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Post by xray on Jun 25, 2021 18:36:23 GMT
GGT:
RYE, N.Y., June 25, 2021--(BUSINESS WIRE)--The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the "Fund") has approved a transferable rights offering which would allow the Fund’s record date common shareholders to acquire additional shares of common stock (the "Offering"). The Offering will be made only by means of a prospectus, and this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Fund’s securities.
SUMMARY OF THE TERMS OF THE OFFERING
Each shareholder will receive one transferable right (the "Right") for each share of common stock held on the record date (July 13, 2021).
Four Rights plus $9.50 (the "Subscription Price") will be required to purchase one additional share of common stock (the "Primary Subscription"). The purchase price will be payable in cash.
Record date shareholders who fully exercise their Primary Subscription Rights will be eligible for an over-subscription privilege entitling these shareholders to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares of common stock not purchased pursuant to the Primary Subscription. Rights acquired in the secondary market may not participate in the over-subscription privilege.
The Rights are expected to trade "when issued" on the New York Stock Exchange beginning on July 9, 2021, and the Fund’s shares of common stock are expected to trade "Ex-Rights" on the New York Stock Exchange beginning on July 12, 2021. The Rights are expected to begin trading for normal settlement on the New York Stock Exchange (NYSE:GGT RT) on or about July 16, 2021.
The Offering expires at 5:00 PM Eastern Time on August 25, 2021, unless extended.
The Fund expects to mail subscription certificates evidencing the Rights and a copy of the prospectus for the Offering to record date shareholders beginning on July 15, 2021.
Disclosure: Some of us hold a phase #2 position [2%-4%] in GGT at the current MktBuyPrc of 9.64. No further comment at this time as weekend analysis is required....
Live Long and Prosper....
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Post by xray on Jun 28, 2021 21:58:49 GMT
Reviewed the GGT [Global Multimedia & Emerging technology advances] offer and the answer [taking advantage of the RO or not] appears to be what we all currently might have in our portfolio's [or not] with GGT. With that said....
What some of us know:
1... Last GGT insider MktBuyPrc was on 5/20 for 500sh @ 9.92
2... RO requirements [to take advantage of the RO] requires a investor to be holding 400sh [for the 400 rts (rights)] by 7/11
3... In addition to the 400 rts we must purchase [or currently have in our portfolio], we must also pay $9.50 for the privilege of buying the additional 100sh of GGT for our portfolio's
4... Looking @ my current analysis of GGT:
--- MktPrc [COB Friday] 10.72
--- Best MktPrc for Buying currently: 10.26
--- Current Star Rating: 9stars
--- 13Qtr Star Rating: 9.00stars [must be >+7.48]
--- Report Card Grade: 90
--- Power Rating: 96 [Must be greater than Report card rating by +4]
--- Projected Power Rating [going forward]: +85 [RO expected to decrease NAV in the short term]
--- NAV currently: 9.33
--- Change in NAV last week: -$0.19 [must be >-0.88]
--- NAV change since 12/30: +1.36 [must be >+1.11]
--- Previous week's analysis score: +401 [must be >+346]
--- TTL analysis Score: +742 [must be >+637]
--- TTL NAV scoring: +346 [must be >+232]
--- Chart Power reading: +9.15 [must be >+12.78]
--- Risk [Rf] to portfolio for 400sh: +0.228 [must be >-0.049]
--- Change in NAV from 1st Qtr: -0.01 [must be >+0.60]
--- Current Distribution: 8.21% [must be >9.08%]
--- Distribution sustainability: +611 [must be >+571]
--- Discount/Premium: -0.87 [must be >+1.00]
--- MTB: +1.02 [must be >+1.00]
--- Change in Intrinsic Value: +0.18 [must be >-0.21]
--- Trend [going forward]: +2.92 [must be >+2.12]
Conclusion: Using insider buying activity [9.92], Right's offering requirements [9.50], Best MktPrc for buying currently [10.26], a good buy appears to be @ 9.89 [with a market correction]. Beyond the 9.89, the risk [Rf] will be increasing. GGT [spinoff from GAB many years back] has been paying Qtrly distributions of $0.22/Qtr [$0.88/Yr] for many years now [in both good/bad markets]....
Disclosure: Some of us have already met the requirements of the 400rts with a average MktBuyPrc of 9.64, so we fall into the "window of opportunity" [9.89] and will be subscribing for the additional 100sh....
One single opinion of the many I am sure....
Live Long and Prosper....
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Post by xray on Jul 12, 2021 17:25:42 GMT
GGT investors are now "LOCKED OUT" of the RO [offered by GGT] as of today. GGT reacts with a -$0.98 MktPrc decline in early trading. RO will expire 8/25 for investors wanting to take advantage of the RO...
Live Long and Prosper....
