ACG calls Gabelli Value Plus+ shareholder meeting as trust's future hangs in balance

Sets out three proposals

Associated Capital Group (ACG), the firm which holds more than 25% of the beleaguered Gabelli Value Plus+ investment trust (GVP), has called a general meeting with the company's board and its shareholders to vote on three proposals it set out earlier in the month, in a bid to prevent the vehicle’s liquidation.

ACG, which is chaired by Mario Gabelli - who is responsible for the discretionary management of GVP and is CEO of Gabelli Funds' parent company GAMCO Investors - requisitioned a general meeting under Section 303 of the Companies Act 2006, via a letter sent to the investment trust's board yesterday (22 October 2020). ACG tells 'emotional' GVP shareholders to 'get a grip' as it seeks two-year stay of execution In the letter, ACG wishes to "allow" shareholders to vote on whether they would prefer the re-introduction of an active share buyback programme - which would acquire 10% of the is...