Gabelli Healthcare & WellnessRx Trust Concludes Rights Offering Heavily
RYE, N.Y. -- July 9, 2014
The Gabelli Healthcare & Wellness^Rx Trust (the “Fund”) (NYSE:GRX) is pleased
to announce the completion of its transferable rights offering (the “Offering”
or “Offer”) in which more than 4.9 million common shares will be issued,
totaling approximately $44.9 million. Pursuant to the Offer, the Fund issued
one transferable right (a “Right”) for each common share of the Fund to
shareholders of record (record date shareholders) as of June 3, 2014. Holders
of Rights were entitled to purchase one common share by submitting three
Rights and $9.00 per share (the subscription price). The Offer expired at 5:00
PM Eastern Time on July 8, 2014 and the Rights no longer trade on the NYSE.
Preliminary results indicate that the Fund received total subscriptions of
approximately $128 million (including over-subscription requests and notices
of guaranteed delivery) for 284% of the 4,985,538 shares available to be
issued pursuant to the primary subscription. Approximately 74% of the shares
to be issued were subscribed for in the primary subscription. The
over-subscription requests exceeded the over-subscription shares available. As
a result, the available over-subscription shares will be allocated pro rata
among those fully exercising record date shareholders based on the number of
Rights originally issued to them by the Fund. The new common shares will be
issued on July 16, 2014.
We thank all our subscribing shareholders as well as the full service brokers
and financial advisers who assisted our shareholders throughout the Offering.
The Gabelli Healthcare & Wellness^Rx Trust is a diversified, closed-end
management investment company with approximately $209 million in total net
assets whose investment objective is long-term growth of capital. The Fund is
managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), which is a publicly traded NYSE listed company.
This press release is not an offering, which can only be made by a prospectus.
Investors should consider the Fund’s investment objectives, risks, charges,
and expenses carefully before investing. The Fund’s prospectus contains this
and other important information and should be read carefully before investing.
Visit www.gabelli.com for more information about the Fund.
The Gabelli Healthcare & Wellness^Rx Trust
Wayne C. Pinsent, CFA, 914-921-5070
Adam E. Tokar, 914-921-5070
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