Gabelli Funds, LLC Completes the Offering of The Gabelli Merger Plus+ Trust, a London Stock Exchange Listed Investment Trust
Businesswire, July 19, 2017
GAMCO Asset Management (UK) Limited, an affiliate of GAMCO Investors, Inc., (NYSE:GBL) announced it has completed the offering of a London Stock Exchange listed investment company, The Gabelli Merger Plus+ Trust, a U.K. PLC. (the “Company”), to invest in global mergers and acquisitions.
The successful global offering raised over $100 million and will trade in London in U.S. dollars under the symbol GMP.
Commenting on the launch, Marc Gabelli, Chairman of Gabelli Merger Plus+ Trust, stated, “I am delighted to be involved with this new launch which brings Gabelli’s distinct investment approach to the UK in the form of an investment trust. It will provide the UK investment community with an actively managed fund investing in companies engaged in announced global merger activity.”
GMP will provide non-U.S. investors direct access to Gabelli’s specialized merger arbitrage strategy, a recognized leader in the U.S.
The Company is focused on a total return objective, emphasizing non-market correlated merger investing. Gabelli Funds believes there is a compelling opportunity for investment in merger arbitrage; merger arbitrage returns, while non-market correlated, have historically been less volatile than the returns of the stock market as a whole.
“The investment focus emphasizes strategic cash transactions with strong fundamentals which often positions our portfolio in unique franchises that can potentially be subject to overbids. Our goal is to offer shareholders the advantages of merger investing utilizing the strengths of the closed ended structure. The portfolio will actively gear.” said Ralph Rocco, one of the lead members of the portfolio management team.
“The U.K. market is highly sophisticated. We are delighted to be entrusted with the opportunity to grow wealth for the investor via the strengths of this investment trust vehicle. The investment trust industry can trace its foundations to the U.K., and the LSE’s offering remains a “best in class” choice for the closed ended structure globally,” furthered Marc Gabelli.
The Gabelli organization through its affiliated subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli & Company Investment Advisers, Inc.). This IPO marks the firm’s second listed Investment trust on the London Stock Exchange, and sixteenth stock exchange listed Investment Company globally. The Gabelli organization has operated from central London for 17 years assisting its New York headquarters in global investment idea generation.
This press release is not an offer to sell or the solicitation of an offer to buy any securities.
PAST PERFORMANCE IS NOT GUARANTEE OF FUTURE RESULTS.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release may contain some forward-looking statements. Forward looking statements give our current expectations or forecasts of future events. In particular, these include statements relating to future actions, future performance and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe.”). Copies of the Prospectus will, following publication, be available for non-US investors only from the Company’s registered office.
The contents of this announcement, which has been prepared by and is the sole responsibility of GAMCO Asset Management (UK) Limited, have been approved by GAMCO Asset Management (UK) Limited solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 (as amended).
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