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GABI Gcp Asset Backed Income Fund Limited

68.20
0.00 (0.00%)
Last Updated: 10:10:34
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 Shares Traded Last Trade
  0.00 0.00% 68.20 90,375 10:10:34
Bid Price Offer Price High Price Low Price Open Price
68.20 69.00 69.20 68.20 68.20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 15.18M 7.69M 0.0181 38.12 293.68M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:17:45 O 2,000 68.24 GBX

Gcp Asset Backed Income (GABI) Latest News

Gcp Asset Backed Income (GABI) Discussions and Chat

Gcp Asset Backed Income Forums and Chat

Date Time Title Posts
14/3/202416:49GCP Asset Backed Income 239

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Gcp Asset Backed Income (GABI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
10:17:4668.242,0001,364.80O
10:09:2868.2310,0006,823.00O
09:51:5968.2310,0006,823.00O
09:45:5868.204,2152,874.63AT
09:43:3168.2110,0006,820.64O

Gcp Asset Backed Income (GABI) Top Chat Posts

Top Posts
Posted at 14/3/2024 15:39 by stemis
In terms of loan repayment schedule, I presume you are working off the Oct 2023 GABI portfolio report wrt 30-6-23?
Posted at 14/3/2024 08:57 by chucko1
I topped up yesterday and added much more this morning. They cited a cash balance of some £55mn, and I calculate a net cash discount of 26% using such numbers. By the end of this year, according to the loan repayment schedule, this discount would rise to 30%.

This is far too generous given the nature of the assets - non-development infrastructure loans. If one considers a 10% discount to be a target, then that would imply a share price of just under 84p by year end.
Posted at 04/3/2024 11:19 by speedsgh
Outcome of strategic review to be announced next week...

Strategic Review Update -

On 29 January 2024, the Company announced that the board of GABI (the "Board") would be seeking shareholder feedback to inform its decision-making process in connection with the strategic review to consider how it may best deliver value to shareholders (the "Strategic Review").

The Board has today completed the shareholder consultation period in connection with the Strategic Review. Feedback has been provided to the Board by shareholders representing a majority of total voting rights in the Company. Views were canvassed on the future strategic direction of the Company, including in relation to: (i) a potential continuation of the Company in accordance with its current investment policy delivered by the Investment Manager, Gravis Capital Management Ltd; (ii) a suitable time horizon for the return of capital in a potential orderly wind-down of the Company; and (iii) acceptable pricing on a potential sale of the Company.

Shareholders have expressed a broad range of views throughout the consultation period. The Board is in the process of collating and reviewing the shareholder feedback and will announce the outcome of the Strategic Review in the week commencing 11 March 2024. The Board also expects to announce an update in relation to succession planning in respect of Board composition at that time.

The Board continues to consider a sale of the entire issued share capital of the Company as an option for the Company's future.

Alex Ohlsson, Chairman of GABI, commented:

"The Board is grateful to shareholders for their engagement in providing feedback in connection with the strategic review. This feedback will inform the Board's decision-making process for the future of the Company."
Posted at 01/2/2024 13:54 by cc2014
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.
Posted at 01/2/2024 13:39 by hpcg
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.
Posted at 29/1/2024 16:34 by loglorry1
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.
Posted at 29/1/2024 11:13 by neilyb675
The anticipated dates and sequence of events relating to the Strategic Review are set out below:

Initial shareholder consultation period

29 January to 23 February 2024

Publication of outcome of the Strategic Review

mid-March 2024

Posting of AGM notice / shareholder circular

mid-April 2024

AGM of the Company

15 May 2024



Alex Ohlsson, Chairman of GABI, commented:

"The Board looks forward to engaging with shareholders as it seeks feedback to inform its decision-making process for the future of the Company. The Board will be seeking to ascertain a future direction for the Company which can be supported by a majority of shareholders. The Board remains committed to maximising value for shareholders."
Posted at 18/12/2023 11:17 by cc2014
Hpcg. Money for sure is leaving the market to pay for mortgages or maintaining lifestyles or being put into 5%+ 5 year bonds etc but I would have thought that most of the sellers will be unsophisticated and own world trackers, US magnificent 5, or some other large tracker or ETF, not from a stock like GABI which most people have never heard of.

However, whilst I was digging through ADIG this morning I've discovered ADIG have sold 3.1m shares in GABI sometime between Feb and November this year. They have none left now. Whilst I see the actions of Aberdeen and thus the trade flow, I struggle with the why? They've been selling GABI at a discount to NAV to presumably buy private markets. I don't get it. It's not even an issue with Gravis as they've been adding to their holding in GCP.

Perhaps that's all the insight I need though. Do ADIG and some other funds really know what they are doing?
Posted at 13/12/2023 10:38 by cc2014
Logic has no part in the market.

The latest NAV is £397m. I cannot understand why the major shareholders seem to want to wind GABI up on the basis that it's not large enough or not liquid enough. On that basis you might as well wind up 75% of the Investment Trusts in the UK and the whole of AIM as well. (oh and hand over the whole of the financial markets to the US and close UK plc while you are at it)

Indeed at 60p, GABI was ranked 448th in the FTSE. Hardly too small.

So, the plan to resolve things seems obvious to me.

1. Pay off the RCF which will be done in the next 3 months. I expect the NAV will still be around £400m as both £30m of assets and £30m of liabilities will be gone.

2. Start buying back shares and keep doing so until the discount to NAV reaches 20%

3. When it gets to 20% see how big the NAV is and make a decision then about GABI's future.
Posted at 13/12/2023 08:29 by cc2014
Indeed. But what I'm struggling with most is why GABI is trading at 64p either before or after the announcement.

The NAV is 94p and most of the loans are short term making GABI a natural candidate to be wound up. I thought the market had already decided that was what it wanted.

It's difficult to price anything in this market but in my head even buying at 75p would give very reasonable scope to make money on this.

Perhaps I would say that though as it's one of my largest holdings and I've got a decent average entry price of 55p
Gcp Asset Backed Income share price data is direct from the London Stock Exchange

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