GCP Asset Backed Inc - Strategic Review Update
04/03/2024 11:15
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RNS Number : 4666F GCP Asset Backed Income Fund Ltd 04 March 2024
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FOR IMMEDIATE RELEASE
4 March 2024
GCP Asset Backed Income Fund Limited
("GABI" or the "Company")
LEI: 213800FBBZCQMP73A815
Strategic Review Update
On 29 January 2024, the Company announced that the board of GABI (the "Board")
would be seeking shareholder feedback to inform its decision-making process in
connection with the strategic review to consider how it may best deliver
value to shareholders (the "Strategic Review").
The Board has today completed the shareholder consultation period in
connection with the Strategic Review. Feedback has been provided to the Board
by shareholders representing a majority of total voting rights in the Company.
Views were canvassed on the future strategic direction of the Company,
including in relation to: (i) a potential continuation of the Company in
accordance with its current investment policy delivered by the Investment
Manager, Gravis Capital Management Ltd; (ii) a suitable time horizon for the
return of capital in a potential orderly wind-down of the Company; and (iii)
acceptable pricing on a potential sale of the Company.
Shareholders have expressed a broad range of views throughout the consultation
period. The Board is in the process of collating and reviewing the shareholder
feedback and will announce the outcome of the Strategic Review in the week
commencing 11 March 2024. The Board also expects to announce an update in
relation to succession planning in respect of Board composition at that time.
The Board continues to consider a sale of the entire issued share capital of
the Company as an option for the Company's future.
Alex Ohlsson, Chairman of GABI, commented:
"The Board is grateful to shareholders for their engagement in providing
feedback in connection with the strategic review. This feedback will inform
the Board's decision-making process for the future of the Company."
For further information:
GCP Asset Backed Income Fund Limited | +44 (0)15 3482 2251
Alex Ohlsson, Chairman
Barclays Bank PLC, acting through its Investment Bank (Financial Adviser and
Corporate Broker) | +44 (0)20 7623 2323
Adrian Beidas
Callum West
Dion Di Miceli (Corporate Broking)
Stuart Muress (Corporate Broking)
About GABI
GABI is a closed-ended investment company traded on the Main Market of the
LSE. The company makes investments secured against physical assets or
contracted cash flows, in sectors which are integral to society.
Important notices
This announcement is not intended to, and does not, constitute or form part of
any offer, invitation or solicitation of any offer to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any securities or the
solicitation of any vote or approval in any jurisdiction, whether pursuant to
this announcement or otherwise.
The release, distribution or publication of this announcement in jurisdictions
outside the United Kingdom may be restricted by laws of the relevant
jurisdictions and therefore persons into whose possession this announcement
comes should inform themselves about, and observe, any such restrictions. Any
failure to comply with the restrictions may constitute a violation of the
securities law of any such jurisdiction.
Disclaimer
Barclays Bank PLC, acting through its Investment Bank ("Barclays"), which is
authorised by the Prudential Regulation Authority and regulated in the United
Kingdom by the Financial Conduct Authority and the Prudential Regulation
Authority, is acting exclusively for the Company and no one else in connection
with the matters set out in this announcement and will not be responsible to
anyone other than the Company for providing the protections afforded to
clients of Barclays nor for providing advice in relation to any matter
referred to in this announcement.
In accordance with the Code, normal United Kingdom market practice and Rule
14e-5(b) of the Exchange Act, Barclays and its affiliates will continue to act
as exempt principal trader in the Company's securities on the London Stock
Exchange. These purchases and activities by exempt principal traders which are
required to be made public in the United Kingdom pursuant to the Code will be
reported to a Regulatory Information Service and will be available on the
London Stock Exchange website at www.londonstockexchange.com. This information
will also be publicly disclosed in the United States to the extent that such
information is made public in the United Kingdom.
Rule 26.1 disclosure
In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available (subject to certain restrictions relating to persons resident in
restricted jurisdictions)
at https://www.graviscapital.com/funds/gabi-strategic-review/literature by no
later than 12 noon (London time) on the business day following the date of
this announcement. The content of the website referred to in this announcement
is not incorporated into and does not form part of this announcement.
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