Investec W&I criticises ACG's GVP proposals as board tells shareholders to vote against them

Remedies 'lacking in appeal'

Proposals for the continuance of Gabelli Value Plus+ (GVP) are "lacking in appeal", Investec Wealth & Investment has said, as the board of the trust urged shareholders to vote against remedies put forward by its largest shareholder Associated Capital Group (ACG).

ACG recently requisitioned a general meeting of GVP shareholders to vote on proposals it believes will persuade fellow investors to back down from their wish to liquidate the company. The firm, which owns around 28% of the trust's shares, has suggested reinstating an active share buyback programme to repurchase up to 10% of shares per annum, alongside implementing a semi-annual distribution programme equivalent to a 6% yield, and reducing the fee paid to Gabelli Funds to 0.5% of net asset value. ACG 'frustrating shareholders' wishes' after blocking Gabelli Value Plus+ liquidation vote...