Gabelli Go Anywhere Trust Announces Offer to Purchase Any and All Outstanding Common Shares

Rhea-AI Summary

The Gabelli Go Anywhere Trust (GGO) announced an issuer tender offer to buy back its common shares for cash. The offer starts on August 3, 2021, and ends on September 24, 2021. Shares will be purchased at 98% of the net asset value (NAV) determined just before the offer expires. As of July 30, 2021, GGO had 1,546,852 shares outstanding, with a NAV of $17.24 and a market price of $16.21, reflecting a 5.97% discount to NAV. Detailed terms will be provided in upcoming documents filed with the SEC.

Positive

• Issuing a tender offer for shares may enhance shareholder value by providing liquidity.
• The share buyback could help in reducing the outstanding shares, potentially increasing NAV per share for remaining investors.

Negative

• The market price of $16.21 is significantly below the NAV of $17.24, indicating potential investor concerns.
• A 5.97% discount to NAV suggests that the market may undervalue the Fund's shares.

The Gabelli Go Anywhere Trust (NYSE American: GGO) (the “Fund”) announced today that the Board of Trustees of the Fund has approved an issuer tender offer to purchase for cash all of the Fund’s issued and outstanding common shares of beneficial interest, par value $0.001 per share (the “Shares”) (the “Offer”). The Offer will commence on August 3, 2021, and will expire at 5:00 p.m., Eastern time, on Friday, September 24, 2021, unless otherwise extended. Subject to various terms and conditions described in offering materials to be distributed to shareholders, purchases will be made at a price equal to 98% of the net asset value (“NAV”) per Share determined as of the close of the regular trading session of the NYSE American LLC (the “NYSE American”), the principal market on which the Shares are traded, on the last business day prior to the day the offer expires (the “Pricing Date”). The terms and conditions of the Offer will be set forth in an offer to purchase, a related letter of transmittal, and related documents.

The Shares are traded on the NYSE American under the symbol “GGO.” As of July 30, 2021, the Fund had 1,546,852 Shares outstanding; its NAV per Share was $17.24 and its market price per Share was $16.21, representing a discount of 5.97% to NAV. The NAV on the Pricing Date may be higher or lower than the NAV as of July 30, 2021, and the discount to NAV at which the Shares trade may be greater or lesser than the discount as of July 30, 2021. During the pendency of the Offer, Shareholders may contact Morrow Sodali LLC, the Fund’s Information Agent (the “Information Agent”), toll free at (800) 662-5200, between 9:00 a.m. and 11:00 p.m., Eastern time, Monday through Friday, to obtain the current NAV per share for the Shares.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities of the Fund. The solicitation and the offer to purchase common shares of the Fund will be made pursuant to an offer to purchase and related materials that the Fund intends to file with the SEC. At the time the Offer is commenced, the Fund intends to file a Tender Offer Statement on Schedule TO containing an offer to purchase, forms of letters of transmittal and other documents relating to the Offer. The Fund intends to mail these documents to the shareholders of the Fund. These documents will contain important information about the Offer and shareholders of the Fund are urged to read them carefully when they become available. Investors may obtain free copies of the Tender Offer Statement 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 Tender Offer Statement and other documents filed with the SEC may also be obtained after the commencement of the Offer by directing a request to: Gabelli Funds, or by calling (800) 422-3554.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com.

About Gabelli Go Anywhere Trust

The Gabelli Go Anywhere Trust is a non-diversified, closed-end management investment company whose primary investment objective is total return, consisting of capital appreciation and current income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE American: GGO
CUSIP – 36250J109

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FAQ

What is the issuer tender offer for Gabelli Go Anywhere Trust (GGO)?

The Gabelli Go Anywhere Trust has announced an issuer tender offer to buy back its common shares, starting August 3, 2021, and ending September 24, 2021.

What is the purchase price for the tender offer of GGO shares?

Shares will be purchased at 98% of the net asset value (NAV) per share on the Pricing Date.

What is the NAV and market price of GGO shares as of July 30, 2021?

As of July 30, 2021, GGO's NAV was $17.24 and the market price was $16.21, reflecting a 5.97% discount.

How many shares of GGO are outstanding?

As of July 30, 2021, the Gabelli Go Anywhere Trust had 1,546,852 shares outstanding.

Where can I find more information about the offer for GGO shares?

Investors can find more information in the upcoming Tender Offer Statement filed with the SEC.