DENVER--(BUSINESS WIRE)--Clough Global Equity Fund (NYSE MKT: GLQ) (the “Fund”), a closed-end fund advised by Clough Capital Partners L.P. (the “Advisor”), announced today that its Annual Meeting of Shareholders will be held on Tuesday, July 28, 2015, at 8:00 a.m. Mountain Time, at the offices of the Fund, 1290 Broadway, Suite 1100, Denver, Colorado 80203 (“2015 Meeting”). At the 2015 Meeting, Fund shareholders of record as of May 29, 2015 will be asked to vote on the election of trustees and, if properly presently, a shareholder proposal (the “Proposal”) submitted by Opportunity Partners L.P. requesting that the Board of Trustees of the Fund (the “Board”) authorize a tender offer for all the Fund’s outstanding shares and that if more than 50% of the Fund’s outstanding shares are submitted for tender, the Board cancel the tender offer and cause the Fund to be liquidated or converted to an exchange traded fund (ETF) or an open-end mutual fund. The Board does not believe the type of tender offer outlined in the Proposal is in the best interests of the Fund or Fund shareholders. However, as explained in the Fund’s proxy statement, as part of an agreement with Opportunity Partners, L.P. and related parties and the Advisor, the Board has agreed that if the Proposal passes at the 2015 Meeting the Board will authorize a tender offer on the terms outlined in the Proposal and the shareholder and related parties have generally agreed, subject to certain conditions, to certain “standstill” provisions for about a year.
The Board and the Advisor regularly review the Fund’s discount and ways to enhance shareholder value as well as to provide liquidity to shareholders seeking to sell shares of the Fund on the NYSE MKT. The Board recently adopted an open-market repurchase program pursuant to which the Fund is authorized to repurchase up to 5% of its outstanding common shares between April 20, 2015 and October 31, 2015. The Board also recently approved a participation agreement between the Fund and the RiverNorth Funds. The participation agreement permits the RiverNorth Funds to invest in the Fund in excess of the limits imposed by Section 12(d)(1) of the Investment Company Act of 1940. In addition, the Board has previously approved a managed distribution policy for the Fund and further revised the policy to increase the level of distributions twice in the last 18 months and change the distribution frequency from quarterly to monthly; the Board also approved the Fund paying its last quarterly distribution in January 2014, thereby resulting in two distribution payments to shareholders in January 2014. The Board and the Advisor believe that these measures together have the potential to reduce the Fund’s discount while potentially providing additional liquidity in the trading of Fund shares, thereby benefiting shareholders. The Board will continue to consider strategic options to enhance shareholder value in the long-term.
Clough Global Equity Fund
The Fund is a closed-end fund utilizing the Advisor’s research-driven, thematic process, with an investment objective of providing a high level of total return. Having a global, flexible mandate and utilizing the Advisor’s global research capabilities, with offices in Boston and Hong Kong, the Fund will invest at least 80% 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. More information on the Clough Global Equity Fund, including the Fund’s dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.
Clough Capital Partners L.P.
The Advisor is a Boston-based investment advisory firm which manages approximately $4.4 billion in assets (as of April 30, 2015): $1.8 billion in hedge fund and institutional accounts; $117 million in an open-end mutual fund; and $2.5 billion in three closed-end funds – Clough Global Allocation (GLV), Clough Global Equity (GLQ), and the Clough Global Opportunities Fund (GLO). The firm uses a global and theme-based approach and invests in securities on a global basis. Clough was founded in 2000 by Chuck Clough and partners James Canty and Eric Brock.
Certain statements made in this press release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. As a result, neither the Fund nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semi-annual report, which contains this and other information, visit www.cloughglobal.com or call 877-256-8445. Read the prospectus carefully before investing.
The Fund is a closed-end fund and does 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. Shares of closed-end funds often trade at a discount to NAV. An investment in a Fund may not be appropriate for all investors.