Gabelli Global Small and Mid Cap Value Trust to Redeem Its Outstanding 5.450% Series A Cumulative Preferred Shares

Rhea-AI Summary

The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) has announced the redemption of all outstanding 5.450% Series A Cumulative Preferred Shares at a price of $25.24600694 per share, effective February 28, 2022. This amount includes $25.00 as the Liquidation Preference and $0.24600694 for accumulated unpaid dividends. Post-redemption, dividends will cease, and all rights associated with these shares will end except for the claim to the Redemption Price. The shares are held in book-entry form through the Depository Trust Company.

Positive

• The Fund is managing $213 million in total net assets, indicating financial stability.
• The Series A Preferred Shares have a high rating of 'A2' by Moody's Investors Service.

Negative

• Redemption of the Series A Preferred Shares may indicate a shift in capital strategy or focus.

RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of The Gabelli Global Small and Mid Cap Value Trust (NYSE:GGZ) (the “Fund”) authorized the redemption of all remaining outstanding 5.450% Series A Cumulative Preferred Shares (the “Series A Preferred Shares”). The Series A Preferred Shares will be redeemed at $25.24600694 per share (the “Redemption Price”), which consists of $25.00 per share (the “Liquidation Preference”) plus $0.24600694 per share representing accumulated but unpaid dividends and distributions through the redemption date of February 28, 2022 (the “Redemption Date”).

From and after the Redemption Date, the Series A Preferred Shares being redeemed will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the holders of the Series A Preferred Shares with respect to the Series A Preferred Shares will cease, except the right to receive the Redemption Price, without interest.

All of the Series A Preferred Shares are held in book-entry form through the Depository Trust Company ("DTC") and shares will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Series A Preferred Shares will be made by Computershare Trust Company, N.A., as paying agent for this redemption.

The Series A Preferred Shares, which trade on the New York Stock Exchange under the symbol “GGZ Pr A”, are rated “A2” by Moody’s Investors Service and have an annual dividend rate of $1.3625 per share. The Series A Preferred Shares were issued on May 10, 2016 at $25.00 per share and pay distributions quarterly.

Questions relating to, and requests for additional copies of, the notice of redemption and related materials may be directed to:

Bethany Uhlein
(914) 921-5546

About The Gabelli Global Small and Mid Cap Value Trust
The Gabelli Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with $213 million in total net assets whose primary investment objective is long-term capital growth. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity securities (such as common stock and preferred stock) of companies with small or medium sized market capitalizations. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

NYSE – GGZ Pr A
CUSIP – 36249W203

View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005292/en/

For information:

Bethany Uhlein

(914) 921-5546

Source: The Gabelli Global Small and Mid Cap Value Trust

FAQ

What is the redemption price for GGZ's Series A Preferred Shares?

The redemption price is $25.24600694 per share.

When will the Series A Preferred Shares be redeemed?

The redemption date is February 28, 2022.

What is the annual dividend rate for GGZ's Series A Preferred Shares?

The annual dividend rate is $1.3625 per share.

Who is managing The Gabelli Global Small and Mid Cap Value Trust?

The Fund is managed by Gabelli Funds, LLC.

What is the investment objective of The Gabelli Global Small and Mid Cap Value Trust?

The primary investment objective is long-term capital growth.