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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gcp Asset Backed Income Fund Limited | GABI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 75.80 | 13:13:06 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 75.80 | 75.80 | 75.80 | 75.80 | 75.80 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 25/04/2024 | Interim | GBP | 0.015813 | 02/05/2024 | 03/05/2024 | 04/06/2024 |
| 08/02/2024 | Interim | GBP | 0.015813 | 15/02/2024 | 16/02/2024 | 15/03/2024 |
| 08/11/2023 | Interim | GBP | 0.015813 | 16/11/2023 | 17/11/2023 | 15/12/2023 |
| 20/07/2023 | Interim | GBP | 0.015813 | 27/07/2023 | 28/07/2023 | 25/08/2023 |
| 03/05/2023 | Interim | GBP | 0.015813 | 11/05/2023 | 12/05/2023 | 12/06/2023 |
| 26/01/2023 | Interim | GBP | 0.015813 | 02/02/2023 | 03/02/2023 | 03/03/2023 |
| 02/11/2022 | Interim | GBP | 0.015813 | 10/11/2022 | 11/11/2022 | 09/12/2022 |
| 22/07/2022 | Interim | GBP | 0.015813 | 04/08/2022 | 05/08/2022 | 02/09/2022 |
| 29/04/2022 | Interim | GBP | 0.015813 | 12/05/2022 | 13/05/2022 | 14/06/2022 |
| 27/01/2022 | Interim | GBP | 0.01575 | 03/02/2022 | 04/02/2022 | 04/03/2022 |
| 03/11/2021 | Interim | GBP | 0.01575 | 11/11/2021 | 12/11/2021 | 10/12/2021 |
| 22/07/2021 | Interim | GBP | 0.01575 | 29/07/2021 | 30/07/2021 | 27/08/2021 |
| 29/04/2021 | Interim | GBP | 0.01575 | 13/05/2021 | 14/05/2021 | 14/06/2021 |
| 26/01/2021 | Interim | GBP | 0.01575 | 04/02/2021 | 05/02/2021 | 05/03/2021 |
| 26/11/2020 | Special | GBP | 0.0025 | 03/12/2020 | 04/12/2020 | 29/12/2020 |
| 19/10/2020 | Interim | GBP | 0.0155 | 29/10/2020 | 30/10/2020 | 27/11/2020 |
| 23/07/2020 | Interim | GBP | 0.0155 | 30/07/2020 | 31/07/2020 | 28/08/2020 |
| 29/04/2020 | Interim | GBP | 0.0155 | 07/05/2020 | 11/05/2020 | 09/06/2020 |
| 11/06/2019 | Interim | GBP | 0.0155 | 30/01/2020 | 31/01/2020 | 28/02/2020 |
| 11/06/2019 | Interim | GBP | 0.0155 | 31/10/2019 | 01/11/2019 | 29/11/2019 |
| 23/10/2019 | Special | GBP | 0.0025 | 31/10/2019 | 01/11/2019 | 29/11/2019 |
| 11/06/2019 | Interim | GBP | 0.0155 | 01/08/2019 | 02/08/2019 | 02/09/2019 |
| Top Posts |
|---|
Posted at 05/7/2024 11:54 by loglorry1 Assuming they use the same method of returning cash, dividends will reduce as cash is returned, on an absolute basis. Nothing to stop you reinvesting your cash returned to keep you divi amount though. |
Posted at 04/7/2024 11:52 by loglorry1 If GCP paid 85p (in stock) for the rump of GABI and using between 10% and 15% haircuts on the rest of the loans (0% on the 2024 ones), still gives a 8.8% XIRR to GCP on the remaining book that they would acquire. There's plenty of meat on the bone to interest GCP shareholders while still being able to give GABI holders a decent uplift from here and for Gravis to make out like bandits. |
Posted at 29/6/2024 17:59 by papy02 Some smart investors here have exited GABI higher up. I didn’t follow suit as I believe Gravis knows the portfolio best and have signed up to a Performance Fee that, if achieved, gives respectable shareholder returns from here.I have finally done a “proper” spreadsheet to test this. My guess (central estimate) from the current share (bid) price is approx 17% shareholder IRR through end 2028, assuming Gravis achieve mid-range of their Performance Fee. Or approx 16% if they just reach the minimum threshold for Performance Fees. The key to over-achieving on that, is if Gravis can materially pull forward the realisation of loans, vs what I assumed. The major risk, obviously, is if one or more large loans go bad, in excess of the haircuts I've assumed. Gravis also have an 8.8% shareholding, which should better align them with shareholders overall. So for me, any drift in GABI shareprice, during the potentially long fallow periods for redemptions/distribu But E&OE, DYOR, NAI, YMMV, etc. Perspective The threshold for Gravis to earn Performance Fees on the wind-down is 12% IRR on an “adjusted portfolio value” of £321m as at 31 Dec 2023. The 12% is measured on cash receipts after transaction costs so OPEX etc not deducted. Tailwinds for them, in achieving this 12% IRR, include: - Portfolio weighted average yield of 8.7% p.a. (per 2023 AR) - The £321m starting-value is an 11% discount off the portfolio NAV at YE 2023, and much more off portfolio face value - That portfolio NAV has been calculated using a weighted average discount rate of 10.5% p.a. (per 2023 AR, though I do find this hard to credit) - Lower market interest rates from here may help (e.g. in getting loans re-financed elsewhere, or getting an acceptable price for a portfolio sale of, say, 2028+ loans) Workings I profiled cashflows (loan redemptions + interest) that result in Gravis achieving 12% IRR on the “adjusted portfolio value” of £321m. I started from the loan-redemptions reported so far in 2024, then used the Gravis loans spreadsheet to model a reasonable time-profile for future redemptions of the remaining loans. I assumed all 2028+ loans are wrapped up in 2028, (pulling realisation of all 2028+ loans into 2028). I massaged the resulting cashflow-profile (via haircuts off face value) to