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LONDON (Alliance News) - Gabelli Merger Plus+ Trust PLC said Monday its recent share price activity was a result of near-term portfolio rebalancing by select shareholders, low August stock market volumes, and a lack of liquidity preventing full market price discovery.
The company's investment manager re-emphasised there has been no material event or change to its investment programme and affirmed its total returns delivering a 5% annual dividend distribution.
Gabelli Merger is entering its closed period, restricting trading by insiders, directors and the company under the authorization of its buyback programme.
Shares in Gabelli Merger Plus were up 3.0% Monday at USD8.55 each.
At the beginning of July, Gabelli shares were trading at 9.70p each, 12% above Monday's price.