REG - GCP Asset Backed Inc - Third Compulsory Redemption & Dividend Declaration

GCP Asset Backed Income FundAnnouncement

26/11/2025 07:00

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RNS Number : 9849I  GCP Asset Backed Income Fund Ltd  26 November 2025

GCP Asset Backed Income Fund Limited

("GABI" or the "Company")

LEI: 213800FBBZCQMP73A815

Third Compulsory Redemption & Dividend Declaration

26 November 2025

Third Compulsory Redemption

The Company has continued to execute its capital return strategy following the
Discontinuation Vote in May 2024, including two compulsory share redemptions
and the cancellation of treasury shares, resulting in a 51.22% reduction in
share capital to date. Approximately £188.2 million has been returned to
shareholders, with 215,606,413 shares remaining in issue as at 26 November
2025. The Board is pleased to announce its intention to make a third capital
distribution via a compulsory partial redemption of shares (the "Third
Compulsory Redemption").

The Board confirms that the Third Compulsory Redemption will total £33.5
million at a price of 76.6275 pence per share, reflecting the net asset value
per ordinary share at 30 June 2025 of 79.79 pence, adjusted for the Q2
Dividend declared on 24 July 2025 and the Q3 Dividend declared today. The
amount applied to the Third Compulsory Redemption is after the deduction of
costs and expenses which are expected to be c. £35,000.

The Third Compulsory Redemption will be effected pro rata to holdings on the
share register as at the close of business on 5 December 2025 (the "Redemption
Date"), being the record date for the Third Compulsory Redemption, by applying
a redemption ratio which is currently anticipated to be 20.27%. (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 Third 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 20.27%, approximately 43.7 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 19 December 2025.
Any certificates currently in circulation will be superseded by a new
certificate which will be distributed to certificated shareholders by 19
December 2025.

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, JE00BSY6HT75,
(the "Old ISIN") will expire. A new ISIN number, JE00BPCSN748, (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 8
December 2025. 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.

 

Dividend Declaration

The Board is pleased to announce a quarterly dividend in respect of the period
from 1 July 2025 to 30 September 2025 of 1.58125 pence per ordinary share (the
"Q3 Dividend").

The ordinary shares will go ex-dividend on 4 December 2025 and will be paid on
19 December 2025 to holders of ordinary shares recorded on the register as at
close of business on 5 December 2025.

Realisation Plan Update

The realisation plan continues broadly in line with the strategy outlined by
the Investment Manager on 4 July 2024. Several transactions remain active and,
if successfully completed, are expected to deliver significant liquidity.
While certain transactions are taking longer than originally anticipated,
partly reflecting prevailing market factors such as the upcoming budget, the
Board expects these to support further capital redemptions for shareholders in
the coming months.

Alex Ohlsson, Chairman, commented:

"We are pleased to declare a third capital distribution of £33.5 million
reflecting our objective to return capital to shareholders in a timely manner
while managing the orderly wind down of the existing portfolio. The three
distributions to date resulting in £221.7 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

 Luther Ward-Faint

 Cameron Gardener

 Burson Buchanan                                                          +44 (0)20 7466 5000

 Helen Tarbet

 Henry Wilson

 Nick Croysdill

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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