Gcp Asset Backed Income Share Discussion Threads

[chucko1] 15/10/2020 18:00

Good update, but ignored by the market. In fact, a touch softer. Bought some more.

[apollocreed1] 15/10/2020 16:43

Good update!

[speedsgh] 15/10/2020 09:56

Net Asset Value and Investment Update -

GCP Asset Backed, which invests in asset backed loans, announces that as at 30 September 2020, the unaudited net asset value ("NAV") per ordinary share of the Company (including current period revenue) is 101.29 pence.

NAV

The NAV performance for the period is a positive movement of 0.46 pence per share after the payment of dividends, a rise of 0.46 per cent.

The Company's investments continued to perform in the period to 30 September 2020, with all principal and interest payments received as expected1.

The Board, after due consideration to advice from the independent Valuation Agent and recommendations from the Investment Manager, has determined to continue with its prudent approach and keep in place a number of the discount rate movements that have been made due to the continued uncertainties associated with the COVID-19 pandemic...

[apollocreed1] 08/10/2020 11:38

I think this is good value and the GCP team seem to have the magic touch in all of their funds, but I worry that a loan fund is very similar to the disasters of SQN which became KKV, Hadrian's Wall and some of the P2P companies that have done badly. Aren't GABI exposed to exactly the same factors of struggling borrowers as KKVL?

[panshanger1] 08/10/2020 08:09

Your right !!Too much golf l am afraid

[chucko1] 08/10/2020 08:03

You mean the half year report of a month ago? Come on, get with the program!

But yes, this is great value here and I have added quite a few.

[panshanger1] 08/10/2020 06:12

Quite happy with that half year report In the past this has traded at a reasonable premium now at a significant discount Happy to add at this level GLA

[chucko1] 02/10/2020 14:30

Yes. Random - no news to speak of.

[badtime] 02/10/2020 13:45

Bit of weakness lately

[chucko1] 15/9/2020 14:40

Seems a pretty handy risk-reward, this one. 7% yield (pretty dependable) in a 0.4% 10 year yield environment - and no collection impairments in probably the most challenging environment imaginable.

[speedsgh] 15/9/2020 14:29

Half-Yearly Report & Financial Statements -

Download full report -

Dividend policy
The Company has not set a dividend target for the year as the Board and the Investment Manager are monitoring performance of the investments in the current uncertain climate. The dividend is on track to remain at 6.2 pence per ordinary share, which was the dividend target for 2019, with the Company having declared dividends totalling 3.1 pence per ordinary share in respect of the period ended 30 June 2020.

Notwithstanding this, the Board continues to pursue an increase in the dividend in
accordance with the Company’s investment objectives and, based on the performance
of the Company for the first six months of the year, the Directors and the investment Manager currently believe this is likely to be achievable in the future.

[badtime] 11/8/2020 20:14

Hands up who bought 250k

[rambutan2] 07/8/2020 20:23

Latest quarterly:

[rambutan2] 23/7/2020 21:27

Noted:

The Investment Manager will be holding a webinar on 24 July at 10am to provide more detail on the portfolio. For any investor interested in joining, please e-mail [e-mail]

[speedsgh] 23/7/2020 08:33

Dividend Declaration & Scrip Dividend Suspension -

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 April 2020 to 30 June 2020 of 1.55 pence per ordinary share (the "Q2 Dividend").

The ordinary shares will go ex-dividend on 30 July 2020 and will be paid on 28 August 2020 to holders of ordinary shares recorded on the register as at close of business on 31 July 2020.

Scrip Dividend Suspension

The Board, in its discretion, has determined that the offer of a scrip dividend will remain suspended for the Q2 Dividend. The suspension is as a result of the significant discount between the likely scrip dividend reference price of the shares and the current net asset value per share of the Company. The Board will keep the payment of future scrip dividends under review.

Future Dividends

The Board recognises the importance of dividends to shareholders. As noted in the net asset value announcement on 15 July 2020, the Company has had a strong first six months of the year despite the significant impact of the pandemic and the dividend remains fully covered.

[apollocreed1] 19/7/2020 19:38

This update is very impressive, especially considering the dire performance of GABI's competitors such as the 3 SQN funds and Hadrian's Wall. I think GCP standoutn in all their areas due to their large pool of expertise.

[rambutan2] 17/7/2020 04:09

A good update I thought:

Outlook

The Company has had a very strong first six months of the year despite the significant impact of the pandemic. The loan book continues to perform and the dividend remains fully covered. We are happy that the loan book remains highly defensive and diverse and performed strongly both prior to the onset of COVID-19 and during the first wave of the pandemic. The Investment Manager remains encouraged by the financial position of our borrowers, the steps each borrower is taking in managing an unprecedented situation and the support they are receiving from their equity investors.

The defensive nature of the portfolio means significant income will continue to be generated and distributed as dividends. The Company is in a robust position with cash on its balance sheet and it has access to an undrawn GBP50m credit facility, which was extended to August 2021 post period end. The extension was granted on the same terms as the previous facility.

We continue to seek out and look for attractive investment opportunities, both supporting our existing borrowers who are seeing opportunities as a result of coming through the pandemic in a position of strength and assessing new transactions which were historically too tightly priced for the Group's cost of capital.

[chucko1] 20/5/2020 14:31

I’ve been adding also.

[rambutan2] 20/5/2020 14:02

Having properly read through the AR last night and not finding anything to set alarm bells ringing, I added a few on today's 20% discount.

[panshanger1] 29/4/2020 11:17

Very thorough Covid 19 update too from this company tooNice dividend and now reasonable disc - I've got plenty so didn't add Long term hold in SIPPGLA

[chucko1] 29/4/2020 10:39

Who needs dividends from the banks when you can own this? Solid.

[speedsgh] 29/4/2020 10:34

Dividend Declaration & Scrip Dividend Suspension -

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 January 2020 to 31 March 2020 of 1.55 pence per ordinary share (the "Q1 Dividend").

The ordinary shares will go ex-dividend on 7 May 2020 and will be paid on 9 June 2020 to holders of ordinary shares recorded on the register as at close of business on 11 May 2020.

Scrip Dividend Suspension

The Board, in its discretion, has determined that the offer of a scrip dividend will be suspended for the Q1 Dividend. The suspension is as a result of the significant discount between the likely scrip dividend reference price of the shares and the current net asset value per share of the Company. The Board will keep the payment of future scrip dividends under review.

Future Dividends

The Board recognises the importance of the dividend to our shareholders. As noted in our net asset value announcement on 21 April 2020, the Company has not received any requests from borrowers to defer payments and the current dividend levels remain fully covered. The Company will keep the future level of dividend under review as the potential for prolonged economic disruption evolves and will update shareholders accordingly.

[rik shaw] 21/4/2020 07:57

yes it seems more positive than the drop in share price implied.

[panshanger1] 21/4/2020 07:36

In this environment / sectorthis strikes me as a very positive update