We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

GABI Gcp Asset Backed Income Fund Limited

-0.40 (-0.58%)
01 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gcp Asset Backed Income Fund Limited LSE:GABI London Ordinary Share JE00BYXX8B08 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.40 -0.58% 68.40 68.40 68.60 68.60 68.40 68.60 436,874 16:27:57
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 15.18M 7.69M 0.0181 37.79 291.13M
Gcp Asset Backed Income Fund Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker GABI. The last closing price for Gcp Asset Backed Income was 68.80p. Over the last year, Gcp Asset Backed Income shares have traded in a share price range of 51.20p to 79.80p.

Gcp Asset Backed Income currently has 425,626,059 shares in issue. The market capitalisation of Gcp Asset Backed Income is £291.13 million. Gcp Asset Backed Income has a price to earnings ratio (PE ratio) of 37.79.

Gcp Asset Backed Income Share Discussion Threads

Showing 201 to 224 of 225 messages
Chat Pages: 9  8  7  6  5  4  3  2  1
71.00 - 72.00 (GBX) at 13:00:19
on Market (LSE)

Lumps now going through at 70p so hopefully we will keep bashing away at whoever is selling here and then we can move upwards.
The Board of GCP Asset Backed, which invests in asset backed loans, is pleased to announce a quarterly dividend in respect of the period from 1 October 2023 to 31 December 2023 of 1.58125 pence per ordinary share (the "Q4 Dividend").

The ordinary shares will go ex-dividend on 15 February 2024 and will be paid on 15 March 2024 to holders of ordinary shares recorded on the register as at close of business on 16 February 2024.

Too many idiots, not enough villages.

GCP holding well, being one of the few to have had a day of giant trades implying no more overhang. Fingers crossed.

My money is on a village idiot with nothing better to do
There’s either a village idiot voting down every posting or the ADVFN software has gone a bit wonky!
Jam62 they are only a week late with their announcement vs last couple of years and still a month until the usual Payment date.
The company is extremely late announcing the quarterly dividend. My guess is that talks are taking place regarding an agreed takeover. Expect news soon.
80p is what I would take if I could sell at that today as I can easily redeploy the money right now.

But it matters not really, I'm happy enough to collect the dividend and get a higher price if it takes time to wind-up the fund and they can't find a buyer at a suitable price.

80p cash is light IMO, and I speak as a very recent shareholder where everything goes immediately to my bottom line. 80p plus the current distribution would be ok.
CC, I would think that is about the price a deal can get done, perhaps slightly higher. That said, I see considerable trading opportunities during its continued existence, so that 81p or so would really only be a short term P&L boost. Over a fuller run-off period, I can see profits being perhaps double that.
I'll take 80p for cash.

The bid seems to be ever so slowly being walked up day by day.

I tend to agree that there is a whiff of a takeover / buyout on the cards.

1. Delayed dividend – the cash pile is growing [and don’t forget the loan interest coming in every quarter ~£6m by end of Q1]

2. The RNS announcements re buybacks keep stressing “Any share buyback programme may be tempered by regulatory and commercial considerations in connection with any potential approaches for the Company at the relevant time.”

3. From the 29th Jan RNS, the shareholders being asked specifically “acceptable pricing on a potential sale of the Company”

4. The board being prepared to open the books for DD for a buyer at 72/78p [which seems a bit light]

5. Numis say the company is for sale – from Citywire “‘[The] announcement, alongside the relatively granular portfolio information provided on the company’s website, has the dual effect of providing shareholders with additional information to base their feedback and decisions upon, and puts a “for sale” sign up – making it clear to any potentially interested parties the options being considered by GABI’s board,’ said Jaffe.”

