In what almost seems like a ‘return to normalcy’, CEF Gabelli Dividend and Income (GDV) has announced a partial redemption of their 5.875% perpetual preferred (GDV-A). The redemption is for 5/6/2020.
The company will redeem 50% of the outstanding shares–shares that have traded very nicely during the recent market drop.
The CEF is a relatively decent sized fund with over $2 billion in net assets (as of 12/31/2020) and this redemption of 1.542 million shares is relatively easy for the company.
This partial redemption may make the other half of the shares remaining outstanding a decent buy at around $25–of course they could announce redemption at any time.