Gabelli Go Anywhere Trust Declares Third Quarter Distribution of $0.05 Per Share
19 Agosto 2021 - 4:35PM
Business Wire
The Board of Trustees of The Gabelli Go Anywhere Trust (NYSE
American: GGO) (the “Board of Trustees”) (the “Fund”) declared a
$0.05 per share cash distribution payable on September 23, 2021 to
common shareholders of record on September 16, 2021.
The Fund’s distribution policy is to pay a quarterly
distribution of an amount to be determined by the Board of
Trustees. If necessary, the Fund will pay an adjusting distribution
in December which includes any additional income and net realized
capital gains in excess of the quarterly distributions for that
year to satisfy the minimum distribution requirements of the
Internal Revenue Code for regulated investment companies.
Each quarter, the Board of Trustees reviews the amount of any
potential distribution from the income, realized capital gain, or
capital available. The Board of Trustees will continue to monitor
the Fund’s distribution level, taking into consideration the Fund’s
net asset value and the financial market environment. The Fund’s
distribution policy is subject to modification by the Board of
Trustees at any time, and there can be no guarantee that the
distribution policy will continue. The distribution rate should not
be considered the dividend yield or total return on an investment
in the Fund.
The Board of Trustees has approved an issuer tender offer to
purchase for cash all of the Fund’s issued and outstanding common
shares of beneficial interest, par value $0.001 per share (the
“Shares”) (the “Offer”). The Offer commenced on August 3, 2021 and
will expire at 5:00 p.m., Eastern time, on September 24, 2021,
unless otherwise extended. Subject to various terms and conditions
described in offering materials distributed to shareholders,
purchases will be made at a price equal to 98% of the net asset
value per Share determined as of the close of the regular trading
session of the NYSE American, the principal market on which the
Shares are traded, on the last business day prior to the day the
offer expires. The terms and conditions of the Offer are set forth
in an Offer to Purchase, Letter of Transmittal, and related
documents.
In addition, the Board of Trustees authorized the redemption of
all outstanding Series A Cumulative Puttable and Callable Preferred
Shares (the “Series A Preferred Shares”). The Series A Preferred
Shares will be redeemed at $40.0055 per share, which consists of a
liquidation preference of $40.00 per share plus $0.0055 per share
representing accumulated and unpaid dividends and distributions to
the redemption date of September 27, 2021.
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 and 98% from net capital gains 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.
This press release is neither an offer to purchase nor a
solicitation of an offer to sell any securities of the Fund. The
Offer is being made only pursuant to the Tender Offer Statement on
Schedule TO, including an Offer to Purchase, Letter of Transmittal
and related materials that the Fund filed with the Securities and
Exchange Commission (“SEC”) on August 3, 2021. Shareholders of the
Fund are urged to carefully read the Tender Offer Statement, Offer
to Purchase, Letter of Transmittal and related materials filed with
the SEC because they contain important information, including the
various terms of, and conditions to, the Offer. Investors may
obtain free copies of the Tender Offer Statement and other
documents filed with the SEC at the SEC’s web site at www.sec.gov.
In addition, free copies of the Tender Offer Statement and other
documents filed with the SEC may also be obtained by directing a
request to: Gabelli Funds, or by calling (800) 422-3554.
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 Gabelli Go Anywhere Trust
The Gabelli Go Anywhere Trust is a non-diversified, closed-end
management investment company whose primary investment objective is
total return, consisting of capital appreciation and current
income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of
GAMCO Investors, Inc. (NYSE:GBL).
NYSE American: GGO CUSIP – 36250J109
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version on businesswire.com: https://www.businesswire.com/news/home/20210819005539/en/
Investor Relations: David Schachter (914) 921-5057
dschachter@gabelli.com
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