GCP Asset Backed Income rules out equity sale as asset bids line up

Conclusion of strategic review

Valeria Martinez
clock • 2 min read

The Gravis Asset Backed Income (GABI) board has ruled out a possible sale of the trust’s shares after failing to obtain an offer worth recommending to shareholders, while proposals to acquire its assets line up.

In a stock exchange notice today (29 May), GABI said it was no longer "actively considering" a sale of its entire issued share capital at this time, despite receiving several approaches from third parties since the strategic review was announced in December.  The board said none of the potential offerors made a proposal at an attractive enough level. However, a sale of the trust's assets remains on the table after receiving a number of proposals, some of which remain under consideration by the board despite the conclusion of the strategic review. Shareholders approve discontinuation o...

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