NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS
OF SUCH JURISDICTION
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.