Gabelli Merger Plus+ Gabelli Merger -GMPP - Acquisition

Gabelli Merchant Partners

29/10/2024 17:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241029:nRSc1037Ka&default-theme=true

RNS Number : 1037K  Gabelli Merger Plus+ Trust PLC  29 October 2024

Gabelli Merger Plus+ Trust Plc

29 October 2024

 

 

 

Gabelli Merger Plus+ Trust Plc

(the "Company")

 

Announces the Expansion of its Operating Investment Activities

 

Gabelli Merger Plus+ Trust Plc ("The Company") today announces the acquisition
of its affiliated UK investment manager, Gabelli Securities International UK
Limited ("GSIL UK"), a limited company organized and existing under the laws
of England and Wales for approximately $1 million. The transaction received
regulatory and board approvals and is subject to financing.

 

Financing will be accomplished with the issuance of 96,493 ordinary shares at
a price of $10.41 per share in exchange for GSIL UK shares. Further, the
fulfilment of the consideration related thereto will increase the Company's
cash and investments for the benefit of the Company's shareholders by
approximately 14.5 cents per share as it consolidates GSIL UK's $1 million
balance sheet in the exchange.

 

Summary data ($ in thousands, except for per share data)

All figures as of 25 October 2024

                                   Net Assets    NAV/           Transaction Price/share    Premium

                                                 Share((1))                                to NAV
 Gabelli Merger Plus+ Trust Plc    $67,695       $9.91          $10.41                     $0.50
 GSIL UK                           $1,004

 

(1) The Company's net asset value presented excludes the impact of deferred
taxes, if any.

 

The acquisition positions the Company to increase sources of income, allowing
for both self-management and the broadening of services to affiliated and
third parties.

 

The acquisition is expected to be completed before the year-end 2024.

 

"Including GSIL UK in the operating profile of the Company is an important
strategic step to further enhance value for shareholders," said John Birch,
Co-Chairman. "It is also in line with the Company's Investment Policy to
pursue a variety of strategies and instruments, including, but not limited to
controlling operating businesses to grow value," added Mr. Birch.

 

An application has been made to the London Stock Exchange for 96,493 new
ordinary shares (the "Consideration Shares") to be admitted to trading on the
Specialist Fund Segment of the London Stock Exchange (the "Admission"). The
Consideration Shares will rank pari passu with the Company's existing ordinary
shares. It is expected that Admission of the Consideration Shares will become
effective and that dealings will commence on or around 8:00am GMT on 1
November 2024.

 

Following the issue of the Consideration Shares, the Company will have
6,927,785 ordinary shares in issue, with each ordinary share carrying the
right to one vote, and 3,502,874 ordinary shares held in treasury.  These
figures may be used by shareholders in the Company as the denominator for the
calculations by which they will determine their interest in, or a change to
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

 

The acquisition of GSIL UK by the Company may be deemed to be a transaction
with a related party by virtue of GSIL UK being an indirect wholly-owned
subsidiary of Associated Capital Group, Inc. ("ACG"). ACG is presently a 92.6%
shareholder of the Company; following the acquisition and the issuance of the
Consideration Shares, ACG will be a 92.7% shareholder of the Company. The
Directors of the Company consider that the terms of the acquisition are fair
and reasonable as to all of the Company's shareholders.

 

 

 

About Gabelli Securities International UK Limited

Gabelli Securities International UK Limited is an investment management firm
started in 2011 to grow the European businesses of Gabelli Asset Management's
international efforts. Today, the company is primarily focused on the markets
of the UK and Europe, operating as an investment advisory and asset management
firm. Regulated by the Financial Conduct Authority (FCA), the company provides
investment services including fund management and advisory services under
Markets in Financial Instruments Directive (MiFID), offering tailored
financial solutions for its clients.

 

About Gabelli Merger Plus+ Trust Plc

Gabelli Merger Plus+ Trust Plc an investment company incorporated in 2017 and
listed on the London Stock Exchange under the ticker symbol 'GMP.'  The
Company's primary investment objective is to seek to generate total returns,
consisting of capital appreciation and current income. The Company seeks a
secondary objective of the protection of capital, uncorrelated to equity and
fixed income markets. Since its inception, GMP has delivered consistent total
returns to shareholders by utilizing the Gabelli Private Market Value (PMV)
with a Catalyst(TM) investment methodology, maintaining a diversified
portfolio of strategies implemented to create an optimal risk/reward profile
for the portfolio. To access additional product information please visit:
https://www.gabelli.co.uk/investment-products/gabelli-merger-plus/
(https://www.gabelli.co.uk/investment-products/gabelli-merger-plus/)

 

 

 

 

For further information, please contact:

 

Enquiries:

 

Gabelli Asset Management UK Ltd.

Email: Info@Gabelli.co.uk (mailto:Info@Gabelli.co.uk)

 

Please also find us at:
https://www.londonstockexchange.com/stock/GMP/gabelli-merger-plus-trust-plc/analysis
(https://www.londonstockexchange.com/stock/GMP/gabelli-merger-plus-trust-plc/analysis)

 

 

LEI:    5493006X09N8HK0V1U37

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQUKVVRSNURUAA