Gabelli Healthcare & Wellnessrx Trust Completes Successful Rights Offering,
Raises over $44 Million
RYE, N.Y. -- July 16, 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 the Fund issued 4,985,538 common shares, totaling
$44,869,842. The Offering was significantly over-subscribed. 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 Fund received total subscriptions (including over-subscription requests)
for over 14 million common shares, or approximately 282% of the shares
available, totaling approximately $126 million. The over-subscription requests
exceeded the over-subscription shares available. As a result, the available
over-subscription shares were allocated pro rata among those fully exercising
record date shareholders who over-subscribed based on the number of Rights
originally issued to them by the Fund. The Fund retained approximately $44.9
million with the balance to be returned to those investors that submitted
over-subscription requests to the full extent of their excess payments
tendered. Approximately 74% of the shares issued were subscribed for in the
primary subscription, and the remaining shares issued were subscribed for
pursuant to the over-subscription privilege.
All of the common shares subscribed for were issued on July 16, 2014. It is
anticipated that these shares will be delivered on or about July 17, 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 $254 million in total net
assets, after giving effect to the full subscription of the Offering, 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.
For The Gabelli Healthcare & Wellness^Rx Trust
Wayne C. Pinsent, CFA
Adam E. Tokar, 914-921-5070
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