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Post by xray on Aug 20, 2021 15:31:41 GMT
RYE, N.Y., August 19, 2021--(BUSINESS WIRE)-- The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the "Fund") reaffirmed its 10% distribution policy and declared a $0.22 per share cash distribution payable on September 23, 2021 to common stock shareholders of record on August 30, 2021.The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. The net asset value per share fluctuates daily. Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund. All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their "net investment income", which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund. If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2021 would include approximately 2% from net investment income, 49% from net capital gains and 49% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2021 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2021 distributions in early 2022 via Form 1099-DIV. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com. About The Gabelli Multimedia Trust The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $324 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL). |
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Post by xray on Aug 26, 2021 18:44:21 GMT
From: Business Wire
Gabelli Multimedia Trust Rights Offering Concludes Raising $18 Million
Thu, August 26, 2021, 10:00 AM
In this article:
GGT
+0.16%
GGT-PG
-0.11%
GBL
+0.83%
RYE, N.Y., August 26, 2021--(BUSINESS WIRE)--The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the "Fund") announces the completion of its transferable rights offering (the "Offering" or "Offer"). Preliminary results indicate that the Fund will issue approximately 1.9 million shares of common stock, resulting in gross proceeds to the Fund of approximately $18 million (including over-subscription requests and notices of guaranteed delivery).
Pursuant to the Offer, the Fund issued one transferable right (a "Right") for each share of common stock held by shareholders of record (record date shareholders) as of July 13, 2021. Holders of Rights were entitled to purchase shares of common stock by submitting four Rights and $9.50 for each share to be purchased (the subscription price). The Offer expired at 5:00 PM Eastern Time on August 25, 2021 and the Rights no longer trade on the New York Stock Exchange.
The new shares of common stock subscribed for will be issued on or about August 31, 2021.
As set forth in the Prospectus Supplement dated July 13, 2021, any shares of common stock issued as a result of the Offering will not be record date shares for the Fund’s quarterly distribution to be paid on September 23, 2021 and will not be entitled to receive such distribution.
We thank all our subscribing shareholders as well as the full service brokers and financial advisers who assisted our shareholders throughout the Offering.
The information herein is not complete and is subject to change. This document is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. The Fund’s prospectus contains this and additional information about the Fund and the Offering, and should be read carefully before investing. For further information regarding the Offering, or to obtain a prospectus supplement and the accompanying prospectus, please contact the Fund at 800-GABELLI or 914-921-5070.
The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $333 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors,
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Live Long and Prosper....
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Post by xray on Sept 3, 2021 19:59:54 GMT
Insiders "BUYING BIG" in GGT
Insiders have bought 546,000sh @ 9.50 by 8/31....
Something to take notice of....
Current Dividend >9% currently....
Disclosure: Some of us currently hold a Phase #2 normal risk Rf position [4% to 6%] in GGT
Live Long and Prosper....
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Post by xray on Nov 5, 2021 19:57:01 GMT
GGT News:
Mario Gabelli [of all the managers I believed would not do this] "SOLD" on 11/1 and 11/3, 2,400sh of GGT on 9/16 and 9/25 respectively. The RO was completed @ 9.50 [see previous posts]. Trading at a current "Premium" for some time now....
Comment: GGT currently has a 4star Lower neutral rating [down from 5star from previous week] with a Report Card Grade of 48 [Power Level 63] with a Risk Factor of +0.159 [needs >+0.416]....
Disclosure: Some of us currently own a very minor phase "0" [0-1%] position [after taking a CapGain]. Appears Mario doesn't see much MktPrc upside in the near future. GGT was trading at 9.15 [same as COB last Friday] ...
Live Long and Prosper....
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Post by xray on Nov 12, 2021 15:34:51 GMT
Business Wire
Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed and Declared Fourth Quarter Distribution of $0.22 Per Share
Fri, November 12, 2021, 8:35 AM
In this article:
GGT
+0.60%
GGT-PG
0.00%
RYE, N.Y., November 12, 2021--(BUSINESS WIRE)--The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the "Fund") reaffirmed and satisfied its 10% distribution policy by declaring a $0.22 per share cash distribution payable on December 17, 2021 to common stock shareholders of record on December 10, 2021. With this fourth quarter distribution, the total distributions from the Fund for 2021 would equate to $0.88 per share.
The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. We note that 10% of the average net asset value of the Fund would be $0.87 based on the ending net asset values per share as of December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021 of $8.15, $8.74, $9.31, and $8.62, respectively. In declaring a distribution of $0.22 per share, the Board of Directors has chosen to distribute an amount greater than that called for by the distribution policy. The net asset value per share fluctuates daily.
The Board of Directors will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment.
The Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code for regulated investment companies. Each quarter, the Board of Directors reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Fund’s distribution policy is subject to modification by the Board of Directors at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their "net investment income", which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.
If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.
Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2021 would include approximately 5% from net investment income, 55% from net capital gains and 40% would be deemed a return of capital on a book basis. The source of the distributions will likely change due to investment activity through the end of the calendar year....
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Comment: Considered a non-performing CEF at the current time. 6star [neutral] with a report card grade of 52 [power rating of 67] with a current analysis rating of +262 [need >+298]....
Live Long and Prosper....
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Post by xray on Dec 10, 2021 12:09:06 GMT
GGT goes below RO MktPrc. Insiders had previously bought 547,000sh @ 9.50 during their Rights Offering (RO)....
Some insider selling (2 sellers) on 11/3 for 2500sh @ 9.25 is currently occurring on GGT (non performer currently with 3star rating, and a report card grade of 43)....
Looking at their current NAV and MktPrc this morning (12/10) we observe 8.02, 9.10 respectively (not good numb3rs with the current high premium attached IMHO)....
Live Long and Prosper....
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