TIDMGABI
RNS Number : 3749T
GCP Asset Backed Income Fund Ltd
12 October 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.
12 October 2017
GCP Asset Backed Income Fund Limited ("GCP Asset Backed" or the
"Company")
LEI 213800FBBZCQMP73A815
Result of Open Offer, Placing and Offer for Subscription
On 22 August 2017, GCP Asset Backed, which invests in asset
backed loans, announced details of a pre-emptive offer of C Shares
targeting gross proceeds in excess of GBP70 million, at a price of
100 pence per C Share (the "Issue").
The Company today announces that demand from investors pursuant
to the Issue has materially exceeded GBP70 million.
The Board, in consultation with the Investment Manager, Gravis,
has resolved to accept applications in respect of 75 million C
Shares, raising gross proceeds of GBP75 million. A scaling back
exercise has taken place.
The net proceeds of the Issue will be used to take advantage of
a pipeline of attractive asset backed finance investment
opportunities identified by Gravis.
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 16 October 2017.
Share certificates in respect of the C Shares are expected to be
despatched in the week commencing 23 October 2017 or as soon as
possible thereafter.
Immediately following Admission, the Company will have
242,845,987 ordinary shares and 75,000,000 C Shares in issue and
therefore the total voting rights in the Company will be
317,845,987. 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.
The estimated NAV per C Share at Admission is 98.09 pence.
For further information, please contact:
Gravis Capital Management Limited + 44 (0) 20 3405 8500
David Conlon david.conlon@graviscapital.com
Philip Kent philip.kent@graviscapital.com
Dion Di Miceli dion.dimiceli@graviscapital.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 Hayns victoriah@buchanan.uk.com
Notes to Editors
The Company is a closed ended investment company traded on the
Main Market of the London Stock Exchange. Its investment objective
is to generate attractive risk-adjusted returns through regular,
growing distributions and modest capital appreciation over the long
term.
The Company seeks to meet its investment objective by making
investments in a diversified portfolio of predominantly UK based
asset backed loans which have contracted, predictable medium to
long term cash flows and/or physical assets.
Terms used in this announcement shall have the same meanings
given to them in the prospectus of the Company which was published
on 25 September 2017 (the "Prospectus") unless the context
otherwise requires.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Important Information
The content of this announcement has been prepared by, and is
the sole responsibility of, GCP Asset Backed.
The Company is a registered closed-ended limited liability
company incorporated in Jersey under the Companies (Jersey) Law
1991, as amended, on 7 September 2015 with registered number
119412. The Company is regulated by the Jersey Financial Services
Commission (the "JFSC"). The JFSC is protected by both the
Collective Investment Funds (Jersey) Law 1988 and the Financial
Services (Jersey) Law 1998, as amended, against liability arising
from the discharge of its functions under such laws. The JFSC has
not reviewed or approved this announcement.
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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