ACG hits back at 'vocal' GVP shareholders 'seeking a quick return on their investment'

Close Brothers latest to seek liquidation

Associated Capital Group (ACG) has claimed the more vocal Gabelli Value Plus+ (GVP) shareholders seeking liquidation of the company "are seeking a quick return on their investment", as it urged investors to engage with its proposals, despite a further unitholder accusing ACG of "frustrating the will of shareholders".

ACG recently requisitioned a general meeting of GVP shareholders to vote on proposals it believes will persuade fellow investors to back down from their wish to liquidate the company. The firm, which owns around 28% of the trust's shares, has suggested reinstating an active share buyback programme to repurchase up to 10% of shares per annum, alongside implementing a semi-annual distribution programme equivalent to a 6% yield, and reducing the fee paid to Gabelli Funds from 1% of net asset value to 0.5%. The chair of ACG's independent committee overseeing its investment in GVP Bruce Li...