GCP Asset Backed Income Fund
Limited
(the
"Company" or "GCP Asset Backed")
LEI:
213800FBBZCQMP73A815
Notices of Annual General
Meeting & Extraordinary General Meeting
2
May 2024
GCP Asset Backed, a London listed
investment company which invests in a
diversified portfolio of asset backed loans, has
today made available to shareholders the following
documents:
- a
circular relating to the business of, and incorporating a notice
convening, its 2024 Annual General Meeting ("AGM
Circular");
- a
circular relating to the business of, and incorporating a notice
convening, an Extraordinary General Meeting ("EGM Circular" and
together with the AGM Circular, the "Circulars");
-
forms of proxy for the 2024 Annual General Meeting ("AGM") and the
Extraordinary General Meeting ("EGM"); and
-
proposed revised articles of association of the Company.
The AGM Circular sets out details of
the resolutions being put to shareholders at the AGM, including the
proposed discontinuation of the Company ("Discontinuation
Resolution").
The EGM Circular sets out the details of the Board's proposals (i) to amend the
Company's investment objective and policy to enable the Board to
pursue a strategy of orderly realisation and return capital to
shareholders over time; (ii) to amend its articles of association
to provide for compulsory redemptions of shares in the Company in
order to facilitate the return of capital to shareholders; and
(iii) to make certain amendments to the Company's existing
investment management agreement with Gravis Capital Management
Limited by way of a side letter ("Side Letter"). The implementation
of these proposals is conditional on the approval of the
Discontinuation Resolution at the AGM and the approval of the
resolutions to be proposed at the EGM.
The Company's entry into the Side
Letter constitutes a smaller related party transaction under the
Listing Rules. The Board has been advised on the terms of this
smaller related party transaction by Dickson Minto Advisers LLP
(acting in its capacity as sponsor to the Company).
Further details of the resolutions,
together with notices convening the AGM and EGM, are set out in the
Circulars. The AGM and EGM will be held at 10:00 a.m. and 10:15
a.m., respectively, on Monday, 20 May 2024 at IFC 5, St Helier,
Jersey JE1 1ST.
The Circulars have been posted to
shareholders, submitted to the National Storage Mechanism and will
shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
A copy can also be obtained from the Company Secretary or from the
Company's website at https://www.graviscapital.com/funds/gcp-asset-backed/fund-info.
For further information, please
contact:
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GCP
Asset Backed Income Fund Limited
Alex Ohlsson (Chairman)
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+44 (0)15 3482 2251
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Gravis Capital Management Ltd (Investment
Manager)
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+44 (0)20 3405 8500
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Philip Kent
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Cameron Gardner
Anthony Curl
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Barclays Bank plc (Financial Adviser and Corporate
Broker)
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+44 (0)20 7623 2323
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Dion Di Miceli
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Stuart Muress
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James Atkinson
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Buchanan/Quill (Press Communications)
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+44 (0)20 7466 5000
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Helen Tarbet
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Sarah Gibbons-Cook
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Henry Wilson
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Dickson Minto Advisers LLP (Sponsor to the
Company)
Douglas Armstrong
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+44 (0)20 7649 6823
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Notes to Editor
GCP Asset Backed is a closed ended
investment company traded on the Premium Segment of the Main Market
of the London Stock Exchange. 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 by making investments in a diversified
portfolio of predominantly UK based asset backed loans which are
secured against contracted, predictable medium to long term cash
flows and/or physical assets.