GVP Gabelli Value Plus+ Trust Plc

 
TIDMGVP 
 
Metage Capital Limited: open letter to Associated Capital Group, Inc. 
 
Mr Bruce Lisman 
Associated Capital Group, Inc. 
191 Mason Street 
Greenwich, CT 06830 
 
For Immediate Release 
 
                                                              15th October 2020 
 
Dear Mr Lisman, 
 
Re: respecting the vote by shareholders to discontinue the Gabelli Value Plus+ 
                              Trust Plc. ("GVP") 
 
On 6th October 2020 you held a webinar setting out the position of Associated 
Capital Group, Inc. ("ACG") on the continuation of GVP. When signing up to this 
webinar, investors were asked to submit questions, however none were addressed. 
We have been dissatisfied by the subsequent response from ACG to the questions 
that we asked and believe that other shareholders would share similar queries. 
We therefore ask you to respond publicly to the following: 
 
1.         In the GVP announcement of 6th October, the Board of GVP refers to " 
...a letter received by the Board from the general counsel to ACG on 2 October 
2020 indicating that (unspecified) litigation concerning the company may be a 
distinct possibility..." Can you please explain why ACG is threatening legal 
action, what potential illegality or breach of contract you perceive and what 
the aim of this litigation would be? 
 
2.         The "Magna Carta of shareholder Rights" on Gabelli Investors, Inc.'s 
website[1] states that it is in favour of "one share: one vote" and that "...we 
will vote against...supermajority voting..." How is attempting to frustrate the 
will of a clear majority of shareholders consistent with Gabelli's corporate 
governance principles? 
 
3.         The Board has offered the potential of an in specie redemption of 
ACG's pro rata share of the GVP portfolio or the ability to provide ACG with a 
roll over vehicle with a similar strategy and manager. This would enable ACG to 
continue its investment without frustrating the desire of other shareholders 
for a cash exit. How would you justify attempting to trap the majority of 
shareholders against their will? 
 
Finally we would like to thank the Board of GVP for their steadfastness in a 
difficult situation, which is an excellent demonstration of the highest 
standards of corporate governance in London-listed investment trusts. 
 
Yours faithfully, 
Tom Sharp, Director 
Metage Capital Limited 
Princes House, 38 Jermyn Street, London SW1Y 6DN, United Kingdom 
Email: tom.sharp@metage.com 
Tel: +(44) 203 813 8590 
 
[1] https://www.gabelli.co.uk/wp-content/uploads/2015/01/magnacarta092403.pdf 
 
 
 
END 
 

(END) Dow Jones Newswires

October 15, 2020 12:46 ET (16:46 GMT)

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