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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gcp Asset Backed Income Fund Limited | LSE:GABI | London | Ordinary Share | JE00BSY6HT75 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 76.00 | 298,161 | 16:35:02 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 75.50 | 76.50 | 77.00 | 75.50 | 76.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 26.31M | 18.26M | 0.0429 | 17.95 | 323.48M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 15:44:59 | O | 68,741 | 76.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 04/12/2024 | 18:23 | UK RNS | GCP Asset Backed Income Fund Ltd Holding(s) in Company |
| 29/11/2024 | 07:00 | UK RNS | GCP Asset Backed Income Fund Ltd Total Voting Rights |
| 19/11/2024 | 13:33 | UK RNS | GCP Asset Backed Income Fund Ltd Holding(s) in Company |
| 18/11/2024 | 11:43 | ALNC |  IN BRIEF: GCP Asset Backed Income Fund completes capital distribution |
| 18/11/2024 | 07:00 | UK RNS | GCP Asset Backed Income Fund Ltd Second Capital Distribution Update |
| 06/11/2024 | 18:20 | UK RNS | GCP Asset Backed Income Fund Ltd Dividend & Second Compulsory Redemption |
| 06/11/2024 | 07:00 | UK RNS | GCP Asset Backed Income Fund Ltd Dividend & Second Compulsory Redemption |
| 18/10/2024 | 18:44 | ALNC | TRADING UPDATES: LMS Capital NAV falls; Cloudcoco sells unit |
| 18/10/2024 | 06:00 | UK RNS | GCP Asset Backed Income Fund Ltd Second Compulsory Redemption |
| 19/9/2024 | 06:00 | UK RNS | GCP Asset Backed Income Fund Ltd Half-Yearly Report & Financial Statements |
Gcp Asset Backed Income (GABI) Share Charts1 Year Gcp Asset Backed Income Chart |
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1 Month Gcp Asset Backed Income Chart |
Intraday Gcp Asset Backed Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 02/12/2024 | 13:53 | GCP Asset Backed Income | 508 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 14/12/2024 08:20 by Gcp Asset Backed Income Daily Update 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 76p.Gcp Asset Backed Income currently has 425,626,059 shares in issue. The market capitalisation of Gcp Asset Backed Income is £327,732,065. Gcp Asset Backed Income has a price to earnings ratio (PE ratio) of 17.95. This morning GABI shares opened at 76.50p |
Posted at 14/11/2024 19:59 by kenmitch 2wild.The same will happen again. BUT note that the share price fall on the ex day last June was recovered in no time. So that drop was a good buy opportunity. Will the same happen this time? Probably not as fast as it’s the easiest to sell holdings that get sold first. So this time the choice is whether to buy more on the dip to maximise the profit from the next redemption. OR to sell when the share bounces again. |
Posted at 14/11/2024 08:10 by jam62 GABI xd today. I believe ex of compulsory redemption tomorrow and cancellation of listing/ISIN number. New ISIN number operative from 8am Monday. |
Posted at 06/11/2024 19:31 by jam62 KenmitchHargreaves appears to be the only broker on the London market to be prohibiting clients from purchasing both GABI and GCP. The FCA has new guidance with reference to KIIDS relating to PRIPPS, but Hargreaves has decided to be a law unto itself. This document issued by the FCA will make things more clear:- Unfortunately, holders of GABI will not be able to replace their redeemed shares while this ludicrous situation prevails. I would implore all who hold securities under the heading of PRIPPS to call Hargreaves and complain very vociferously. |
Posted at 06/11/2024 09:50 by speedsgh Dividend DeclarationThe Board of GABI, which invests in asset backed loans, is pleased to announce a quarterly dividend in respect of the period from 1 July 2024 to 30 September 2024 of 1.58125 pence per ordinary share (the "Q3 Dividend"). The ordinary shares will go ex-dividend on 14 November 2024 and will be paid on 13 December 2024 to holders of ordinary shares recorded on the register as at close of business on 15 November 2024. Second Compulsory Redemption The Board confirms that the Second Compulsory Redemption will total £45.0 million at a price of 89.33875 pence per share... The Second Compulsory Redemption will be effected pro rata to holdings on the share register as at the close of business on 15 November 2024 (the "Redemption Date"), being the record date for the Second Compulsory Redemption, by applying a redemption ratio which is currently anticipated to be 18.95%. (the "Redemption Ratio"). For the avoidance of doubt, shareholders will receive payment of the Q3 Dividend on their pre-redemption shareholding... In the event that the Company receives any additional loan repayments in the period between the date of this announcement and the Redemption Date, the Board may determine to increase the size of the Second Compulsory Redemption (and, accordingly, the Redemption Ratio)... Payments of redemption monies are expected to be effected either through CREST... or by cheque... by 29 November 2024. |
