Clough Global Dividend And Income Fund Announces Final Results Of Rights Offering

Rhea-AI Summary

Clough Global Dividend and Income Fund has successfully completed its rights offering, issuing 2,807,451 new common shares. This issuance represents one-third of the shares outstanding prior to the offering, with a subscription price of $10.15 per share. The funds will be strategically invested in well-priced sectors within global markets to enhance total return and current income. As of May 31, 2021, the Fund manages approximately $166 million in total assets, aiming for a high level of income and returns for shareholders.

Positive

• Successful completion of rights offering with 2,807,451 new shares issued.
• Subscription price set at $10.15 per share based on market analysis.
• Confidence in strategic investment to enhance returns for shareholders.
• Total assets of approximately $166 million as of May 31, 2021.

Negative

• None.

DENVER, June 29, 2021 /PRNewswire/ -- Clough Global Dividend and Income 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 2,807,451 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 $10.15 per share was established on the Expiration Date based upon a formula equal to 95% of the reported market price per share, based on the average of the last reported sales price of a common share on the NYSE American for the five trading days preceding 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 and current income 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 Dividend and Income Fund
The Fund is a closed-end fund with an investment objective of providing a high level of total return and current income. The Fund seeks to pursue this objective by applying a fundamental research-driven investment process and will invest in equity and equity-related securities as well as fixed income securities, including both 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 $166 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 Dividend and Income 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 Dividend and Income Fund (NYSE MKT: GLV)
1290 Broadway, Suite 1000
Denver, CO 80203
Contact: Fund Services Group at 877-256-8445 

 

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SOURCE Clough Global Dividend and Income Fund

FAQ

What is the subscription price for Clough Global Dividend and Income Fund's rights offering?

The subscription price was set at $10.15 per share.

How many new shares were issued in the rights offering for GLV?

A total of 2,807,451 new common shares were issued.

When did the rights offering for GLV close?

The rights offering closed on June 22, 2021.

What are the investment goals of Clough Global Dividend and Income Fund?

The Fund aims to provide a high level of total return and current income.

How much total assets does Clough Global Dividend and Income Fund manage?

As of May 31, 2021, the Fund manages approximately $166 million in assets.