Gabelli Equity Trust Sets $5.50 Subscription Rights Offering, Reaffirms $0.60 Distribution
Gabelli Equity Trust reaffirmed its 10% distribution policy of $0.60 per share and announced a transferable rights offering granting record-date shareholders one right per share, with 10 rights plus $5.50 subscription price acquiring one additional common share. Rights trade 'when issued' from Feb. 27 and expire April 14, 2026.
1. Distribution Policy Reaffirmation
The Gabelli Equity Trust Board reaffirmed its 10% distribution policy, committing to pay $0.60 per share annually to shareholders and maintaining its long-standing income strategy.
2. Details of Rights Offering
Record-date shareholders as of March 2, 2026 will receive one transferable right per common share; 10 rights plus a $5.50 cash subscription price will be required to purchase one additional share. Rights acquired in the secondary market cannot participate in the over-subscription privilege, while record-date holders who fully exercise may subscribe pro rata for remaining shares.
3. Trading and Subscription Timeline
Rights will trade 'when issued' on the New York Stock Exchange beginning February 27, and common shares will trade ex-rights starting March 2, with normal settlement of rights around March 5. The subscription period runs until 5:00 PM Eastern Time on April 14, 2026, unless extended.
4. Fund Profile
The Gabelli Equity Trust is a diversified closed-end management investment company with $2.3 billion in total net assets, managed by Gabelli Funds, LLC and focused on long-term capital growth alongside stable distributions.