Gabelli Merger Plus+ Trust PLC
GMPP.L
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- Gabelli Merchant Partners PLC (formerly Gabelli Merger Plus+ Trust Plc) is a United Kingdom-based closed-ended investment company focused on generating total returns consisting of capital appreciation and current income through a proprietary Private Market Value (PMV) with a CatalystTM methodology. The company invests primarily in event-driven merger arbitrage strategies, targeting securities of businesses undergoing strategic changes such as mergers, acquisitions, takeovers, tender offers, leveraged buyouts, restructurings, demergers, liquidations, and other corporate actions; it employs long and short positions in equities, fixed income securities including U.S. Treasury bills, derivatives such as contracts for difference and swaps, and other instruments like options, futures, and forward contracts to optimize risk-adjusted returns uncorrelated to broad equity and fixed income markets. Its portfolio emphasizes U.S. companies of any market capitalization while maintaining global flexibility, with key holdings including Hess Corp., Chevron Corp., Kellanova, Hashicorp Inc., and various short-term U.S. Treasury bills. Incorporated in England and Wales on 28 April 2017 and listed on the Specialist Fund Segment of the London Stock Exchange's Main Market (ticker: GMPP.L) and the Official List of the International Stock Exchange since 19 July 2017, the company is headquartered in London. Geographically, it operates with a primary focus on U.S. equities but pursues opportunities worldwide across sectors like technology, energy, and healthcare; it serves institutional and retail investors seeking absolute returns and capital preservation. Recent major developments include the acquisition of its affiliated UK investment manager, Gabelli Securities International UK Limited (GSIL UK), on 29 October 2024 for approximately $1 million via issuance of 96,493 new ordinary shares at a $0.50 premium to net asset value, enabling self-management, expanded income sources, and broadened services to affiliates and third parties. In early 2025, the company rebranded to Gabelli Merchant Partners Plc to reflect its evolving investment approach and strategic direction, with filings submitted in March 2025; it also completed an on-market repurchase of 19,500 ordinary shares in February 2024 and maintains a loyalty programme offering special voting shares to long-term holders. Associated Capital Group, Inc. holds a controlling interest exceeding 90% and has subscribed to the maximum Special Voting Loyalty Shares.