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GABI Gcp Asset Backed Income Fund Limited

68.00
-0.20 (-0.29%)
28 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
  -0.20 -0.29% 68.00 68.00 69.80 68.60 67.60 68.40 664,954 16:28:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 15.18M 7.69M 0.0181 37.57 289.43M

GCP Asset Backed Income Fund Ltd Co-living Group Loan Update and Net Asset Value (4869L)

13/09/2021 7:00am

UK Regulatory


Gcp Asset Backed Income (LSE:GABI)
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From Mar 2021 to Mar 2024

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TIDMGABI TIDMGABC

RNS Number : 4869L

GCP Asset Backed Income Fund Ltd

13 September 2021

13 September 2021

GCP Asset Backed Income Fund Limited

(the "Company", "GCP Asset Backed" or "GABI")

LEI: 213800FBBZCQMP73A815

Co-living Group Loan Update and Net Asset Value

GCP Asset Backed, which invests in asset backed loans, announces an update on its co-living group (the "Co-living Group") loan.

As announced on 15 July 2021, the Co-living Group had appointed a large investment bank to run a sales process to better support its long-term viability. Initial bids were received in June. As a consequence, the Company's valuation of its loan to the Co-living Group was reduced for the purpose of determining the Company's net asset value ("NAV") as at 30 June 2021. The reduction reflected an increase in the discount rate applied to the loan which was determined on the basis of the fair value of an offer received in the sales process as adjusted to reflect transaction risk. The offer was reaffirmed following second round bids in late July. The status of the loan and the current bid levels have subsequently deteriorated which leads the Investment Manager to estimate a consequent reduction in the NAV of 3.69 pence per share, to 99.02 pence per share (based upon the NAV per share of 102.71p as at 30 June 2021).

The Company participates in the loan to the Co-living Group with a number of other lenders (the "Lending Syndicate"). The Lending Syndicate will take prudent steps to maximise the likely recovery from its loan to the Co-living Group. The Lending Syndicate is expecting further developments shortly and, when these occur, the Company will announce relevant details to shareholders. The Company also anticipates inviting investors to a webinar to discuss its loan to the Co-living Group in more detail.

The Investment Manager does not believe that any read-across should be made as a result of the write-down in the value of the Co-living Group loan to the rest of the Company's portfolio which continues to perform as expected.

The Investment Manager remains of the opinion that, despite this write-down, the target dividend for the current financial year will be maintained and covered by the cashflows generated by the Company's portfolio.

The information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulation (EC No. 594/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

For further information, please contact:

 
Gravis Capital Management Ltd    +44 (0)20 3405 8500 
David Conlon 
Joanne Fisk 
Investec Bank plc                +44 (0)20 7597 4000 
Helen Goldsmith 
Denis Flanagan 
Neil Brierley 
Buchanan/Quill                   +44 (0)20 7466 5000 
Helen Tarbet 
Sarah Gibbons-Cook 
Henry Wilson 
 

Notes to Editors

GCP Asset Backed (GABI) is a closed ended investment company traded on the Main Market of the London Stock Exchange. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Group seeks to meet its investment objective by making investments in a diversified portfolio of predominantly UK based asset back loans which have contracted, predictable medium to long term cash flows and/or physical assets.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

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(END) Dow Jones Newswires

September 13, 2021 02:00 ET (06:00 GMT)

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