Fingers crossed. There's going to be progress one way or other, bid or buy back or early return.
Indeed They don't need £43m working capital
To remind us from the RNS of 13th December 2023

On 6 October 2023, the Board received a non-binding proposal from a US-listed investment company (the "Possible Offeror") to acquire the entire issued share capital of the Company. The proposal comprised a cash offer at a level of 68 pence per share in the Company, paired with an alternative pursuant to which shareholders could elect to receive US listed shares in the Possible Offeror for each share held in the Company, with an exchange ratio to be set at a point prior to any firm offer announcement to equate to a value of 76 pence per share. The proposal was unanimously rejected by the Board, following which on 27 November 2023 a second conditional and non-binding proposal comprising a cash offer at a level of 72 pence per share in the Company, paired with a share alternative offer at a level of 78 pence per share was received. The Board agreed to provide the Possible Offeror access to confirmatory due diligence. Prior to accessing such information, on 11 December 2023 the Possible Offeror notified the Company that it would be withdrawing its proposal.

hpcg, I agree. The tone of this announcement seemed slanted towards corporate action. Non-continuation has basically been signalled since October, notwithstanding the rubber stamping to come in May.

Absent of unexpectedly awful credit losses, this has profit all over it.

I like the extended debt at current rates - I'd like them to keep adding short duration lending until such time as the shareholders say no continuation. I'd also much rather have more buy backs than a special dividend. Even a tender at a premium to the share price but a substantial distance below real NAV (circa 5p below published NAV), for those that are desperate for cash now.

I do get the impression an offer might be pending though.

What I want to know is this:

GABI now has £50m in cash and no RCF.

It's planning a £7m buyback and and the dividend will cost them £7m, leaving £36m floating around doing nothing.

Surely they could use some of the £36m to fund a special dividend?

Still nowt re dividend.....
Loan prepayment -

The Company has received cash proceeds of £18m from the early partial repayment (the "Prepayment") of a loan secured against a portfolio of property investments (the "Relevant Loan"). The contractual repayment date of the Relevant Loan is March 2024. As part of arrangements agreed with the relevant borrower in connection with the Prepayment, the Company has agreed to extend the maturity of the remaining amount of the Relevant Loan and other loans made to the wider borrower group (the "Group Loans") totalling c. £53.7m, which are also due in March 2024, to no later than 29 June 2024. The Company has also agreed to an increase in the interest rates of the Group Loans in the period until the 29 June 2024 to align such terms with the current credit market conditions.

Following the Prepayment the Company is expected to have a cash balance of c. £50m. The Company has no outstanding balance under its revolving credit facility ("RCF"). The Company has recently announced that the Board is in discussion with its advisers in connection with the initiation of a £7 million share buyback programme in the coming weeks that would enable the Company to make capital available for return to shareholders in the period to 30 April 2024. Any share buyback programme may be tempered by regulatory and commercial considerations in connection with any potential approaches for the Company at the relevant time.

at 31 December 2023, the unaudited net asset value ("NAV") per ordinary share of the Company (including current period revenue) is 93.21 pence per share.

I wouldn't vote for a sale at 78p with the NAV at 93p, so any sale would have to be much closer to NAV.

If that isn't going to happen - then I would vote for an orderly wind down.

[@loglorry1 – this is what my model assumes i.e. as the shorter loans roll off, the proceeds are returned to shareholders]

I was really trying to think what the major shareholders will say to the three questions being asked in the strategic review.

1. Continuing with current mandate after a capital return – I can’t see the point in this. Company will be smaller, and the market will continue to price at a discount. There will be better returns elsewhere while this is the case.

2. Orderly wind down – 14-17% IRR on my calcs over 5 years looks decent, and up there with private credit funds IRR (that don’t offer daily exit liquidity!)

3. A fair sale price for the company – as per my calcs 81-82p, not far off the 78p price approach mentioned in the 13th Dec RNS. I’m in at 90p kind of level, so an exit at 81p wouldn’t be great, but it’s the new reality in this IT sector right now.

I'm assuming (perhaps wishful thinking) that they'll aggressively buy back stock when loans are repaid over the next 12-18 months and that should juice the IRR a bit. GABI a bit different from DGI9 in nature but DGI9 starting to look a better bet than GABI but more risky.
Chat Pages: 9  8  7  6  5  4  3  2  1

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 |