Associated Capital Group, Inc.’s Position on the Upcoming Annual General Meeting of the Gabelli Value Plus+ Trust
11 June 2021 - 1:51AM
Business Wire
The Gabelli Value Plus+ Trust (“GVP” or the “Trust”) was
launched in 2015 as a uniquely defensive, absolute return-focused,
fund differentiated by its benchmark agnostic Private Market Value
with a Catalyst™ investment approach.
In the midst of volatile market conditions brought on by the
global pandemic last Spring, Associated Capital Group, Inc. (“AC”
or the “Company”), the Trust’s largest shareholder, believed that
the right course of action for all shareholders was not to
liquidate the Trust in July 2020. Since then, GVP has generated
strong absolute performance and rewarded all of its
shareholders:
Gabelli Value Plus+
Trust
Period
NAV (£)
% Return (£)
NAV ($)
% Return ($)
1/7/2020 - 9/6/2021:
1.18
44.2%
1.48
64.4%
1/10/2020 - 9/6/2021:
1.24
41.4%
1.60
54.5%
1/1/2021 - 9/6/2021:
1.46
19.0%
2.00
23.0%
9/6/2021:
1.75
2.46
As previously announced, in February, the Board of Associated
Capital agreed to abstain from voting at the Trust’s annual general
meeting of shareholders to be held in July 2021. Should
shareholders defeat the continuation vote, the Trust’s Board will
put forth a vote to liquidate the Trust. AC’s Board agreed to
abstain from the liquidation vote on the condition that the current
Fund Manager would be allowed to liquidate the Trust in an orderly
fashion over time.
We believe that Gabelli Value Plus+ remains well positioned to
continue generating attractive risk adjusted returns as the U.S.
economic recovery carries on. Based on the prospects ahead, we urge
shareholders to carefully consider the continuation of the Trust at
its upcoming AGM.
About Associated Capital Group, Inc.
Associated Capital, based in Greenwich Connecticut, is a
diversified global financial services company that provides
alternative investment management through Gabelli & Company
Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.).
We have also earmarked proprietary capital for our direct
investment business that invests in new and existing businesses.
The direct investment business is developing along three core
pillars: Gabelli Private Equity Partners, LLC (“GPEP”), formed in
August 2017 with $150 million of authorized capital as a
“fund-less” sponsor; the SPAC business (Gabelli special purpose
acquisition vehicles), launched in April 2018; and Gabelli
Principal Strategies Group, LLC (“GPS”) created to pursue strategic
operating initiatives.
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version on businesswire.com: https://www.businesswire.com/news/home/20210610005745/en/
Douglas R. Jamieson CEO & President +1 (203) 629-9595
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