The 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 authorized the redemption of all outstanding 5.450% Series A Cumulative Preferred Shares, priced at $25.00 per share, plus any accumulated unpaid dividends. The exact redemption date will be announced later. Upon redemption, these shares will cease to be outstanding, and dividends will stop accumulating. The preferred shares are rated 'A2' by Moody's, with an annual dividend rate of $1.3625. Gabelli Funds, LLC manages the Trust, which focuses on long-term capital growth with $238 million in total net assets.

Positive

• Redemption of Series A Preferred Shares could enhance capital structure.
• Shares rated 'A2' by Moody's indicate strong credit quality.
• The Trust has significant total net assets of $238 million, supporting stability.

Negative

• None.

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 outstanding 5.450% Series A Cumulative Preferred Shares (the “Series A Preferred Shares’). The redemption date will be announced at a later date. The redemption price is $25.00 per Series A Preferred Share, plus an amount equal to any accumulated and unpaid dividends to the redemption date.

As of the redemption date, the Series A Preferred Shares 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.

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 the related materials should be directed to the Fund at 800-GABELLI (800-422-3554) or (914) 921-5070.

About The Gabelli Global Small and Mid Cap Value Trust

Global Small and Mid Cap Value Trust is a diversified, closed-end management investment company with $238 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
CUSIP – 36249W104
NYSE – GGZ Pr A
CUSIP – 36249W203

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117006313/en/

Bethany Uhlein

(914) 921-5546

Source: The Gabelli Global Small and Mid Cap Value Trust

FAQ

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

The redemption price for the Series A Preferred Shares is $25.00 per share, plus accumulated unpaid dividends.

When will the Series A Preferred Shares of GGZ be redeemed?

The exact redemption date for the Series A Preferred Shares will be announced at a later date.

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

The annual dividend rate for the Series A Preferred Shares is $1.3625 per share.

Who manages the Gabelli Global Small and Mid Cap Value Trust?

The Gabelli Global Small and Mid Cap Value Trust is managed by Gabelli Funds, LLC.

What is the focus of the Gabelli Global Small and Mid Cap Value Trust?

The Trust primarily aims for long-term capital growth by investing at least 80% of its assets in equity securities of small and medium-sized companies.