ACG hits back at 'vocal' GVP shareholders 'seeking a quick return on their investment'

Close Brothers latest to seek liquidation

clock • 4 min read

Associated Capital Group (ACG) has claimed the more vocal Gabelli Value Plus+ (GVP) shareholders seeking liquidation of the company "are seeking a quick return on their investment", as it urged investors to engage with its proposals, despite a further unitholder accusing ACG of "frustrating the will of shareholders".

ACG recently requisitioned a general meeting of GVP shareholders to vote on proposals it believes will persuade fellow investors to back down from their wish to liquidate the company. The firm, which owns around 28% of the trust's shares, has suggested reinstating an active share buyback programme to repurchase up to 10% of shares per annum, alongside implementing a semi-annual distribution programme equivalent to a 6% yield, and reducing the fee paid to Gabelli Funds from 1% of net asset value to 0.5%. The chair of ACG's independent committee overseeing its investment in GVP Bruce Li...

To continue reading this article...

Join Investment Week for free

  • 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

Join now

 

Already an Investment Week
member?

Login

More on Investment Trusts

Trustpilot