Gabelli Global Utility & Income Trust announces an additional put date for Series B Preferred Shares on June 26, 2025.
Quiver AI Summary
The Board of Trustees of the Gabelli Global Utility & Income Trust has set June 26, 2025, as an additional put date for its Series B Cumulative Puttable and Callable Preferred Shares, which have an annual dividend rate of 5.20%. Shareholders will now have the option to put their shares back to the Fund during two specific 60-day periods, after which the shares will become perpetual. The Series B Preferred Shares, originally issued on December 19, 2018, for $50.00 each, are callable at that price plus any accrued dividends with proper notice. The Fund, which has total net assets of $124 million, aims to provide consistent after-tax returns, emphasizing tax-advantaged dividend income. Interested investors can find more details by contacting Gabelli Funds or visiting their website.
Potential Positives
- The addition of June 26, 2025, as a new put date for Series B Preferred shareholders enhances flexibility and liquidity for investors.
- The annual dividend rate of 5.20% on the Series B Preferred shares provides an attractive income stream for investors.
- Shareholders can now put their shares to the Fund during specified 60-day periods, offering them added protection and options.
Potential Negatives
- The addition of a put date may indicate a concern over the attractiveness or stability of the Series B Preferred Shares, potentially signaling to investors that they should reconsider their investment in the Fund.
- By offering a put option, the Fund might be perceived as needing to enhance the appeal of its preferred shares, suggesting underlying financial pressures or challenges.
- The mention of the shares becoming perpetual after the put dates may raise concerns about the liquidity and long-term value of the investment for shareholders, potentially deterring new investors.
FAQ
What is the new put date for Series B Preferred Shareholders?
The new put date for Series B Preferred Shareholders is June 26, 2025.
What is the annual dividend rate for Series B Preferred Shares?
The annual dividend rate for Series B Preferred Shares is 5.20%.
How can investors put their shares to the Fund?
Investors can put their shares to the Fund during 60-day periods ending December 26, 2024, and June 26, 2025.
What is the liquidation value of the Series B Preferred Shares?
The liquidation value of the Series B Preferred Shares is $50.00 per share plus accrued dividends.
Who manages the Gabelli Global Utility & Income Trust?
The Gabelli Global Utility & Income Trust is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GLU Hedge Fund Activity
We have seen 11 institutional investors add shares of $GLU stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GABELLI & CO INVESTMENT ADVISERS, INC. removed 486,810 shares (-100.0%) from their portfolio in Q3 2024
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- MORGAN STANLEY added 7,961 shares (+5.5%) to their portfolio in Q3 2024
- WELLS FARGO & COMPANY/MN added 7,754 shares (+34.2%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
RYE, N.Y., Nov. 18, 2024 (GLOBE NEWSWIRE) -- The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved June 26, 2025 as an additional put date for the Series B Cumulative Puttable and Callable Preferred Shareholders (the “Series B Preferred”). The annual dividend rate of the Series B Preferred is 5.20%.
Each Series B Preferred shareholder now has the right to put their shares to the Fund in each of the 60-day periods ending December 26, 2024 and June 26, 2025, after which the Series B preferred becomes perpetual.
The Series B preferred shares are callable, after proper notification is given, at the liquidation value of $50.00 per share plus accrued dividends.
As background, the Series B Preferred Shares, which trade on the NYSE American under the symbol “GLU Pr B”, were issued on December 19, 2018, at $50.00 per share.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding this and other information about the Fund is available by calling 800-GABELLI (800-422-3554), visiting www.gabelli.com , or emailing [email protected] .
About The Gabelli Global Utility & Income Trust
The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company with $124 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax-advantaged dividend income under current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).
NYSE American – GLU PrB
CUSIP – 36242L303
For information:
Adam Tokar
(914) 457-1079
Investor Relations Contact:
Adam Tokar
(914) 457-1079
[email protected]
