- Fund to be listed on the London Stock Exchange -
LONDON, Jan. 13, 2015 /PRNewswire/ -- GAMCO Investors,
Inc. (NYSE:GBL), announces the proposed launch of a UK listed
closed-end fund, The Gabelli Value Plus+ Trust (the "Trust"), to
invest in U.S. equities. The Trust will be managed by Gabelli
Funds, LLC and is targeting a fund raise between £100m and £250
million. As part of the offering, GAMCO Investors, Inc. will invest
10% of the total capital raised in the issue and it is anticipated
that the Trust will begin trading in February on the London Stock
Exchange under the symbol GVP.
Andrew Bell, CEO of the Witan
Trust (WTAN-LSE) and the current Chairman of the Association of
Investment Companies (the "AIC"), will be the Trust's Chairman. The
Board will also include investment trust veterans with extensive
industry experience, such as Richard Fitzalan-Howard Executive
Chairman of FF&P Asset Management Limited and Rudolf Bohli of RBR Capital.
Commenting on the launch, Andrew
Bell, Chairman of Gabelli Value Plus+ PLC, stated, "I am
delighted to be involved with this new launch which brings
Gabelli's distinctive investment approach to the UK in the form of
an investment trust. It will provide the UK investment community
with an actively managed fund that will invest in equity securities
of U.S. companies applying Gabelli's proven fundamental bottom up
Private Market Value with a Catalyst™ approach."
The Trust will provide UK investors with direct access to the
same broad approach that has brought GAMCO its recognition in the
U.S. GAMCO has consistently deployed its value investment
methodology since 1977, delivering a 16.8% compounded return (on a
gross basis) for its institutional portfolios vs. 11.8% for the
S&P 500. The management team of the Trust will include
Robert Leininger, Mario and Marc Gabelli, and Caesar Bryan, all veterans of Gabelli Funds,
with over 20 years' experience. It will be further supported by a
team of over 30 research analysts.
"Our goal is to enter the UK market with the 'best of' Gabelli
with this first offering. Our focus on franchise businesses with
predictable and repeat business models, defendable brands and
market shares, orients us towards companies with pricing power.
This also tends to position our portfolio in front of a lot of
merger activity", said Robert
Leininger, one of the lead members of the portfolio
management team.
GAMCO believes there is a compelling opportunity for investment
in U.S. equities utilising its' Private Market Value ('PMV') with a
Catalyst™ methodology. This methodology has its foundation in the
principles first articulated in 1934 by the founders of modern
security analysis, Benjamin Graham
and David Dodd. The approach applies
a holistic understanding of a company from the perspective of
long-term ownership, coupled with clearly identified catalysts to
realise returns in the marketplace. This process is active and
dynamic, and involves the full utilisation of all available public
sources of information. The Trust will emphasise undervalued U.S.
companies of all capitalisations.
While the Trust will invest in the U.S., GAMCO continues to have
the ability to invest globally. The Gabelli organisation has
operated from central London for
15 years assisting its New York
headquarters in global investment idea generation.
GAMCO Investors, Inc., through its subsidiaries, manages private
advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC), and partnerships and
offshore funds (Gabelli Securities, Inc.). As of 30 September, 2014, GAMCO had U.S. $46.9 billion in assets under management.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA OR SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT OR ANY COPY OF IT.
This announcement is not an offer of securities for sale or
subscription in the United States of
America, Canada,
Japan, Australia or South
Africa or any other jurisdiction. This announcement is an
advertisement and not a prospectus. Investors should not purchase
or subscribe for any transferable securities referred to in this
announcement except on the basis of information contained in the
prospectus (the "Prospectus") intended to be published by
Gabelli Value Plus+ Trust Plc (the "Trust") in due course in
connection with the proposed admission of its ordinary shares to
the premium listing segment of the Official List of the Financial
Conduct Authority and to trading on the London Stock Exchange plc's
main market for listed securities ("Admission"). Copies of
the Prospectus will, following publication, be available from the
Trust's registered office.
Important Notice
The contents of this announcement, which has been prepared by
and is the sole responsibility of GAMCO Asset Management Limited,
have been approved by GAMCO Asset Management 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.
Neither this announcement, the publication in which it is
contained nor any copy of it may be made or transmitted into
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"). 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.
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.
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 Issue and the distribution of this announcement and
other information in connection with the Issue 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, this announcement does not constitute an offer
for sale of, or a solicitation to purchase or subscribe for, any
securities in the United States.
No securities of the Trust have been, or will be, registered under
the US Securities Act of 1933, as amended (the "Securities
Act"), and securities of the Trust may not be offered or sold
in the United States absent an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and in compliance
with any applicable securities laws of any state or other
jurisdiction of the United States.
There will be no public offering of the securities in the United States.
This announcement does not constitute a recommendation
concerning the Issue. The price and value of securities and any
income from them can go down as well as up. Past performance is not
a guide to future performance. Information in this announcement
cannot be relied upon as a guide to future performance. Before
acquiring any shares in the Trust, persons viewing this
announcement should ensure that they fully understand and accept
the risks which will be set out in the Prospectus, when published.
There is no guarantee that the Issue and Admission will happen and
potential investors should not base their financial or investment
decisions on the intentions of the Trust or any other person in
relation to the Issue and Admission at this stage. Potential
investors should consult a professional advisor as to the
suitability of the Issue and Admission for the person
concerned.
Any acquisition of shares in the Trust in the Issue should be
made solely on the basis of the information contained in the
Prospectus to be issued by the Trust in connection with the Issue
and Admission. Before purchasing any shares, persons viewing this
announcement should ensure that they fully understand and accept
the risks which will be set out in the Prospectus when
published.
Forward Looking Statements
This announcement contains forward looking statements,
including, without limitation, statements containing the words
"believes'', "estimates", "anticipates", "expects'', "intends",
"may", "will" or "should" or, in each case, their negative or other
variations or similar expressions or any discussion of strategy,
plans, objectives, goals, future events or intentions. Such forward
looking statements involve unknown risks, uncertainties and other
factors which may cause the actual results, financial condition,
performance or achievements of the Trust and Gabelli Funds, LLC, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward looking statements. No assurance can be given that such
future results will be achieved.
Given these uncertainties, prospective investors are cautioned
not to place any undue reliance on such forward looking statements.
These forward looking statements speak only as at the date of this
announcement.