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NEW YORK, Oct. 9, 2020 /PRNewswire/ -- Royce Global Value Trust, Inc. (NYSE:RGT) (the "Fund") today announced that its Board of Directors (the "Board") has authorized a conditional cash tender offer for up to 40% of the Fund's outstanding shares of common stock (the "Shares") at a price per Share equal to 100% of the Fund's net asset value per Share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires, provided the Fund's stockholders approve a new investment advisory agreement with Royce Investment Partners ("Royce")1, the Fund's investment manager, in accordance with the requirements of the Investment Company Act of 1940. Such new agreement will be voted upon at the Special Meeting of Stockholders that is currently scheduled to be held on Friday, October 30, 2020 at 1:00 p.m. Eastern Time in a virtual meeting format.
Additional terms and conditions of the tender offer will be set forth in filings to be made with the Securities and Exchange Commission, the Fund's tender offering materials sent to stockholders, and additional press releases, as applicable. If the number of Shares tendered in the tender offer exceeds the maximum number of Shares that is subject to the tender offer, the Fund will purchase Shares from tendering stockholders on a pro rata basis (disregarding fractional shares). Accordingly, no assurance can be given that the Fund will purchase all of a stockholder's tendered Shares in the tender offer or that such Share repurchases will reduce or eliminate any discount of the Fund's market price per Share to the Fund's net asset value per Share. This announcement of a contingent tender offer is not a recommendation, an offer to purchase, or a solicitation of an offer to sell Shares and the above statements are not intended to constitute an offer to participate in any tender offer.
Posted In: RGT
