Royce Value Trust, Inc. Announces Terms for Its Common Stock Rights Offering
article 05-18-2018

Royce Value Trust, Inc. Announces Terms for Its Common Stock Rights Offering

May 18, 2018Royce Value Trust, Inc. (NYSE:RVT) (the “Fund”) announced today that it has fixed the close of business on May 30, 2018 as the record date for determination of stockholders entitled to participate in the Fund’s previously announced common stock rights offering (the “Offer”).  Each stockholder will receive one non-transferable right (each, a “Right”) for each whole share of common stock held of record as of such record date, rounded up to the nearest number of Rights evenly divisible by ten. The Rights will allow stockholders to subscribe for one new share of common stock for each ten Rights held (the “Primary Subscription”). The Rights are non-transferable and may not be purchased or sold.

Record date common stockholders who fully exercise their Rights in the Primary Subscription may also subscribe, subject to certain limitations and a pro-rata allotment, for those shares not purchased pursuant to the Primary Subscription.  If such over-subscription requests exceed the number of shares available, the Fund may, in its sole discretion and subject to certain anti-dilution limitations, increase the number of shares subject to subscription by up to 20% of the number of shares available under the Primary Subscription.

The subscription price for all shares of the Fund’s common stock issued pursuant to the Offer will be the lower of: (i) $0.25 below the last reported sale price per share on the New York Stock Exchange on July 3, 2018, unless extended by the Fund (such date, as it may be extended, is referred to herein as the “Expiration Date”); or (ii) the net asset value (“NAV”) per share on the Expiration Date.

The Offer will be made only by means of a final prospectus. It is currently expected that: (i) a prospectus for the Offer and subscription certificates evidencing the Rights will be mailed to record date common stockholders in early June 2018, and (ii) the subscription period will last from approximately June 4, 2018 to July 3, 2018, unless extended by the Fund.

The information in this press release is not complete and is subject to change. This press release is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. This press release is not an offering, which can only be made by a prospectus.  Investors should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The prospectus will contain this information and additional information about the Fund and the Offer and should be read carefully before investing. Please contact the Fund at (800) 221-4268 with any questions about the Offer.

Shares of closed-end investment companies frequently trade at a discount from their NAV per share. The market price of the Fund’s shares of common stock is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below, or above its NAV per share.

The Fund is a diversified, closed-end management investment company. Its investment goal is long-term capital growth. The Fund normally invests at least 65% of its assets in the equity securities of small- and micro-cap companies, generally those with stock market capitalizations ranging from $100 million to $3 billion, that Royce & Associates, LP (“Royce”), the Fund’s investment adviser, believes are trading below its estimate of their current worth. The Fund also may invest up to 25% of its assets in securities of issuers headquartered outside the United States. In addition, the Fund may invest a portion of its assets in companies with stock market capitalizations in excess of $3 billion. In managing the Fund’s assets, Royce uses a core approach that combines multiple investment themes and offers wide exposure to small- and micro-cap stocks by investing in companies with high returns on invested capital or those with strong fundamentals and/or prospects trading at what Royce believes are attractive valuation.

About Royce & Associates, LP: Royce & Associates, LP is a small-cap equity specialist offering distinct investment strategies with unique risk/return profiles designed to meet a variety of investors’ needs. For more than 40 years, our strategies have focused on active, risk-conscious investing driven by deep, fundamental company research. Chuck Royce, the firm’s founder and a pioneer of small-cap investing, enjoys one of the longest tenures in the industry. Royce & Associates, LP is a subsidiary of Legg Mason Inc. (NYSE: LM).

Important Disclosure Information

Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portoflio securities held by the Fund. Royce Fund Services, LLC. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds.

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