REG - GCP Asset Backed Inc - Results of Annual General Meeting

GCP Asset Backed Income FundAnnouncement

06/06/2025 11:00

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RNS Number : 8147L  GCP Asset Backed Income Fund Ltd  06 June 2025

 

GCP Asset Backed Income Fund Limited

 

(the "Company" or "GCP Asset Backed")

 

LEI 213800FBBZCQMP73A815

 

Results of Annual General Meeting

 

GCP Asset Backed is pleased to announce that all resolutions put to the Annual
General Meeting held today, 06 June 2025, at the registered office of the
Company were duly passed by the shareholders.

 

Total proxy votes of 110,753,535 were noted at the Annual General Meeting.
Details of the proxy votes noted in respect of each resolution are set out
below:

 

 Summary Resolutions(1)                                                          For / Discretion(2)  %      Against     %      Withheld
 1. Ordinary Resolution: THAT the report of the directors and the audited        110,739,132          99.99  7,498       0.01   6,905
 annual report and financial statements of the Company for the year ended 31
 December 2024 be received and adopted.

 2. Ordinary Resolution: THAT the Directors' remuneration report for the year    110,698,306          99.97  37,698      0.03   17,531
 ended 31 December 2024 be approved.

 3. Ordinary Resolution: THAT Alex Ohlsson be re-elected as a Director of the    88,973,906           80.35  21,764,683  19.65  14,946
 Company.

 4. Ordinary Resolution: THAT Marykay Fuller be re-elected as a Director of the  108,913,700          98.35  1,824,889   1.65   14,946
 Company.

 5. Ordinary Resolution: THAT Philip Braun be re-elected as a Director of the    109,081,931          98.5   1,656,658   1.5    14,946
 Company.

 6. Ordinary Resolution: THAT the Company's dividend policy be approved.         110,734,248          99.99  7,498       0.01   11,789

 7. Ordinary Resolution:  THAT Grant Thornton be appointed as auditors of the    110,714,658          99.98  27,088      0.02   11,789
 Company.

 8. Ordinary Resolution: THAT the Audit and Risk Committee be authorised to      110,728,962          99.99  12,784      0.01   11,789
 determine the remuneration of Grant Thornton.

 9. Special Resolution: THAT the Directors be generally and unconditionally      110,731,478          99.99  12,893      0.01   9,164
 authorised to make market purchases of up to 14.99% of the issued share
 capital (excluding shares held in treasury).

 

1.     The  full text of the resolutions may be found in the notice of
the Annual General Meeting, a copy of which is available on both the Company's
website https://www.graviscapital.com/funds/gcp-asset-backed/literature
(https://www.graviscapital.com/funds/gcp-asset-backed/literature) and on the
National Storage Mechanism
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

2.     Any proxy appointments which gave discretion to the Chair, or a
third party were voted for the resolution.

 

The Board notes that votes in excess of 10% of total votes cast were received
against the reappointment of Alex Ohlsson as a Director of the Company.

 

The AIC Code of Corporate Governance (the "AIC Code") notes that where a
significant proportion of votes have been cast against a resolution at a
general meeting, a company should explain what actions it has taken to
understand the reasons behind the vote. For these purposes, the AIC Code
consider 20% or more of votes cast against a board recommendation for a
resolution as being "significant" as opposed to PIRC, who consider 10% or more
votes cast against a resolution as being significant.

 

The Company will seek to engage with the relevant shareholders who voted
against the resolutions, in order to understand the reasons for their votes
and address their concerns.

 

In accordance with Listing Rule 9.6.2, the full text of the special
resolutions passed at the Annual General Meeting has been submitted to the
National Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

For further information please contact:

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

 Philip Kent

 Cameron Gardner

 Anthony Curl

 Barclays Bank PLC                +44 (0) 20 7623 2323

 Dion Di Miceli

 Stuart Muress

 James Atkinson

 Burson Buchanan                  +44 (0)20 7466 5000

 Helen Tarbet

 Henry Wilson

 Nick Croysdill

 

Notes to Editors

The Company

GCP Asset Backed Income Fund Limited is a closed-end 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 backed loans which are secured against contracted, predictable
medium to long term cash flows and/or physical assets.

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