SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
(Amendment No. )
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permitted by Rule 14a-6(e)(2))
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Sec. 240.14a-12
. . . . . . . . . . . . . . . . . . . . . . . The Gabelli
Global Multimedia Trust Inc. . . . . . . . . . . . . . . . . . .
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(Name of Registrant as Specified In Its Charter)
. . . . . . . . . .
(Name of Person(s) Filing Proxy Statement, if other than the
Registrant)
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One Corporate Center The Gabelli Global
Multimedia Trust Inc.
Rye, NY 10580-1434
Tel. (914) 921-5070
Fax (914) 921-5118
http://www.gabelli.com
[email protected]
June 22, 1998
Dear Fellow Shareholder:
By now you have received our invitation to attend our annual
meeting on June 29, 1998 at the Library in Greenwich, Connecticut.
You will also be receiving extra mail concerning this meeting and
perhaps even phone calls.
I need you to focus your attention on the proxy material which
accompanied our annual report. The proxy is the shareholders' way
to annually provide guidance and input to the Board of Directors
on items impacting corporate governance.
Last year our shareholders endorsed management's request to issue
senior securities. Our recent annual report reviewed again what
the Multimedia Trust is doing. We were sued for issuing a
preferred stock by Opportunity Partners L. P. Their raison d'
etre, as stated by their leader Mr. Phillip Goldstein, is to
opportunistically attack closed-end funds. He believes your 1997
vote was based on inadequate information. We disagree.
We have always operated in a fishbowl and have shared with you all
material and important elements concerning our stewardship of our
common assets. If Opportunity Partners had contacted us about
their concerns we would have been happy to discuss whether a
plebiscite was necessary under the circumstances. Instead,
Opportunity Partners ambushed us without any prior dialogue.
Plain and simple, their lawsuit is a drain on all of us. We think
your vote will render this suit moot!
We would like to again confirm your vote and confidence in
our stewardship. Please vote for Proposal #3. If you have any
questions, I am personally available to answer your inquiry.
Sincerely,
MARIO J. GABELLI
Mario J. Gabelli
One Corporate Center The Gabelli Global
Multimedia Trust Inc.
Rye, NY 10580-1434
Tel. (914) 921-5070
Fax (914) 921-5118
http://www.gabelli.com
[email protected]
June 22, 1998
Dear Fellow Preferred Shareholder:
I am writing to invite you to attend the Annual Meeting of
Stockholders of The Gabelli Global Multimedia Trust, which will be
held at 9:30 a.m. on Monday, June 29, 1998, at the Cole
Auditorium, Greenwich Public Library, 101 West Putnam Avenue,
Greenwich, Connecticut.
At the Annual Meeting, one of the proposals that
shareholders will be asked to vote upon is a proposal to ratify
the Board's current authority to issue senior securities. I would
like you to personally focus your attention on our Proxy statement
previously distributed to you.
On June 4, 1997, the Trust successfully completed its
offering of cumulative preferred stock which was rated 'aaa' by
Moody's Investors Service, Inc. The Trust issued 1,250,000
Preferred Shares at $25 with an annual coupon rate of 7.92%. The
Preferred Shares, which trade on the New York Stock Exchange under
the symbol "GGT Pr", closed at $25.50 on June 17, 1998, reflecting
the recently declared semi-annual distribution of $0.99 per share.
Future distributions will be paid on a quarterly basis.
The Trust has been sued by Opportunity Partners L.P. to
rescind the outcome of the Trust's shareholder vote in 1997 and
the issuance of the preferred stock that you own. Your Board
believes the Trust will continue to benefit from the issuance of
preferred stock and at the same time wants to avoid the drain on
the Trust's resources caused by this lawsuit. This is why we want
you to focus on Proposal #3 in our 1998 Proxy. Your Board
believes this is beneficial to you as a preferred shareholder and
recommends a favorable vote to ratify the propriety of the
outstanding preferred stock. Your vote is important to us.
Thank you for the confidence you have placed in The Gabelli
Global Multimedia Trust.
Sincerely,
MARIO J. GABELLI
Mario J. Gabelli
