DENVER--(BUSINESS WIRE)--Clough Global Equity Fund (the “Fund”) is pleased to announce the successful completion of its rights offering, and the preliminary results thereof. The Fund anticipates that it will issue a total of 2,205,138 new common shares on or about August 30, 2019 as a result of the rights offering which closed on August 23, 2019 (the “Expiration Date”).
The fund received subscriptions for more than 250% of the original offering. Accordingly, the shares issued as part of the over-subscription privilege of the rights offering will be allocated pro-rata among record date shareholders who over-subscribed based on the number of rights originally issued to them by the Fund.
The foregoing numbers are estimates only. The Fund will announce the final results of the rights offering in a press release on or about August 30, 2019.
The subscription price of $11.24 per share was established on the Expiration Date based upon a formula equal to 95% of the reported market price per share, based on the average of the last reported sales price of a common share on the NYSE American for the five trading days preceding the Expiration Date.
The Clough Global Equity Fund
The Fund is a closed-end fund utilizing Clough Capital’s research-driven, thematic process, with an investment objective of providing a high level of total return. Having a global, flexible mandate, the Fund will invest at least 80% of its net assets, including any borrowings for investment purposes, in equity and equity-related securities in both U.S. and non-U.S. markets, and the remainder in fixed income securities, including corporate and sovereign debt, in both U.S. and non-U.S. markets. The Fund’s portfolio managers are Chuck Clough and Rob Zdunczyk. As of July 31st, 2019 the Fund had approximately $253 million in total assets. More information, including the Fund’s dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.
Clough Capital Partners L.P.
Clough Capital, a Boston-based investment advisory firm which manages approximately $1.7 billion in assets as of July 31st, 2019, serves as investment adviser to the Fund.
The Clough Global Equity Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
ALPS Portfolio Solutions Distributor, Inc, FINRA Member Firm.