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The GDL Fund (NYSE:GDL), currently trading near its 52-week high at $8.37, has announced an extension of the mandatory redemption date for its Series E Cumulative Term Preferred Shares. Originally set for March 26, 2025, the new redemption date is now June 26, 2026.
This amendment, filed today, also introduces an optional put for shareholders on December 26, 2025, and a mandatory put on March 26, 2025. Shareholders who prefer to have their shares purchased on the mandatory put date do not need to take any action. Those opting to retain their shares past this date can do so by opting out of the mandatory put. The fund has demonstrated stable performance with a YTD return of 3.62% and offers a dividend yield of 5.78%.
The changes were made through Amendment No. 2 to the Statement of Preferences of Series E Cumulative Term Preferred Shares. This amendment aims to provide shareholders with additional flexibility regarding their investment decisions.
The GDL Fund is a diversified closed-end management investment company with its principal executive offices in Rye, New York. With a market capitalization of $5.76 million and a P/E ratio of 15.21, it trades on the New York Stock Exchange under the symbols GDL for its Common Shares of Beneficial Interest and GDL Pr C for its Series C Cumulative Puttable and Callable Preferred Shares. InvestingPro analysis reveals the stock generally trades with low price volatility, with additional insights available to subscribers.
The Fund has not provided any reasons for the changes in the redemption and put dates. This information is based on a press release statement from the SEC filing. The full details of the amendment are included in Exhibit 3.1 of the SEC Form 8-K filed by the GDL Fund.
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