REG - GCP Asset Backed Inc - Second Compulsory Redemption

GCP Asset Backed Income FundAnnouncement

18/10/2024 07:00

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RNS Number : 6590I  GCP Asset Backed Income Fund Ltd  18 October 2024

GCP Asset Backed Income Fund Limited

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

LEI: 213800FBBZCQMP73A815

Second Compulsory Redemption

18 October 2024

Following the Company's First Compulsory Redemption of shares on 10 June 2024
(totalling approximately 37.5% of the Company's ordinary shares in issue at
the time), the Board is pleased to announce its intention to make a second
capital distribution via a compulsory partial redemption of shares (the
"Second Compulsory Redemption") by the end of November 2024.

This Second Compulsory Redemption will total (after expenses) at least £45
million, redeeming 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 this announcement and the
record date of the redemption. It is anticipated that the Q3 2024 dividend
will be declared prior to the record date for the Second Compulsory
Redemption.  The Second Compulsory Redemption will be effected pro rata to
holdings by applying a redemption ratio to holdings as at the applicable
record date.

A further announcement will be made on the precise size, price and timing of
the Second Compulsory Redemption. The Company would expect to announce these
details shortly.

The Second Compulsory Redemption is being made in response to cash built up in
the Company following the repayment of certain loans. The Company remains on
track in respect of its realisation plan, published on 4 July 2024, although
some quarter-on-quarter deviations can be expected, arising from timing
differences associated with the accelerated pace of the strategy.

For further information, please contact:
 

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

 Alex Ohlsson, Chairman

 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

 George Beale

 Samuel Adams

 

Notes to Editors

 

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 backed loans which are secured against contracted, predictable
medium to long term cash flows and/or physical assets.

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