Royce Global Value Trust, Inc. Announces Filing of Amended Tender Offer Documents on Schedule TO-I

Rhea-AI Summary

Royce Global Value Trust, Inc. (NYSE: RGT) filed an amended Schedule TO-I with the SEC, adjusting its conditional cash tender offer. Key changes include increasing the maximum repurchase of common stock from 40% to 50% and extending the expiration date from December 16, 2020, to December 21, 2020. The offer's approval is contingent upon stockholder consent for a new investment advisory agreement with Royce Investment Partners, set for discussion at a virtual meeting on December 17, 2020.

Positive

• Increase of repurchase limit from 40% to 50% of common stock may enhance shareholder value.
• Extension of tender offer deadline provides shareholders additional time to respond.

Negative

• Approval of the tender offer is contingent on stockholder acceptance of a new investment advisory agreement, introducing uncertainty.
• The delay in closing the tender offer until after December 21, 2020, may create investor apprehension regarding liquidity.

NEW YORK, Dec. 8, 2020 /PRNewswire/ -- Royce Global Value Trust, Inc. (NYSE: RGT) (the "Fund") announced that it filed an amended Schedule TO-I with the Securities and Exchange Commission earlier today.  Such regulatory filing amended certain terms of its previously announced conditional cash tender offer, including:

• increasing the maximum amount of the Fund's issued and outstanding shares of common stock, par value $0.001 per share, as of October 12, 2020 (the "Shares"), that the Fund may repurchase in connection with the tender offer from up to 40% of such Shares to up to 50% of such Shares;
• extending the expiration date for the tender offer from 11:59 p.m., New York City time, on December 16, 2020 until 11:59 p.m., New York City time, on December 21, 2020; and
• agreeing to use reasonable best efforts to pay for any Shares tendered in connection with the tender offer on or prior to December 31, 2020.

None of the other material terms and conditions of the tender offer will change.

The closing of the tender offer remains contingent on the Fund's stockholders approving a new investment advisory agreement between the Fund and Royce Investment Partners ("Royce")¹. The Special Meeting of Stockholders of the Fund (the "Meeting") at which such investment advisory agreement will be considered is currently scheduled to be held on Thursday, December 17, 2020 at 1:00 p.m. Eastern Time. As previously announced, the Meeting will be held in a virtual meeting format and will be accessible solely by means of remote communication.

The tender offer is being made on the terms, and subject to the conditions, set forth in the Fund's tender offer statement on Schedule TO, as amended from time to time. Fund stockholders should read all tender offer documents carefully as they contain important information about the tender offer. Fund stockholders can obtain a free copy of the relevant tender offer documents from the SEC's website at www.sec.gov or by calling Innisfree M&A Incorporated, the Fund's information agent, toll-free at (877) 456-3442. 

This press release is not a recommendation, an offer to purchase, or a solicitation of an offer to sell Shares and is not a prospectus, circular, or representation intended for use in the purchase or sale of Shares.

About Royce Global Value Trust, Inc.

Royce Global Value Trust, Inc. is a closed-end diversified management investment company whose Shares are listed and traded on the New York Stock Exchange. The Fund invests in both U.S. and non-U.S. common stocks (generally market caps up to $10 billion).

For further information on The Royce Funds℠, please visit our web site at: www.royceinvest.com.

Forward Looking Statement

This press release is not an offer to purchase nor a solicitation of an offer to sell shares of the Fund. This letter may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can sometimes be identified by the use of words such as "plan," "expect," "will," "should," "could," "anticipate," "intend," "project," "estimate," "guidance," "possible," "continue" and other similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements are based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual results, performance and events to differ materially from those described in the forward-looking statements. Additionally, past performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the Fund's filings with the SEC, including the Fund's Annual Report to Stockholders on Form N-CSR for the year ended December 31, 2019, the Fund's Semiannual Report to Stockholders on Form N-CSRS for the six-month period ended June 30, 2020, and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund does not undertake any responsibility to update publicly or revise any forward-looking statement.

Media Contact

Joele Frank, Wilkinson Brimmer Katcher: Lucas Pers 212-355-4449

Important Disclosure Information

¹ Royce & Associates, LP is a Delaware limited partnership that primarily conducts its business under the name Royce Investment Partners and has served as the Fund's investment adviser since the Fund's inception.

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SOURCE Royce Global Value Trust, Inc.

FAQ

What changes were made to the tender offer by Royce Global Value Trust on December 8, 2020?

Royce Global Value Trust increased the share repurchase limit from 40% to 50% and extended the offer expiration date to December 21, 2020.

What is the new expiration date for Royce Global Value Trust's tender offer?

The new expiration date for the tender offer is December 21, 2020.

Why is the tender offer for Royce Global Value Trust contingent?

The tender offer is contingent on stockholder approval for a new investment advisory agreement scheduled for discussion on December 17, 2020.

How can shareholders access the tender offer documents for Royce Global Value Trust?

Shareholders can obtain tender offer documents from the SEC's website or by contacting Innisfree M&A Incorporated.

What is the stock symbol for Royce Global Value Trust?

The stock symbol for Royce Global Value Trust is RGT.