13D Filing: Saba Capital and Clough Global Equity Fund (GLQ)

Exhibit A

[Trust Press Release]

PRESS RELEASE

July 10, 2017

 

Clough Global Dividend and Income Fund (NYSE MKT: GLV)

Clough Global Equity Fund (NYSE MKT: GLQ)

Clough Global Opportunities Fund (NYSE MKT: GLO)

 

1290 Broadway, Suite 1100

Denver, CO 80203

Contact: Fund Services Group at 877-256-8445

 

CLOUGH
CLOSED-END FUNDS REACH AGREEMENT WITH SABA;

ANNOUNCE
DISCOUNT MANAGEMENT PROGRAMS, INCLUDING
TENDER OFFER AND MANAGED DISTRIBUTION

Denver, Colorado—The
Boards of Trustees
(each, a “Board”) of Clough Global Dividend and Income Fund (GLV), Clough Global Equity Fund (GLQ) and Clough
Global Opportunities Fund (GLO) (each, a “Fund”
and collectively, the “Funds”) announced today
that each Board has approved a discount management program, which includes a tender
offer for the Funds and a managed distribution of 10%, as further described below.

 

Tender
Offers

 

The
Boards of Trustees of the Funds have approved cash tender offers for up to 37.5% of each of GLQ’s and GLO’s respective
outstanding common shares of beneficial interest and up to 32.5% of GLV’s outstanding common shares of beneficial interest
(with respect to each Fund, the “Shares”) at a price per Share equal to 98.5% of each Fund’s respective net asset
value (“NAV”) per Share as of the business day immediately following the expiration date of the tender offers. The
Funds will repurchase Shares tendered and accepted in the tender offers in exchange for cash.

 

The
respective Board of Trustees of each Fund believes the tender offer could benefit participating shareholders by providing liquidity
at a price per Share that is higher than the market price of the Shares. The Boards of Trustees believe the tender offers could
also benefit the Funds and their long-term shareholders because the tender offers would be conducted at a price per Share that
would be accretive to NAV.

 

Managed
Distribution

 

The
Funds will also commence a four year managed distribution program. Beginning in August, 2017, and continuing through July, 2019
(the “Initial Managed Distribution Period”), each Fund will pay monthly distributions (subject to certain limitations)
in an annualized amount of not less than 10% of the respective Fund’s average monthly NAV. Each Fund will calculate the average
NAV from the previous month by taking the simple average of the NAV of the Fund based on the number of business days in that month
on which the NAV is calculated. The amount of the monthly distribution will be calculated as 10% of the previous month’s
average NAV, divided by twelve.