Clough Closed-End Funds Announce Renewal of Share Repurchase Programs
The Boards of Trustees of Clough Capital Partners' closed-end funds, including Clough Global Equity Fund (GLQ), announced the renewal of their share repurchase programs through June 30, 2025.
This program allows the funds to repurchase up to 5% of their outstanding shares in open market transactions to enhance shareholder value, especially when shares trade at a discount to net asset value. Since its initiation in June 2023, GLQ has repurchased 341,800 shares.
Chairman Charles I Clough, Jr. highlighted the program's success, noting its active use since inception. The timing and amount of repurchases will depend on market conditions and other factors, with no obligation to repurchase at specific discount levels or volumes. The activity will be disclosed in annual and semi-annual reports.
- Renewal of share repurchase programs through June 30, 2025, demonstrating commitment to enhancing shareholder value.
- Ability to repurchase up to 5% of outstanding shares, potentially increasing share value.
- Active use of the program since June 2023 with significant share repurchases: 341,800 for GLQ.
- Repurchases occur when shares trade at a discount to net asset value, optimizing shareholder returns.
- No assurance of repurchase at particular discount levels or in specific amounts, creating uncertainty for investors.
- Subject to market conditions and investment considerations, which may limit repurchase activity.
- Repurchase activity might not have a significant impact on share price if market conditions are unfavorable.
DENVER, CO / ACCESSWIRE / June 5, 2024 / The Boards of Trustees (the "Boards") of the following closed-end funds (the "Funds") advised by Clough Capital Partners L.P. (the "Advisor" or "Clough Capital") announced today that each Fund has renewed its share repurchase program under which it may purchase, through June 30, 2025, up to
- Clough Global Equity Fund (AMEX:GLQ)
- Clough Global Opportunities Fund (AMEX:GLO)
- Clough Global Dividend & Income Fund (AMEX:GLV)
The share repurchase programs were originally approved in June 2023 and are designed to enhance shareholder value by permitting the Funds to purchase their shares when trading at a discount to their net asset value per share. Charles I Clough, Jr., Chairman of the Advisor, commented "Considering that the Funds traded at a premium as recently as September 2022, we are happy to continue the share repurchase program that we've actively utilized since implementation in June 2023."
The amount and timing of repurchases will be at the discretion of the Advisor, subject to market conditions and investment considerations. There is no assurance that the Funds will purchase shares at any particular discount levels or in any particular amounts. Any repurchases made under these programs will be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws. The Funds' repurchase activity will be disclosed in the annual and semi-annual reports to shareholders. The Boards will monitor, on an ongoing basis, the share repurchase programs and continue to consider a range of strategic options to enhance shareholder value in the long-term. Since the June 2023 commencement of the share repurchase programs, GLV, GLQ and GLO have repurchased 255,600, 341,800 and 733,800 shares, respectively.
Certain statements made on behalf of the Funds may be considered forward-looking statements. The Funds' actual results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in the general markets or the Funds' investments specifically. Neither the Funds nor the Advisor undertake any responsibility to update publicly or revise any forward-looking statement.
Clough Capital Partners L.P.
Clough Capital, which serves as investment adviser to the Funds, is a global multi-strategy alternative asset management firm founded in 1999 that manages over
An investor should consider the investment objectives, risks, charges and expenses carefully before investing in a Fund. To obtain a Fund's prospectus, annual report or semi-annual report, which contains this and other information visit www.cloughcefs.com or call (855) 425-6844. Read them carefully before investing.
This press release is not a solicitation to buy or sell fund shares. Each Fund is a closed-end fund, which does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, each 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 and often trade at a discount to their net asset value, which can increase an investor's risk of loss. All investments are subject to risk, including the risk of loss.
Inquiries: (855) 425-6844 or cloughclientinquiries@paralel.com.
SOURCE: Clough Global Closed-End Funds
View the original press release on accesswire.com
FAQ
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