Gabelli Funds, LLC Completes the Offering of The Gabelli Merger Plus+ Trust, a London Stock Exchange Listed Investment Trust
July 19 2017 - 2:00AM
Business Wire
GAMCO Asset Management (UK) Limited, an affiliate of GAMCO
Investors, Inc., (NYSE:GBL) announced it has completed the offering
of a London Stock Exchange listed investment company, The Gabelli
Merger Plus+ Trust, a U.K. PLC. (the “Company”), to invest in
global mergers and acquisitions.
The successful global offering raised over $100 million and will
trade in London in U.S. dollars under the symbol GMP.
Commenting on the launch, Marc Gabelli, Chairman of Gabelli
Merger Plus+ Trust, stated, “I am delighted to be involved with
this new launch which brings Gabelli’s distinct investment approach
to the UK in the form of an investment trust. It will provide the
UK investment community with an actively managed fund investing in
companies engaged in announced global merger activity.”
GMP will provide non-U.S. investors direct access to Gabelli’s
specialized merger arbitrage strategy, a recognized leader in the
U.S.
The Company is focused on a total return objective, emphasizing
non-market correlated merger investing. Gabelli Funds believes
there is a compelling opportunity for investment in merger
arbitrage; merger arbitrage returns, while non-market correlated,
have historically been less volatile than the returns of the stock
market as a whole.
“The investment focus emphasizes strategic cash transactions
with strong fundamentals which often positions our portfolio in
unique franchises that can potentially be subject to overbids. Our
goal is to offer shareholders the advantages of merger investing
utilizing the strengths of the closed ended structure. The
portfolio will actively gear.” said Ralph Rocco, one of the lead
members of the portfolio management team.
“The U.K. market is highly sophisticated. We are delighted to be
entrusted with the opportunity to grow wealth for the investor via
the strengths of this investment trust vehicle. The investment
trust industry can trace its foundations to the U.K., and the LSE’s
offering remains a “best in class” choice for the closed ended
structure globally,” furthered Marc Gabelli.
The Gabelli organization through its affiliated subsidiaries,
manages private advisory accounts (GAMCO Asset Management Inc.),
mutual funds and closed-end funds (Gabelli Funds, LLC), and
partnerships and offshore funds (Gabelli & Company Investment
Advisers, Inc.). This IPO marks the firm’s second listed Investment
trust on the London Stock Exchange, and sixteenth stock exchange
listed Investment Company globally. The Gabelli organization has
operated from central London for 17 years assisting its New York
headquarters in global investment idea generation.
This press release is not an offer to sell or the solicitation
of an offer to buy any securities.
PAST PERFORMANCE IS NOT GUARANTEE OF FUTURE RESULTS.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION Our
disclosure and analysis in this press release may contain some
forward-looking statements. Forward looking statements give our
current expectations or forecasts of future events. In particular,
these include statements relating to future actions, future
performance and financial results. Although we believe that we are
basing our expectations and beliefs on reasonable assumptions
within the bounds of what we currently know about our business and
operations, there can be no assurance that our actual results will
not differ materially from what we expect or believe.“). Copies of
the Prospectus will, following publication, be available for non-US
investors only from the Company’s registered office.
Important Notice
The contents of this announcement, which has been prepared by
and is the sole responsibility of GAMCO Asset Management (UK)
Limited, have been approved by GAMCO Asset Management (UK) Limited
solely for the purposes of section 21(2)(b) of the Financial
Services and Markets Act 2000 (as amended).
The information contained in this announcement is for background
purposes only and does not purport to be full or complete. No
reliance may or should be placed by any person for any purpose
whatsoever on the information contained in this announcement or on
its completeness, accuracy or fairness. The information in this
announcement is subject to change.
This announcement does not constitute or form part of any offer
or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for any shares or any other securities 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
therefor. The placing of the shares and the distribution of this
announcement and other information in connection with placement and
this announcement in certain jurisdictions may be restricted by law
and persons into whose possession any document or other information
referred to herein comes should inform themselves about, and
observe, any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
any such jurisdiction.
In particular, neither this announcement, the publication in
which it is contained nor any copy of it may be made or transmitted
in to the United States of America (including its territories or
possessions, any state of the United States of America and the
District of Columbia) (the “United States”) and this announcement
does not constitute an offer for sale of, or a solicitation to
purchase or subscribe for any securities in the United States. The
securities referred to herein have not been and will not be
registered under the applicable securities laws of the United
States and, subject to certain exceptions, may not be offered or
sold within the United States. There will be no public offering of
the securities in the United States. Neither this announcement, the
publication in which it is contained nor any copy of it may be
taken, transmitted or distributed, directly or indirectly, into
Canada, Japan, Australia or South Africa or to any persons in any
of those jurisdictions or any other jurisdictions where to do so
would constitute a violation of the relevant laws of such
jurisdiction.
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Gabelli Funds, LLCAgnes Mullady, 914-921-8371
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