Associated Capital Group (ACG), the firm which holds more than 25% of the beleaguered Gabelli Value Plus+ investment trust (GVP), has called a general meeting with the company's board and its shareholders to vote on three proposals it set out earlier in the month, in a bid to prevent the vehicle’s liquidation.
ACG, which is chaired by Mario Gabelli - who is responsible for the discretionary management of GVP and is CEO of Gabelli Funds' parent company GAMCO Investors - requisitioned a general meeting under Section 303 of the Companies Act 2006, via a letter sent to the investment trust's board yesterday (22 October 2020). ACG tells 'emotional' GVP shareholders to 'get a grip' as it seeks two-year stay of execution In the letter, ACG wishes to "allow" shareholders to vote on whether they would prefer the re-introduction of an active share buyback programme - which would acquire 10% of the is...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
