2nd Jul 2020 12:32
(Alliance News) - Gabelli Value Plus Trust PLC's future is in doubt, a statement on Thursday said, as a large shareholder is mulling whether to vote for its continuation.
According to a letter published by GAMCO Investors Inc, on behalf of Gabelli Funds LLC, Gabelli Value's investment manager, Associated Capital Group Inc, is still considering how to vote at the July 30 annual general meeting.
ACG has a just shy of a 28% stake in Gabelli Value, which needs more than 50% of votes at the AGM to continue. Gabelli Value's articles of association require it to have a contination in its fifth year, thereafter, there will be one every two years.
Investec Wealth & Investment Ltd, a shareholder with an 18% stake, according to a regulatory filing posted on June 1, plans to vote against Gabelli Value's continuation.
Back in June, Gabelli Value said: "It is the board's intention to recommend that shareholders vote against continuation of the company, with the exception of one director who has abstained."
Numbers on Wednesday showed the US equities investor's net asset value per share at its March 31 year-end was down 25% at 103.0 pence each from 137.9p.
It swung to a negative return of 25% from 6.9% in financial 2019. Outperformed by Russell 3000 Value Index and S&P 500 which returned negative 14% and negative 2.5%, respectively.
Gabelli Value shares were 2.7% lower at 110.00p each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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