholder inquiries by calling (914) 921-5070. You may also obtain copies of the Fund’s annual and semi-annual reports (and other information regarding the Fund) from the SEC’s website (http://www.sec.gov).
About The Gabelli Dividend & Income Trust
The Gabelli Dividend & Income Trust is a diversified, closed-end management investment company with
NYSE – GDV
CUSIP – 36242H104
FAQ
What is the value of assets being transferred from GDV to the new Gabelli Preferred Securities Trust?
Will GDV's distribution policy change after the GPS spin-off?
How will GPS shares be distributed to GDV shareholders?
What approvals are needed for the GDV spin-off to proceed?
Will the new Gabelli Preferred Securities Trust (GPS) be listed on an exchange?
