ACG tells 'emotional' GVP shareholders to 'get a grip' as it seeks two-year stay of execution

Searching for solutions

The head of Associated Capital Group's (ACG) independent board tasked with overseeing its investment in Gabelli Value Plus+ (GVP) Bruce Lisman has told fellow shareholders to "get a grip", but promised ACG would agree to liquidate the trust in two years if its proposed remedies failed to improve performance.

Tensions between GVP's largest shareholder ACG and the trust's board and shareholders have been fraying in recent weeks, after ACG, which owns around 28% of the shares, blocked the trust's liquidation despite two-thirds of other shareholders voting in favour of discontinuation. Shareholders and analysts recently told Investment Week of their frustration at ACG's decision. The US-based firm continues to suggest alternative remedies for the trust as it fights against liquidation. ACG 'frustrating shareholders' wishes' after blocking Gabelli Value Plus+ liquidation vote In a recent ca...