Metage Capital Limited Open Letter to Associated Capital Group, Inc.
15 Ottobre 2020 - 6:46PM
UK Regulatory
TIDMGVP
Metage Capital Limited: open letter to Associated Capital Group, Inc.
Mr Bruce Lisman
Associated Capital Group, Inc.
191 Mason Street
Greenwich, CT 06830
For Immediate Release
15th October 2020
Dear Mr Lisman,
Re: respecting the vote by shareholders to discontinue the Gabelli Value Plus+
Trust Plc. ("GVP")
On 6th October 2020 you held a webinar setting out the position of Associated
Capital Group, Inc. ("ACG") on the continuation of GVP. When signing up to this
webinar, investors were asked to submit questions, however none were addressed.
We have been dissatisfied by the subsequent response from ACG to the questions
that we asked and believe that other shareholders would share similar queries.
We therefore ask you to respond publicly to the following:
1. In the GVP announcement of 6th October, the Board of GVP refers to "
...a letter received by the Board from the general counsel to ACG on 2 October
2020 indicating that (unspecified) litigation concerning the company may be a
distinct possibility..." Can you please explain why ACG is threatening legal
action, what potential illegality or breach of contract you perceive and what
the aim of this litigation would be?
2. The "Magna Carta of shareholder Rights" on Gabelli Investors, Inc.'s
website[1] states that it is in favour of "one share: one vote" and that "...we
will vote against...supermajority voting..." How is attempting to frustrate the
will of a clear majority of shareholders consistent with Gabelli's corporate
governance principles?
3. The Board has offered the potential of an in specie redemption of
ACG's pro rata share of the GVP portfolio or the ability to provide ACG with a
roll over vehicle with a similar strategy and manager. This would enable ACG to
continue its investment without frustrating the desire of other shareholders
for a cash exit. How would you justify attempting to trap the majority of
shareholders against their will?
Finally we would like to thank the Board of GVP for their steadfastness in a
difficult situation, which is an excellent demonstration of the highest
standards of corporate governance in London-listed investment trusts.
Yours faithfully,
Tom Sharp, Director
Metage Capital Limited
Princes House, 38 Jermyn Street, London SW1Y 6DN, United Kingdom
Email: tom.sharp@metage.com
Tel: +(44) 203 813 8590
[1] https://www.gabelli.co.uk/wp-content/uploads/2015/01/magnacarta092403.pdf
END
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