REG - GCP Asset Backed Inc - Dividend & Second Compulsory Redemption

GCP Asset Backed Income FundAnnouncement

06/11/2024 07:00

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RNS Number : 0611L  GCP Asset Backed Income Fund Ltd  06 November 2024

GCP Asset Backed Income Fund Limited

("GABI" or the "Company")

LEI: 213800FBBZCQMP73A815

Dividend Declaration & Second Compulsory Redemption

6 November 2024

Dividend Declaration

The Board of GABI, which invests in asset backed loans, is pleased to announce
a quarterly dividend in respect of the period from 1 July 2024 to 30 September
2024 of 1.58125 pence per ordinary share (the "Q3 Dividend").

The ordinary shares will go ex-dividend on 14 November 2024 and will be paid
on 13 December 2024 to holders of ordinary shares recorded on the register as
at close of business on 15 November 2024.

Second Compulsory Redemption

On 18 October 2024, the Company announced its intention to make a second
capital distribution totalling (after expenses) at least £45.0 million to the
Company's shareholders by way of a compulsory partial redemption of ordinary
shares at a price equal to the latest NAV per share, being the net asset value
per ordinary share at 30 June 2024 of 90.92 pence, less dividends declared
between the date of the announcement, 18 October 2024, and the record date of
the redemption (the "Second Compulsory Redemption").

The Board confirms that the Second Compulsory Redemption will total £45.0
million at a price of 89.33875 pence per share. The amount applied to the
Second Compulsory Redemption is after the deduction of costs and expenses
which are expected to be c. £45,000.

The Second Compulsory Redemption will be effected pro rata to holdings on the
share register as at the close of business on 15 November 2024 (the
"Redemption Date"), being the record date for the Second Compulsory
Redemption, by applying a redemption ratio which is currently anticipated to
be 18.95%. (the "Redemption Ratio"). For the avoidance of doubt, shareholders
will receive payment of the Q3 Dividend on their pre-redemption shareholding.

Fractions of ordinary shares produced by the Redemption Ratio will not be
redeemed, so the number of ordinary shares to be compulsorily redeemed from
each shareholder will be rounded down to the nearest whole number of ordinary
shares. In the event that the Company receives any additional loan repayments
in the period between the date of this announcement and the Redemption Date,
the Board may determine to increase the size of the Second Compulsory
Redemption (and, accordingly, the Redemption Ratio). Any such amendment will
be announced by the Company at the appropriate time, if applicable. On the
basis of a Redemption Ratio of 18.95%, approximately 50.4 million of the
Company's issued shares will be redeemed on the Redemption Date.

Payments of redemption monies are expected to be effected either through CREST
(in the case of ordinary shares held in uncertificated form) or by cheque (in
the case of ordinary shares held in certificated form) by 29 November 2024.
Any certificates currently in circulation will be superseded by a new
certificate which will be distributed to certificated shareholders by 29
November 2024.

The Company currently has 266,016,390 ordinary shares in issue. All of the
ordinary shares redeemed on the Redemption Date will be cancelled and
accordingly will thereafter be incapable of transfer by shareholders or
reissue by the Company.

The Company's ordinary shares will be disabled in CREST after close of
business on the Redemption Date and the existing ISIN number, JE00BMFX6989,
(the "Old ISIN") will expire. A new ISIN number, JE00BSY6HT75, (the "New
ISIN") in respect of the remaining shares which have not been compulsorily
redeemed will be enabled and available for transactions from 8.00 a.m. on 18
November 2024. The share price TIDM, "GABI.L", will remain unchanged. For the
period up to and including the Redemption Date, shares will be traded under
the Old ISIN and as such, a purchaser of such shares may have a market claim
for a proportion of the redemption proceeds following the activation of the
New ISIN. CREST will automatically transfer any open transactions as at the
Redemption Date to the New ISIN.

Alex Ohlsson, Chairman, commented:

"We are pleased to declare a second capital distribution of £45.0 million
reflecting our objective to return capital to shareholders in a timely manner
while managing the orderly wind down of the existing portfolio. The two
distributions to date resulting in just under 50% of shares being redeemed and
£188.1 million being returned to shareholders mark considerable progress in
meeting this objective."

For further information, please contact:

 GCP Asset Backed Income Fund Limited                                     +44 (0)15 3482 2251

 Alex Ohlsson, Chairman
 Barclays Bank PLC                                                        +44 (0)20 7623 2323

 Dion Di Miceli

 Stuart Muress

 James Atkinson

 Gravis Capital Management Limited                                        +44 (0)20 3405 8500

 Philip Kent

 Anthony Curl

 Cameron Gardener

 Burson Buchanan                                                          +44 (0)20 7466 5000

 Helen Tarbet

 Henry Wilson

 Samuel Adams

Notes to the Editor

GCP Asset Backed Income Fund Limited is a closed-ended investment company. Its
shares are traded on the Main Market of the London Stock Exchange. Its
investment objective is to undertake a managed wind-down of the Company and
realise all existing assets in the Company's portfolio in an orderly manner.

The Company's portfolio comprises a diversified portfolio of predominantly UK
based asset back loans which have contracted, predictable medium to long term
cash flows and/or physical assets.

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