arrive at a Gravis 12% IRR from the notional investment of £321m at Y/E 2023. It needed 5% discount in 2025, 10% in 2026, 15% in 2027, and 26% in 2028 (with 2028+ all pulled into 2028) to massage the Gravis IRR down to 12%. Lots of assumptions and calculation short cuts in there, but all to try and get a reasonable time-profile for the redemptions+yield cashflow that Gravis is being measured on. The resulting cash profile is constrained by the need to model a 12% IRR. So any changes in the time-profile or estimated loan face value, rental yield etc, will principally affect the levels of discount off face that I had use to get to the 12%, more than changing the resulting cashflows that give a 12% IRR. The purpose of all the above was to see what shareholder IRR (from here) resulted from those gross cashflows, after deducting estimated operating costs including Gravis fees. When I plug in existing-shareholder Gravis need to reach the 12% IRR at Portfolio level to earn any Performance fees. Their Performance fee is capped at £14.7m, which would require £73.7m “excess return over the 12% IRR” (before deducting the Performance Fee). But this is slippery to model. It may be achieved more by pulling redemptions forward, than by collecting larger amounts (i.e. reducing discounts/haircuts). My understanding is that it is calculated on a loan by loan basis, once 12% IRR is achieved on the overall portfolio. So even with just 12% IRR at portfolio level, significant Performance Fees could be earned, with outperforming loans paying out for Gravis, but balanced for shareholders by others that underperform. My guess is that if Gravis earn half the max Performance fee, shareholder IRR increases by 1 to 2% over the 12% Gravis IRR scenario, so approx 17% shareholder IRR is my central case. It’s a very rough calculation, but encouraging fwiw. Would be interested if anyone else has done a similar calculation, or has comments on methodology. Assumptions: For redemptions I used the 2024 announced redemptions to date, then timings based on the Gravis loans spreadsheet going forward, applied to my estimate of current face value outstanding. I assumed increasing haircuts off face value from 2025 on, and that all 2028+ loans are wrapped up in 2028 for a 26% haircut in 2028 overall. I grouped redemptions into quarterly buckets, except 2028+ all in a single (very large: 51% of total) bucket. I didn't explicitly model bad-loan (and interest) write-offs, so those were only covered by the overall haircuts off face-value I assumed. For Expenses/costs: I used £1.5m pa fixed, + Gravis management fee of 0.7% of portfolio face value (not 0.75% of NAV, as per Circular, as I didn’t have qtr by qtr NAV numbers). I didn’t add liquidation costs, hoping this is offset by using face value not NAV for Gravis periodic fees. Could be improved! I deducted £4.4m of Performance fees (30% of the max, all in 2028) even with Gravis IRR of only the 12% portfolio-level threshold, for the reasons given above, and deducted £7.4m Performance Fee for my mid-range “central estimate” scenario. Please treat this post as if written by an anonymous BB poster you’ve never met and whose judgement, and capacity for spreadsheet errors, is unknown ! :-) |
Posted at 13/6/2024 15:00 by chucko1 Jam62, one might be thankful that that is the extent of the problem. My friend who owned GABI in Barclays is STILL being shown as short the stock, and also short cash!Imagine if he is short the stock and they also had the KID issue and could not purchase back! (not that he should need to). It gets worse - Barclays outsource their corporate actions and tax-type stuff re. dividends etc. so you cannot even shout at anyone. |
Posted at 11/6/2024 18:06 by papy02 Hi 2wild. Re your post 369:GABI closed at 78.2p this afternoon. Theoretically new GABI should start trading at 70.5p 8:00 AM Tuesday morning I would be interested in your workings for that. My simplistic calculation says if 37.5% are "priced" at 89.66875p (the redeemed shares), the other 62.5% (keepers) were being priced by the market at an implied 71.32p, for the average to work out at 78.2p at yesterday's close. Yesterday evening I tried to do a calculation based on "net of cash" discount staying the same, but it was late so I just ended up confusing myself. Hence my interest. (In the event, it looks from posts here that only IG Index clients were able to take advantage of the anomalous market price this morning) |
Posted at 10/6/2024 21:57 by 2wild GABI closed at 78.2p this afternoon. Theoretically new GABI should start trading at 70.5p 8:00 AM Tuesday morning. Doubt many brokers will allow you to Trade,Until quite a bit later. 😉 We'll be interesting to see what the actual opening prices will be and how it progresses during the week. |
Posted at 09/6/2024 19:14 by jam62 Nothing complicated about this.Old GABI goes ex at 8am Tuesday morning. New GABI starts trading Tuesday morning. If you held old GABI at the close of business tomorrow, you are “cum” the compulsory redemption and receive your money on the 24th June. Upon going ex, your holding will fall to 62.5% of what you originally held and will trade as new (ISIN) GABI. |
