Gravis trusts GCP Asset Backed Income and GCP Infrastructure agree to combine assets

Ongoing discussions with RMII

GCP Asset Backed Income (GABI) has agreed to merge with GCP Infrastructure (GCP) amid ongoing discussions of a potential combination with RM Infrastructure (RMII).

In a stock exchange notice today (11 August), the board said this will be enacted via a winding-up of GABI, with its assets transferred to GCP in exchange for shares, which will be issued to GABI shareholders on a formula asset value for FAV basis - FAV being the net asset value minus each fund's transaction costs for the deal.  Shareholder approval will be required from both GCP and GABI shareholders, with completion expected before the end of 2023. Once the merger is completed, GCP's board has proposed an increased return of capital to shareholders and the trust would reduce its lev...