Posted at 02/11/2024 12:16 by kenmitch It is free money hpcg which is why I wanted to buy more via Hargreaves. But Hargreaves are banning all buying presumably because GABI haven’t supplied a KID *Key Information Document). Fortunately ii are allowing trades.These tender offers are much better than buybacks because we get a genuine cash profit return whereas with buybacks we don’t and if, as is happening too often now, the share price subsequently goes down, it’s a capital loss on top of nothing returned to the investor via the buyback. |
Posted at 01/8/2024 22:42 by papy02 Hi Chucko1,Your earlier post triggered me to look at my GABI and ASLI allocations. I have also traded a few GABI into ASLI today. I’d be very interested in any comments on what motivated your switch. Following is my attempt at a rationale, (numbers based on today’s closing Offer prices). Metric ASLI GABI IRR 22% 24.5%GRY 16.1% 6.0%Disc from Proceeds -15.9% -18.0%Uplift to Proceeds 19% 22.0%Months to breakeven 14 17 For ASLI I’m using Sky’s numbers (in the VL/ASLI headers/posts), and added what I hope is a reasonable time-distribution for the returns. Starting to get twitchy about where are the realisations announcements, or vacancy rate announcements. I have a more conservative scenario where returns are delayed, which does reduce the attraction significantly. For GABI I’m using the original Realisation-Plan numbers (“base-case Overall I think both are attractive, but GABI not sufficiently compelling for me to significantly overweight it vs ASLI, given its longer expected realisation-timescal My weakness (or one of them ! ) is not having a background /familiarity with either asset class, so your point on “it’s the quality of the remaining assets” is very well taken, but I don’t trust my judgement on that. I greatly appreciate the input of others on these boards who do have that familiarity. Comments re the metrics: “You can’t eat IRR” as someone memorably stated YTM – I just used the expected total return and the final expected return date, so a bit “unfair” to GABI, which has 2 significant near term distributions expected. I added “Months to breakeven” – as maybe an additional measure of how the returns are distributed in time ? If SkinnyPope is still reading this board, I would be very interested in his ex-cash analysis of the two (or indeed, other comments). Many thanks for any thoughts! |
Posted at 01/8/2024 13:15 by chucko1 The initial IRR was calculated with a share price of 71p and BEOFRE the significant return of capital.For this reason, and the reason I posted a couple of weeks back about the mathematics/risk of actually achieving the calculated IRR, 78p is a mile or two away from 71p pre-cap. Still OK, but is it now the top pick? That is my point and I have been buying ASLI in spades the past month. Further, not selling many of the others as I now see discount compression as being as good an asset (or better) than short duration IRR. Note how short this GABI duration now is, and forget about the cited 3.5 years which is another demonstration why Questor needs taking with aspirin. |
Posted at 03/7/2024 17:17 by jam62 loglorry1I was intrigued by the share price action today versus yesterday. Yesterday, stock was bought at a level of 68p with consummate ease. Today, volume jumped to circa 4 times yesterday’s and ended the day at 72p bid. After enquiring with 2 ex colleagues who work in the financial services industry, the above explanation was cited. I would remind followers that the last 3 price-sensitive announcements, have been preceded by significant upward share price movements. |
Posted at 29/6/2024 16:59 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 09/6/2024 12:48 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. |
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