Posted at 09/6/2024 13:48 by chucko1 A brain teaser to start the week:It appears to be understood that the last date on which you can buy GABI and be eligible for 3/8 of your shares to be tendered at 89.66p is Monday June 10th. This may end up being correct, but consider the following two paragraphs from the official release detailing the Tender Offer: 1. Further, on 29 May 2024, the Company announced that the First Compulsory Redemption would be effected pro rata to holdings on the share register as at the close of business on 10 June 2024 (the "Redemption Date"), being the record date for the First Compulsory Redemption, by applying a redemption ratio which was anticipated to be 22.5 per cent. The Company intends to increase the redemption ratio to 37.5 per cent. (the "Redemption Ratio"). Fractions of ordinary shares produced by the Redemption Ratio will not be redeemed, so the number of ordinary shares to be compulsorily redeemed from each shareholder will be rounded down to the nearest whole number of ordinary shares. On the basis of a Redemption Ratio of 37.5 per cent., approximately 159.6 million of the Company's issued shares will be redeemed on the Redemption Date. 2. The Company's ordinary shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN number, JE00BYXX8B08, (the "Old ISIN") will expire. A new ISIN number, JE00BMFX6989, (the "New ISIN") in respect of the remaining shares which have not been compulsorily redeemed will be enabled and available for transactions from 8.00 a.m. on 11 June 2024. The share price TIDM, "GABI.L", will remain unchanged. For the period up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN. In Para 1. reference is made to holders on the Register on COB 10th June - which means they must have purchased the shares before the COB 6th June. We have had this argument before when considering the capital repayment from the (ill) VSL, and yes, the timeframe was congruent to that described above. But in Para 2. it says "a purchaser of such shares may have a market claim for a proportion of the redemption proceeds" - referring to those bought AFTER June 6th, and before June 11th. "may" have a market claim - WTF does that mean? Clearly the market is assuming that "may" means "will", as the share price did not really move on Friday, implying that the effective ex-date is actually COB this Monday (tomorrow). But what if you sold shares on Friday? Um, well, you will be on the Register as of COB June 10th, so how can you not be entitled to the tender portion proceeds of such shares? And what if you sold and then bought some back again? Well, in that case, you would be on the Register for those sold shares, but seemingly entitled to a "proportion of the redemption proceeds" on those bought back. I cannot make head or tail of this. There is no other document other than the RNS to look to for clarification, and it is interesting that the person mentioned having written the RNS was a mere Associate Director of Apex Financial Services. It is worth recalling that in the AEET Tender Offer, there was a "frozen period" for a couple of days or so where the shares could not be traded. That would have stopped this confusion, perhaps. |
Posted at 21/5/2024 12:43 by chucko1 I still have plenty of GABI. The main risk is a large single loss, as they have experienced in the past on one occasion. They counter this by saying that the 0.5% per annum experienced loss rate is basically entirely made up of that one loan. The risk manager would counter argue that this is not helpful in a wind down as there is no further diversification over time to soak up this (consequentially higher) loss (rate) were there to be another large single loss.Nevertheless, all else appear to be in reasonable shape and the current discount and average portfolio life suggests a 15-20% IRR (reinvesting capital repayments in the short term) over the nest two years. I would prefer a portfolio of a few GABIs, rather than swapping from one to another. I buy the arguments on things like ASLI and API, and I do not even mind a few VSL at the new lower sale price(!!), but I like the overall wind down concept as a risk rather than a similar risk on those not winding down where there remains a different systemic risk in that any further IR shock will knock further spots off them. The economic argument of higher underlying rates for the medium and long term argue against the same sorts of returns on the likes of SUPR (though I have many) and even the likes of EBOX. Chuck in some cheap things that are relatively IR-agnostic like RECI and SEQI, and I think you can construct an argument for a reasonably diversified 12-13% IT portfolio over 3-4 years. Do the maths and you find you will be 50% better off by the end of 2027 without much of a concern about rates. |
Posted at 20/5/2024 21:00 by rimau1 My point was a portfolio could have both API and Gabi. Gabi could still be bought out, if not there will be a buyback. I am a happy holder, i'll buy more in the 60's |
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