UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Item 8.01. Other Events
On June 2, 2023, Clough Global Equity Fund, (NYSE: GLQ) (the Fund), a closed-end fund, issued a press release in connection with the authorization by the Funds Board of Trustees of an open-market share repurchase program pursuant to which the Fund may purchase, over a one-year period beginning in June 2023, up to 5% of its stock, in open-market transactions. Details of the program can be found in the attached Exhibit 99.1 and is incorporated by reference into this Item 8.01.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following Exhibit is filed as part of this Report.
Exhibit No. | Description |
99.1 | Clough Global Equity Fund Press Release dated June 2, 2023 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 5, 2023 | By: | /s/ Jeremy May | |
Jeremy May | |||
President |
CLOUGH GLOBAL CLOSED-END FUNDS ANNOUNCE SHARE REPURCHASE PROGRAMS
Denver, CO - The Boards of Trustees (the "Boards") of the following closed-end funds (the “Funds”) advised by Clough Capital Partners L.P. (the "Advisor") announced today that each Fund has approved a share repurchase program under which it may purchase, over a one-year period beginning on June 5, 2023, up to 5% of its outstanding common shares in open market transactions:
– | Clough Global Equity Fund (NYSE MKT: GLQ) |
– | Clough Global Opportunities Fund (NYSE MKT: GLO) |
– | Clough Global Dividend & Income Fund (NYSE MKT: GLV) |
The share repurchase programs are designed to enhance shareholder value by permitting the Funds to purchase their shares when trading at a discount from their net asset value per share. Charles I Clough, Jr., Chairman of the Advisor, commented "Considering that the Funds traded at a premium as recently as September 2022, we see value in the Funds’ ability to repurchase shares at their current discounts to NAV, which can be beneficial for all shareholders."
The amount and timing of repurchases will be at the discretion of the Advisor, subject to market conditions and investment considerations. There is no assurance that the Funds will purchase shares at any particular discount levels or in any particular amounts. Any repurchases made under these programs will be made on a national securities exchange at the prevailing market price, subject to exchange requirements and volume, timing and other limitations under federal securities laws. The Funds' repurchase activity will be disclosed in the annual and semi-annual reports to shareholders. The Boards will monitor on an ongoing basis the share repurchase programs and continue to consider a range of strategic options to enhance shareholder value in the long-term.
Certain statements made on behalf of the Funds may be considered forward-looking statements. The Funds actual results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in the general markets or the Funds' investments specifically. Neither the Funds nor the Advisor undertake any responsibility to update publicly or revise any forward-looking statement.
Clough Capital Partners L.P.
Clough Capital, which serves as investment adviser to the Funds, is a global multi-strategy alternative asset management firm founded in 1999 that manages over $1.4 billion in assets as of March 31, 2023. Clough Capital employs fundamental research to invest in public and private markets, across various asset classes and manage an array of strategies for its clients. More information is available at www.cloughcapital.com.
An investor should consider the investment objectives, risks, charges and expenses carefully before investing in a Fund. To obtain a Fund’s prospectus, annual report or semi-annual report, which contains this and other information visit www.cloughglobal.com or call (855) 425-6844. Read them carefully before investing.
This press release is not a solicitation to buy or sell fund shares. Each Fund is a closed-end fund, which does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, each 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 and often trade at a discount to their net asset value, which can increase an investor’s risk of loss. All investments are subject to risk, including the risk of loss.
Inquiries: (855) 425-6844 or cloughclientinquiries@paralel.com.
Cover |
Jun. 05, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 05, 2023 |
Entity File Number | 811-21712 |
Entity Registrant Name | Clough Global Equity Fund |
Entity Central Index Key | 0001316463 |
Entity Tax Identification Number | 20-2248098 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 1700 Broadway |
Entity Address, Address Line Two | Suite 1850 |
Entity Address, City or Town | Denver |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80290 |
City Area Code | (855) |
Local Phone Number | 425-6844 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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