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 Shares Traded Last Trade
  -3.00 -3.18% 91.20 160,908 16:35:22
Bid Price Offer Price High Price Low Price Open Price
90.20 92.20 94.40 92.00 94.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 33.96 28.04 6.81 13.4 403
Last Trade Time Trade Type Trade Size Trade Price Currency
16:15:54 O 5,012 91.8079 GBX

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Date Time Title Posts
19/1/202111:48GCP Asset Backed Income 67

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Gcp Asset Backed Income (GABI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-01-22 16:15:5491.815,0124,601.41O
2021-01-22 16:04:4591.812,6002,387.01O
2021-01-22 16:04:1792.5510,6609,865.55O
2021-01-22 15:26:4692.4010899.80O
2021-01-22 15:10:3092.003,0322,789.44AT
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Gcp Asset Backed Income (GABI) Top Chat Posts

Gcp Asset Backed Income Daily Update: Gcp Asset Backed Income Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker GABI. The last closing price for Gcp Asset Backed Income was 94.20p.
Gcp Asset Backed Income Fund Limited has a 4 week average price of 89p and a 12 week average price of 80.40p.
The 1 year high share price is 108.50p while the 1 year low share price is currently 66p.
There are currently 441,501,518 shares in issue and the average daily traded volume is 179,566 shares. The market capitalisation of Gcp Asset Backed Income Fund Limited is £402,649,384.42.
speedsgh: Net Asset Value and Investment Update - HTTP:// GCP Asset Backed, which invests in asset backed loans, announces that as at 31 December 2020, the unaudited net asset value ("NAV") per ordinary share of the Company (including current period revenue) is 102.18 pence. NAV The NAV performance for the 3 month period is a positive movement of 0.89 pence per share after the payment of dividends (which included the payment of a special dividend), a rise of 0.88 per cent. The Company's investments continued to perform in the period to 31 December 2020, with all principal and interest payments received as expected(1) . The performance in this period means that all expected interest and principal payments were received in their entirety throughout the year. 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. Portfolio Repayments and Redeployment Through a challenging year, we believe that the GABI portfolio has demonstrated strength, not only in its ability to meet interest payments due, but also through the significant repayments received in the year. Over the course of the year, there was a total of GBP130m in repayments, with GBP118m being redeployed into new investments. The scale of these repayments demonstrated the attractiveness of our loans even in these challenging conditions. In the current period GBP48.3m of principal was repaid, including five loans which were repaid in full... ... These transactions demonstrate the institutional quality of the loans in the portfolio and the origination approach that is taken by the Company. In the period GBP51.9m was deployed with seven new loans originated. The new loans included a football finance loan to a Premier League team and a new loan secured against a co-living development in Boston, US. The origination in the period ensured that the Fund remained fully deployed throughout the period, ending with GBP5m drawn on its revolving credit facility... Share dealings Over the quarter, the Company purchased 1,333,000 of its own shares at an average price of 84.52 pence, to be held in treasury. The buybacks were conducted at a significant discount to NAV. The Board and Investment Manager note that the Company's shares continue to trade at a discount to NAV and continue to monitor this closely... Outlook The Company has collected all expected (1) payments during the year despite the significant impact of the pandemic. The Company has access to around GBP45m of capital via its RCF. The Investment Manager remains encouraged by the financial position of our borrowers and the proactive steps each borrower is continuing to take in managing their businesses in these challenging times. The Group's annual results are due to be published in late March.
speedsgh: Investment Manager change of control - HTTPS:// GCP Asset Backed, which invests in asset backed loans, notes the press release this morning by its Investment Manager, Gravis Capital Management Limited ("Gravis"), that Gravis has entered into a strategic partnership with ORIX Corporation ("ORIX") whereby ORIX will acquire a 70% equity stake in the Gravis business*. ORIX is a diversified financial services group. Its asset management operation has grown significantly over recent years and the partnership with Gravis will allow it to expand into the UK infrastructure, debt, renewable energy and property sectors. The board of the Company has been in active discussions with both ORIX and Gravis in relation to this transaction. It is reassured that there will be no changes to the team currently providing services to the Company and that service levels will be uninterrupted by the transaction. It sees as a positive that Gravis will remain independently-managed and will operate under its current brand whilst ORIX's global presence will, over the longer term, provide Gravis's management team with additional experience, expertise and access in areas such as asset sourcing, financing and potential new investors. * The transaction is subject to regulatory approvals and customary conditions to closing.
speedsgh: Haha. I may now be able to afford the pigs in blankets alongside the turkey this year... Special Dividend Declaration - The Board of GCP Asset Backed, which invests in asset backed loans, is pleased to declare a special dividend of 0.25 pence per ordinary share (the "Special Dividend"). The Special Dividend will go ex-dividend on 3 December 2020 and will be paid on 29 December 2020 to holders of ordinary shares recorded on the register as at the close of business on 4 December 2020. The Special Dividend will be paid in cash, and is in addition to any future quarterly dividend which may be declared and paid in respect of the financial year ending 31 December 2020. The Company's policy is to declare and pay quarterly dividends. However the Board regularly assesses the merits of additional returns to shareholders, via special dividends, to be paid where portfolio returns exceed the amount expected to be paid by way of regular quarterly dividends. This special dividend brings the total dividends declared this financial year (in respect of the period from 1 October 2019 to 30 September 2020) to 6.45 pence per ordinary share (FY2019: declared dividends of 6.425p) and compares with unaudited earnings per ordinary share of 7.0 pence for the 12 month period ended 30 September 2020 and a weighted annualised yield on the Company's investment portfolio of 8.0%. The Board, as advised by Gravis Capital Management Limited, the Investment Manager, believes the Company's portfolio is currently well positioned to continue to meet its investment objective of delivering attractive risk-adjusted returns through regular, growing distributions.
chucko1: This stock is a little insane. Up and down and up and down: driven by a needy seller and then a keen buyer, though not at the same time (unfortunately for them). The only issue with the portfolio are the energy price stresses. Recent news could abate that in time.
cc2014: I'm guessing it's a general market move to risk on and a rotation out of debt into equities. I'm watching. The share price looks decent enough to me. I think I might be too greedy by hoping for a lower entry
chucko1: Very much so, but I cannot see anything concretely wrong. Last NAV is 101.29 so trading 20% lower than this now. Price typically 5-8% above NAV, so the 27% movement represents a credit spread move of some 500bps. Typical high yield spreads are only out about 130bps since February across European debt. Add to the 500bps the 35bps reduction in Gilt yields and you get a total of 535bps. Perhaps as in REITs, needy sellers. Seen that in GABI on occasions. But this is a larger lurch than most, but not yet significant.
rik shaw: 'The Board of GCP Asset Backedis pleased to announce a quarterly dividend in respect of the period from 1 July 2020 to 30 September 2020 of 1.55 pence per ordinary share (the "Q3 Dividend"). The ordinary shares will go ex-dividend on 29 October 2020 and will be paid on 27 November 2020 to holders of ordinary shares recorded on the register as at close of business on 30 October 2020'
apollocreed1: 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?
speedsgh: Half-Yearly Report & Financial Statements - HTTPS:// Download full report - HTTPS:// 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.
speedsgh: Dividend Declaration & Scrip Dividend Suspension - HTTPS:// 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.
Gcp Asset Backed Income share price data is direct from the London Stock Exchange
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