Clough Global Equity Fund Announces Final Results Of Rights Offering

Rhea-AI Summary

The Clough Global Equity Fund has successfully completed its rights offering, issuing 4,410,276 new common shares, equating to one-third of the total outstanding shares prior to the offering. This offering closed on June 22, 2021, with a subscription price of $13.56 per share based on 85% of the reported net asset value on the closing date. The Fund aims to invest the additional capital in strategically identified global market sectors to enhance total returns for its shareholders. As of May 31, 2021, the Fund managed approximately $367 million in total assets.

Positive

• Successfully completed rights offering, issuing 4,410,276 shares.
• Subscription price set at $13.56 per share, based on market metrics.
• Additional capital will be strategically invested to enhance returns.

Negative

• None.

DENVER, June 29, 2021 /PRNewswire/ -- Clough Global Equity Fund (the "Fund") is pleased to announce the successful completion of its rights offering, and the final results thereof. The Fund will issue a total of 4,410,276 new common shares as a result of the rights offering which closed on June 22, 2021 (the "Expiration Date").  This number of new shares represents one-third of the shares outstanding immediately preceding the rights offering. 

The subscription price of $13.56 per share was established on the Expiration Date based upon a formula equal to 85% of the reported net asset value on the Expiration Date. 

"We are very pleased to be able to allocate this additional capital on behalf of the Fund's shareholders by strategically investing in areas of the global markets which our analysis identifies as well priced and well positioned, as we seek to provide a high level of total return over time," said Mike Hearle, CEO and Co-Chief Investment Officer at Clough Capital Partners L.P. 

Chairman, Portfolio Manager and Co-Chief Investment Officer Chuck Clough added, "these offerings allow our team to continue to make new investments in innovative sectors and timely trends without the need to reduce existing core holdings at inopportune times." 

The Clough Global Equity Fund
The Fund is a closed-end fund with an investment objective of providing a high level of total return. Having a global, flexible mandate, the Fund will invest at least 80% in equity and equity-related securities in both U.S. and non-U.S. markets, and the remainder in fixed income securities, including corporate and sovereign debt, in both U.S. and non-U.S. markets.  The Fund's portfolio managers are Chuck Clough and Rob Zdunczyk. As of May 31^st, 2021, the Fund had approximately $367 million in total assets. More information, including the Fund's dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.

Clough Capital Partners L.P.
Clough Capital, a Boston-based investment advisory firm which manages approximately $2.2 billion in assets as of May 31, 2021, serves as investment adviser to the Fund.

The Clough Global Equity Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member Firm.

Clough Global Equity Fund (NYSE MKT: GLQ)
1290 Broadway, Suite 1000
Denver, CO 80203
Contact: Fund Services Group at 877-256-8445

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SOURCE Clough Global Equity Fund

FAQ

What were the results of the Clough Global Equity Fund's rights offering?

The rights offering resulted in the issuance of 4,410,276 new common shares.

When did the rights offering for GLQ close?

The rights offering for Clough Global Equity Fund (GLQ) closed on June 22, 2021.

What is the subscription price for the new shares of GLQ?

The subscription price for the new shares was set at $13.56.

What is the total asset value of the Clough Global Equity Fund as of May 31, 2021?

As of May 31, 2021, the Clough Global Equity Fund had approximately $367 million in total assets.

What is the investment strategy of the Clough Global Equity Fund?

The Fund aims to provide high total returns by investing at least 80% in equity and equity-related securities.