Following the Company’s First Compulsory Redemption of shares on 10 June 2024 (totalling approximately 37.5% of the Company’s ordinary shares at the time, the Board of GCP Asset Backed Income Fund Limited is pleased to announced 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* and will be effected pro rata to holdings by applying a redemption ratio to holdings as at the applicable record date.
It is anticipated that the Q3 2024 dividend will be declared prior to the record date for the Second Compulsory Redemption.
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 4th July 2024.
You can read the full announcement here.
*This 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
Important Information
This article has been prepared by Gravis Capital Management Limited (the "Investment Manager“ or “Gravis”) and is for information purposes only. It is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any recipients of this article outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction and are treated as having represented that they are able to receive this article without contravention of any law or regulation in the jurisdiction in which they reside or conduct business.
This article should not be considered as a recommendation, invitation or inducement that any investor should subscribe for, dispose of or purchase any such securities or enter into any other transaction in the GCP Asset Backed Income Fund Limited (the “Company”) or any other fund affiliated with Gravis. The merits and suitability of any investment action in relation to securities should be considered carefully and involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities.
No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, the Investment Manager or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this article and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise. In addition, neither the Company or the Investment Manager undertake any obligation to update or to correct any inaccuracies which may become apparent. The information in this article is subject to updating, completion, revision, further verification and amendment without notice.
Past performance is no guarantee of future performance.
Gravis Capital Management Ltd is authorised and regulated by the Financial Conduct Authority and its principal place of business is at 24 Savile Row, London W1S 2ES.
