GCP Asset Backed Income Fund
Limited
(the
"Company" or "GCP Asset Backed")
LEI
213800FBBZCQMP73A815
Results of Annual General
Meeting and Extraordinary General Meeting
GCP Asset Backed, which invests in
asset backed loans, is pleased to announce that all resolutions put
to the Annual General Meeting and the Extraordinary General Meeting
held today, 20 May 2024, at the registered office of the Company
were duly passed by the shareholders.
Total proxy votes of
208,428,575 were noted at the Annual
General Meeting. Details of the proxy votes
noted in respect of each resolution are set out below:
|
Summary
Resolutions1
|
For /
Discretion2
|
%
|
Against
|
%
|
Withheld
|
|
1. Ordinary Resolution:
THAT the report of the directors and the audited
annual report and financial statements of the Company for the year
ended 31 December 2023 be received and adopted.
|
201,003,108
|
96.52%
|
7,239,578
|
3.48%
|
185,889
|
|
2. Ordinary Resolution:
THAT the Directors' remuneration report for the
year ended 31 December 2023 be approved.
|
200,815,533
|
96.48%
|
7,316,198
|
3.52%
|
296,844
|
|
3. Ordinary Resolution:
THAT Alex Ohlsson be re-elected as a Director of
the Company.
|
139,171,531
|
72.18%
|
53,629,087
|
27.82%
|
15,627,956
|
|
4. Ordinary Resolution: THAT Marykay
Fuller be re-elected as a Director of the Company.
|
179,150,186
|
87.77%
|
24,969,499
|
12.23%
|
4,308,890
|
|
5. Ordinary Resolution: THAT Philip
Braun be elected as a Director of the Company.
|
186,391,357
|
89.51%
|
21,850,025
|
10.49%
|
187,193
|
|
6. Ordinary Resolution:
THAT the Company's dividend policy be
approved.
|
201,188,835
|
96.57%
|
7,139,045
|
3.43%
|
100,695
|
|
7. Ordinary Resolution:
THAT PwC be re-appointed as auditors of
the Company.
|
201,050,578
|
96.51%
|
7,267,682
|
3.49%
|
110,315
|
|
8. Ordinary Resolution: THAT the Audit Committee be authorised to determine the
remuneration of PwC.
|
201,028,452
|
96.52%
|
7,256,061
|
3.48%
|
144,062
|
|
9. Ordinary Resolution:
THAT the Company shall discontinue in its present
form.
|
165,623,209
|
80.03%
|
41,339,510
|
19.97%
|
60,714
|
|
10. Special Resolution: THAT the
Directors be generally and unconditionally authorised to make
market purchases of up to 14.99% of the issued share capital
(excluding shares held in treasury).
|
198,774,478
|
95.40%
|
9,587,154
|
4.60%
|
66,943
|
Total votes of 199,417,629
were cast at the Extraordinary General
Meeting. Details of the proxy votes noted
in respect of each resolution are set out below:
|
Summary
Resolutions1
|
For /
Discretion2
|
%
|
Against
|
%
|
Withheld
|
|
1. Ordinary
Resolution: THAT the proposed Revised Investment Objective and
Policy be approved and adopted as the Company's investment policy
in substitution for, and to the exclusion of, the Company's
Existing Investment Objective and Policy.
|
163,678,251
|
82.11%
|
35,657,515
|
17.89%
|
81,863
|
|
2. Ordiary
Resolution: THAT the Side Letter to the Investment Management
Agreement be and is hereby approved.
|
122,831,959
|
61.62%
|
76,497,575
|
38.38%
|
88,095
|
|
3. Special
Resolution: THAT the Revised Articles of Association be adopted and
the Board be authorised to issue the Deferred
Share.
|
163,664,488
|
82.10%
|
35,671,278
|
17.90%
|
81,863
|
1.
The full text of the
resolutions may be found in the notices of the Annual General
Meeting and Extraordinary General Meeting, a copy of which is
available on both the Company's
website https://www.graviscapital.com/funds/gcp-asset-backed/literature
and on the National Storage Mechanism https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
2.
Any proxy appointments which gave discretion to
the Chair, or a third party were voted for the
resolution.
The Board notes the votes received
in excess of 10% of total votes cast.
The AIC Code of Corporate Governance
(the "AIC Code") notes that where a significant proportion of votes
have been cast against a resolution at a general meeting, a company
should explain what actions it has taken to understand the reasons
behind the vote. For these purposes, the AIC Code considers 20% or
more of votes cast against a board recommendation for a resolution
as being "significant" as opposed to PIRC, who consider 10% or more
votes cast against a resolution as being significant.
The Company will seek to engage with
the relevant shareholders who voted against the resolutions, in
order to understand the reasons for their votes and address their
concerns.
In accordance with Listing Rule
9.6.2, the full text of the special resolutions passed at the
Annual General Meeting and the Extraordinary General Meeting has
been submitted to the National Storage Mechanism
and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
For further information please
contact:
|
GCP
Asset Backed Income Fund Limited
|
|
+44 (0)15 3482 2365
|
|
Alex Ohlsson (Chairman)
|
|
|
|
Gravis Capital Management Ltd
|
|
+44 (0)20 3405 8500
|
|
Philip Kent
|
|
|
|
Cameron Gardner
|
|
|
|
Anthony Curl
|
|
|
|
Barclays Bank plc
|
|
+44 (0)20 7623 2323
|
|
Dion Di Miceli
|
|
|
|
Stuart Muress
|
|
|
|
James Atkinson
|
|
|
|
Buchanan/Quill
|
|
+44 (0)20 7466 5000
|
|
Helen Tarbet
|
|
|
|
Sarah Gibbons-Cook
|
|
|
|
Henry Wilson
|
|
|
Notes to editors
The Company
GCP Asset Backed is a closed-ended
investment company traded on the Main Market of the London Stock
Exchange. Its investment objective is to generate attractive
risk-adjusted returns primarily through regular, growing
distributions and modest capital appreciation over the long
term.
The Company seeks to meet its
investment objective by making investments in a diversified
portfolio of predominantly UK based asset backed loans which have
contracted, predictable medium to long term cash flows and/or
physical assets.
