GCP Asset Backed Income Fund Ltd Result of Placing (2546D)
25 June 2019 - 5:39PM
UK Regulatory
TIDMGABI TIDMGABC
RNS Number : 2546D
GCP Asset Backed Income Fund Ltd
25 June 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN OR INTO CANADA,
JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES
OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
25 June 2019
GCP Asset Backed Income Fund Limited
("GCP Asset Backed" or the "Company")
LEI 213800FBBZCQMP73A815
Result of Placing
On 23 May 2019, GCP Asset Backed, which invests in asset backed
loans, announced details of a placing of up to 63,668,978 new
ordinary shares (the "New Shares") at a price of 105.00 pence per
New Share (the "Placing").
Further to that announcement the Board is pleased to announce
that the Company has received applications in respect of 60,317,181
New Shares, raising gross proceeds of GBP63.3 million for the
Company.
The net proceeds of the Placing will be used to repay c.GBP43
million drawn under the Company's revolving credit facility and
continue to take advantage of a pipeline of attractive investment
opportunities which have been identified by Gravis Capital
Management Limited (the "Investment Manager").
Application has been made for all of the New Shares to be
admitted to the premium listing segment of the Official List of the
FCA and to trading on the London Stock Exchange's main market for
listed securities ("Admission"). It is expected that Admission will
take effect, and dealings in the New Shares will commence, at 8.00
a.m. (London time) on 27 June 2019.
Share certificates in respect of the New Shares are expected to
be despatched in the week commencing 1 July 2019 or as soon as
possible thereafter.
Immediately following Admission, the Company will have
440,863,028 ordinary shares in issue and therefore the total voting
rights in the Company will be 440,863,028. This figure may be used
by shareholders as the denominator for the calculations by which
they may determine whether or not they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For further information, please contact:
Gravis Capital Management Limited +44 (0) 20 3405 8500
David Conlon david.conlon@graviscapital.com
Dion Di Miceli dion.dimiceli@graviscapital.com
Cenkos Securities plc +44 (0)20 7397 8900
Tom Scrivens tscrivens@cenkos.com
Oliver Packard opackard@cenkos.com
Sapna Shah sshah@cenkos.com
Notes to Editors
The Company is a closed ended investment company traded on 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 have contracted, predictable medium to
long term cash flows and/or physical assets.
Important Information
The content of this announcement has been prepared by, and is
the sole responsibility of, GCP Asset Backed.
The Company is a registered closed-ended limited liability
company incorporated in Jersey under the Companies (Jersey) Law
1991, as amended, on 7 September 2015 with registered number
119412. The Company is regulated by the Jersey Financial Services
Commission (the "JFSC"). The JFSC is protected by both the
Collective Investment Funds (Jersey) Law 1988 and the Financial
Services (Jersey) Law 1998, as amended, against liability arising
from the discharge of its functions under such laws. The JFSC has
not reviewed or approved this announcement.
No representation or warranty, express or implied, is made or
given by or on behalf of the Company, Cenkos Securities plc
("Cenkos"), or the Investment Manager or any of their respective
directors, officers, employees, agents, affiliates or advisers or
any other person (whether or not referred to in this announcement)
as to or in relation to the accuracy, completeness or fairness of
the information contained herein or any other written or oral
information made available to or publicly available to an
interested party or their advisers and no responsibility or
liability is accepted by any of them for any such information or
opinions.
Cenkos, which is authorised and regulated in the United Kingdom
by the Financial Conduct Authority, is acting as sole placing agent
for the Company and for no-one else in connection with the Placing
and the contents of this announcement and will not be responsible
to anyone other than the Company for providing the protections
afforded to its clients, nor for providing advice in connection
with the Placing. Cenkos is not responsible for the contents of
this announcement or any other matter referred to herein. This does
not limit or exclude any responsibilities which Cenkos may have
under FSMA or the regulatory regime established thereunder or under
the regulatory regime of any other jurisdiction where exclusion of
liability under the relevant regulatory regime would be illegal,
void or unenforceable.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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