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Royce Value Trust
filed a proxy statement
seeking stockholder approval to allow the Fund to contribute approximately
$100 million of its cash and/or securities to a newly formed closed-end
investment company, Royce Global Value Trust, Inc. (“Royce Global Value
Trust”). All of Royce Global Value Trust's common shares would then be
distributed to the common stockholders of the Fund (the “spin-off”).
The aggregate net asset value of a stockholder's remaining Value Trust common
stock and Global Trust common stock received in the spin-off, together with
any cash received in lieu of fractional shares, will equal the aggregate net
asset value of their Value Trust shares owned immediately prior to the
spin-off. RVT stockholders are also being asked to approve a change to an
investment restriction to facilitate completion of the spin-off.
The transaction is expected to be voted upon at a Special Meeting of the
Fund's common stockholders on September 5, 2013. The amount of capital
contributed to Royce Global Value Trust, the number of shares of Royce Global
Value Trust to be distributed in the spin-off, and the record and distribution
dates will be announced at a later time. The distribution will be made only by
means of a prospectus and this release does not constitute an offer of any
securities for sale.
Royce Value Trust, Inc. is a closed-end diversified management investment
company whose shares of common stock are listed and traded on the New York
Stock Exchange. The Fund's primary investment goal is long-term capital
growth, which it seeks by normally investing at least 65% of its assets in
equity securities primarily of small- and micro-cap companies.
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