Royce Global Value Trust, Inc. announces an Equity Buyback for 4,201,388 shares, representing 40% of its issued share capital.
October 28, 2020 at 04:00 am
Share
Royce Global Value Trust, Inc. (NYSE:RGT) announces a share repurchase program. Under the offer, the company will repurchase up to 4,201,388 shares, representing 40% of its issued share capital. The shares will be repurchased at a price per share equal to the Fund’s net asset value per share as of the close on December 17, 2020. The offer will be funded through the sale of certain portfolio securities and the use of cash on hand. The purpose of the offer is to enhance the shareholder value and use financial resources prudentially. The offer is subject to the stockholder approval of the New Investment Advisory Agreement. The offer is valid till December 16, 2020. As of October 12, 2020, there were 10,503,470 issued and outstanding shares.
Innisfree M&A Incorporated acted as an information agent and Frank P. Bruno and Nathan J. Greene of Sidley Austin LLP acted as legal advisors to the company.
Royce Global Trust, Inc. (the Fund), formerly Royce Global Value Trust, Inc., is a diversified closed-end investment company. The Fund's investment objective is long-term growth of capital. The Fund is focused on investing 80% of its net assets in equity securities, such as common stock and preferred stock. The Fund generally invests a significant portion of its assets United States and non-United States small/mid-cap stocks. Under normal circumstances, at least 40% of the Fund's net assets will be invested in the equity securities of companies headquartered in at least three countries outside the United States. From time to time, a substantial portion of the Fundâs assets may be invested in companies located in a single country. Although there are no geographic limits on the Fundâs investments, no more than 35% of the Fund's net assets may be invested in the securities of companies headquartered in emerging markets. Royce & Associates, LP acts as the Fundâs investment advisor.
ROYCE GLOBAL TRUST, INC. 
