Clough Global Equity Fund Announces Preliminary Results Of Rights Offering

Rhea-AI Summary

The Clough Global Equity Fund has successfully completed its rights offering, closing on June 22, 2021. The Fund plans to issue 4,410,276 new common shares on June 30, 2021, representing one-third of the outstanding shares before the offering. The subscription price is set at $13.56 per share, which is 85% of the net asset value on the expiration date. CEO Mike Hearle expressed confidence in using the new capital for strategic investments, while Chairman Chuck Clough emphasized the ability to invest in timely sectors without compromising core holdings.

Positive

• Successful completion of rights offering, allowing the issuance of 4,410,276 new shares.
• Strategic investment opportunities identified in global markets.
• The subscription price reflects a 15% discount to net asset value, potentially attracting more investors.

Negative

• None.

DENVER, June 23, 2021 /PRNewswire/ -- Clough Global Equity Fund (the "Fund") is pleased to announce the successful completion of its rights offering, and the preliminary results thereof. The Fund anticipates that it will issue a total of 4,410,276 new common shares on or about June 30, 2021 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 foregoing numbers are estimates only. The Fund will announce the final results of the rights offering in a press release on or about June 30, 2021.

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

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SOURCE Clough Global Equity Fund

FAQ

What is the outcome of Clough Global Equity Fund's rights offering on June 22, 2021?

The rights offering successfully closed, with plans to issue 4,410,276 new shares.

What is the subscription price for the new shares of Clough Global Equity Fund?

The subscription price is set at $13.56 per share, which is 85% of the net asset value.

When will Clough Global Equity Fund issue its new shares?

The new shares are expected to be issued on June 30, 2021.

Who are the key executives of Clough Global Equity Fund?

The key executives include Mike Hearle (CEO) and Chuck Clough (Chairman and Co-Chief Investment Officer).

What is the investment strategy of Clough Global Equity Fund?

The Fund invests at least 80% of its assets in equity and equity-related securities globally, with the remainder in fixed income securities.