TIDMGABI
RNS Number : 6237W
GCP Asset Backed Income Fund Ltd
10 February 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO
AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OF AMERICA OR ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
10 February 2017
GCP Asset Backed Income Fund Limited ("GCP Asset Backed Income"
or the "Company")
Result of Open Offer, Placing and Offer for Subscription
The Board of GCP Asset Backed Income, which invests in asset
backed loans, is pleased to announce that the Company has received
applications from investors in respect of 79,250,000 C Shares at an
Issue price of 100 pence per C Share, raising gross proceeds of
GBP79.25 million, pursuant to the fully pre-emptive offer of C
Shares (the "Issue") announced on 20 January 2017.
The net proceeds of the Issue will be used to take advantage of
attractive investment opportunities. The Investment Manager, Gravis
Capital Partners LLP, has identified a pipeline of c. GBP168m of
potential investments in respect of which it is in discussion with
the relevant borrowers.
Application has been made for all of the C Shares to be admitted
to the Premium Listing segment of the Official List of the UK
Listing Authority and to trading on the London Stock Exchange's
main market for listed securities ("Admission"). It is expected
that Admission will take effect, and dealings in the C Shares will
commence, at 8.00 a.m. (London time) on 14 February 2017.
Share certificates in respect of the C Shares are expected to be
despatched in the week commencing 20 February 2017 or as soon as
possible thereafter.
Immediately following Admission, the Company will have
164,612,083 ordinary shares and 79,250,000 C Shares in issue and
therefore the total voting rights in the Company will 243,862,083.
This figure may be used by shareholders as the denominator for the
calculations by which they may determine whether or not they are
required to notify their interest in, or a change to their interest
in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.
For further information, please contact:
Gravis Capital Partners LLP +44 (0)20 7518 1490
David Conlon david.conlon@gcpuk.com
Stephen Ellis stephen.ellis@gcpuk.com
Dion Di Miceli dion.dimiceli@gcpuk.com
Cenkos Securities plc +44 (0)20 7397 8900
Tom Scrivens tscrivens@cenkos.com
Oliver Packard opackard@cenkos.com
Sapna Shah sshah@cenkos.com
Buchanan +44 (0)20 7466 5000
Charles Ryland charlesr@buchanan.uk.com
Vicky Watkins victoriaw@buchanan.uk.com
Terms used in this announcement shall have the same meanings
given to them in the prospectus of the Company which was published
on 20 January 2017 (the "Prospectus") unless the context otherwise
requires.
Notes to Editors
The Company
GCP Asset Backed Income is a closed ended investment company
traded on the London Stock Exchange's main market for listed
securities. Its investment objective is to generate attractive
risk-adjusted returns primarily through regular, growing
distributions and modest capital appreciation over the long
term.
The Company seeks to meet its investment objective through a
diversified portfolio of investments secured against contracted,
predictable medium to long term cash flows and/or physical assets
which are predominantly UK based.
Important Information
The content of this announcement has been prepared by, and is
the sole responsibility of, GCP Asset Backed Income Fund
Limited.
The distribution of this announcement and the Issue in certain
jurisdictions may be restricted by law. No action has been taken by
the Company or Cenkos Securities plc ("Cenkos") that would permit
an offering of the C Shares or possession or distribution of this
announcement or any other offering or publicity material relating
to such C Shares in any jurisdiction (other than the United
Kingdom) where action for that purpose is required. Persons into
whose possession this announcement comes are required by the
Company or Cenkos to inform themselves about, and to observe, such
restrictions.
No representation or warranty, express or implied, is made or
given by or on behalf of the Company, Cenkos, or the Investment
Manager or any of their respective directors, partners, officers,
employees, agents or advisers or any other person (whether or not
referred to in this announcement) as to the accuracy, completeness
or fairness of the information contained herein and no
responsibility or liability is accepted by any of them for any such
information or opinions.
This announcement does not constitute or form part of, and
should not be considered as, any offer for sale or subscription of,
or solicitation of any offer to buy or subscribe for, any shares in
the Company or securities in any other entity, in any jurisdiction,
including the United States, nor shall it, or any part of it, or
the fact of its distribution, form the basis of, or be relied on in
connection with, any contract or investment decision whatsoever, in
any jurisdiction.
Cenkos, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting for the Company and
for no-one else in connection with the Issue and will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients, nor for providing advice in
connection with the Issue. Cenkos is not responsible for the
contents of this announcement. This does not limit or exclude any
responsibilities which Cenkos may have under FSMA or the regulatory
regime established thereunder or under the regulatory regime of any
other jurisdiction where exclusion of liability under the relevant
regulatory regime would be illegal, void or unenforceable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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