Page 4 of 22 – SEC Filing
This Amendment No. 4 (“Amendment
No. 4”) amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the “SEC”)
on January 6, 2017 (the “Original Schedule 13D,” as amended herein and through previous amendments, the “Schedule
13D”) with respect to the shares of common stock, no par value (the “Shares”), of Clough Global Equity
Fund (the “Issuer”). Capitalized terms used herein and not otherwise defined in this Amendment No. 4 have the
meanings set forth in the Original Schedule 13D and subsequent amendments. This Amendment No. 4 amends Items 3, 4, 5, 6 and 7 as
set forth below.
| Item 3. | SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION |
| Item 3 of the Schedule 13D is hereby amended and restated as follows: | |
| Funds for the purchase of the Shares were derived from the subscription proceeds from investors in SCMF, SCMF II, SCLMF, SCS, SCEF 1, SCEF 2 Saba Closed-End funds ETF, the capital appreciation thereon, and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Shares reported herein. A total of $28,258,336 was paid to acquire the Shares reported herein. | |
| Item 4. | PURPOSE OF TRANSACTION |
| Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following: | |
| On July 10, 2017, Saba Capital entered into a standstill agreement (the “Standstill Agreement”) with the Issuer (together with the Reporting Persons, the “Standstill Parties”) whereby the parties agreed, among other things, and subject to certain conditions, that the Board of Trustees (the “Board”) of the Issuer will cause the Issuer to commence a tender offer to purchase for cash 37.5% of its outstanding Shares at a price per Share equal to 98.5% of the Issuer’s net asset value, subject to certain terms and conditions (the “Tender Offer”), with such Tender Offer to be completed not prior to November 5, 2017 and not later than November 27, 2017. In addition, pursuant to the terms of the Standstill Agreement, the Issuer will also commence a monthly managed distribution program beginning in August, 2017, and continuing through July, 2019 whereby the Issuer will pay monthly distributions (subject to certain limitations) in an annualized amount of not less than 10% of the Issuer’s average net asset value. In addition, Saba Capital agreed to withdraw its proposed nominees to serve as trustees of the Issuer and agreed to tender 100% of its then-owned Shares of the Issuer in the Tender Offer. |
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