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Gabelli Equity Trust, 5.45% Series J Cumulative Preferred Stock
Ticker Symbol: GAB-J* CUSIP: 362397853 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/31/2022
Security has been Called for: Monday, January 31, 2022
December 17, 2021 -- The Board of Directors of The Gabelli Equity Trust (NYSE: GAB) (the “Fund”) authorized the redemption of all of its 5.45% Series J Cumulative Preferred Stock (the “Series J Preferred”). The redemption date is January 31, 2022 (the “Redemption Date”), and the redemption price is $25.132465 (the “Redemption Price”) per Series J Preferred, which is equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends and distributions to the Redemption Date.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: The Gabelli Equity Trust, Inc., 5.45% Series J Cumulative Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 3/31/2021 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 5.45% per annum ($1.3625 per annum or $0.340625 per quarter) will be paid quarterly on 3/26, 6/26, 9/26 & 12/26 to holders of record that will be on the fifth business day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Fund may, at its option in certain circumstances, be required to, mandatorily redeem the preferred stock (see prospectus, page 56, for further information). Dividends paid by preferreds issued by closed-end funds can be 0% to 100% eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and can also be 0% to 100% eligible for the dividends received deduction for corporate holders (see page 68 of the prospectus for further information). This security was rated as A1 by Moody’s and not rated by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GAB)
IPO - 3/28/2016 - 3.20 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: GBQTP Changed: 4/01/2016
Market Value $80.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: One Corporate Center, Rye, NY 10580 |
Main Phone Number |
914-921-5100 |
Fax Number |
914-921-5392 |
Shareholder Services
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800-336-6983
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Toll Free Phone Number |
800-422-3554 |
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