ACG 'frustrating shareholders' wishes' after blocking Gabelli Value Plus+ liquidation vote

Investors want their money back

Shareholders in Gabelli Value Plus+ (GVP) continue to hold out hope for a solution on the future of the trust, after criticising its majority shareholder Associated Capital Group (ACG) for frustrating their wishes by blocking a proposed liquidation vote.

The situation was described as "rather a mess" by analysts at Stifel, while head of investment company research at QuotedData James Carthew said it was "one of the more outrageous moves we have seen in the investment company sector for some time". Numis accused ACG of "seek[ing] to frustrate the board's plans", but CG Asset Management's Peter Spiller, whose clients hold around 3% of shares, told Investment Week he hoped ACG would eventually relent and "vote to co-operate with the board". UK Mortgages defends decision to reject M&G offer GVP has been under fire for over a year now, ...