TIDMGABI

RNS Number : 4665T

GCP Asset Backed Income Fund Ltd

05 January 2017

GCP Asset Backed Income Fund Limited (the "Company" or "GCP Asset Backed Income")

Proposed C Share issue

On 8 November 2016 GCP Asset Backed Income announced the results of a substantially oversubscribed placing of ordinary shares in November 2016, raising gross proceeds of c.GBP15.6 million (the "Placing"). The net proceeds of the Placing have now been substantially invested or committed for investment.

In light of the attractive pipeline of investment opportunities identified by the Investment Manager, Gravis Capital Partners LLP, in the near term, and the premium rating of its shares in the secondary market, the Board of GCP Asset Backed Income is considering increasing the Company's capital base through a pre-emptive offer of c shares at a price of 100 pence per c share and targeting gross proceeds of GBP100 million (the "Issue").

The Issue is expected to broaden the Company's investor base, improve secondary market liquidity for shareholders, reduce its ongoing charges ratio per ordinary share by providing a larger equity base over which its fixed costs are spread and further diversify its portfolio of investments.

The Company is taking legal, tax and financial advice and will make a further announcement in due course.

Any issue of c shares will be subject to the approval of a prospectus in connection with the Issue by the UK Listing Authority.

 
 Expected timetable:                                                    +44 (0)20 7518 1490 
 Publication of Prospectus in connection with the Issue                    late January 2017 
 Issue close and Admission                                               mid February 2017

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

For further information, please contact:

 
 Gravis Capital Partners LLP                                                +44 (0)20 7518 1490 
 David Conlon                   david.conlon@gcpuk.com 
 Philip Kent                    philip.kent@gcpuk.com 
 
  Dion Di Miceli                 dion.dimiceli@gcpuk.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 
 Victoria Hayns                 victoriah@buchanan.uk.com

Notes to Editors

The Company

GCP Asset Backed Income is a closed ended investment company traded on the London Stock Exchange's main market for listed securities. 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 through a diversified portfolio of investments secured against contracted, predictable medium to long term cash flows and/or physical assets which are predominantly UK based

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 05, 2017 08:48 ET (13:48 GMT)

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