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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 JE00BYXX8B08 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -0.62% 79.50 546,718 16:35:09
Bid Price Offer Price High Price Low Price Open Price
78.00 81.00 80.80 78.00 80.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 32.93 14.97 3.40 23.4 350
Last Trade Time Trade Type Trade Size Trade Price Currency
16:19:02 AT 2,500 78.00 GBX

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Date Time Title Posts
26/1/202323:54GCP Asset Backed Income 121

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Gcp Asset Backed Income (GABI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-02-07 16:19:0278.002,5001,950.00AT
2023-02-07 16:19:0278.402,0001,568.00AT
2023-02-07 16:16:3078.5275,00058,890.00O
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2023-02-07 16:15:3378.5241,91732,913.23O
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Gcp Asset Backed Income (GABI) Top Chat Posts

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Posted at 07/2/2023 08:20 by 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 80p.
Gcp Asset Backed Income Fund Limited has a 4 week average price of 78p and a 12 week average price of 76.60p.
The 1 year high share price is 102p while the 1 year low share price is currently 70.80p.
There are currently 439,833,518 shares in issue and the average daily traded volume is 285,827 shares. The market capitalisation of Gcp Asset Backed Income Fund Limited is £349,667,646.81.
Posted at 26/1/2023 16:59 by speedsgh
NAV drops to 94.90p (30/9/22: 96.18p). Further write-down of Co-Living Group Loan and a new loan (Supported Living Asset, representing 3.0% of company's portfolio) added to their negative watchlist...

Quarterly Portfolio Update and Dividend Announcement - HTTPS://www.londonstockexchange.com/news-article/GABI/quarterly-portfolio-update-and-dividend/15811126

Posted at 02/11/2022 09:31 by speedsgh
Dividend Declaration - HTTPS://www.investegate.co.uk/gcp-asset-backed-inc--gabi-/rns/dividend-declaration/202211020700089766E/

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 July 2022 to 30 September 2022 of 1.58125 pence per ordinary share (the "Q3 Dividend").

The ordinary shares will go ex-dividend on 10 November 2022 and will be paid on 09 December 2022 to holders of ordinary shares recorded on the register as at close of business on 11 November 2022.

Posted at 10/10/2022 16:53 by speedsgh
Fund Manager Update - HTTPS://www.investegate.co.uk/gcp-asset-backed-inc--gabi-/rns/fund-manager-update/202210101558043846C/

The Board of GCP Asset Backed Income Fund Limited has been informed by Gravis Capital Management Ltd, the investment manager of the Company ("Gravis"), that David Conlon, the Company's lead fund manager and member of its investment committee, has decided to leave Gravis and will be relinquishing responsibility for the management of the Company's portfolio with effect from today.

Joanne Fisk continues as the portfolio manager of the Company. Joanne has worked with David as portfolio manager since joining Gravis in 2017 and has played a key role in identifying investments, leading negotiations, liaising with borrowers and overseeing portfolio development. In addition, Gravis CEO, Rollo Wright, and Phil Kent, a director of Gravis, have assumed the role of joint portfolio managers to the Company, alongside Joanne.

Rollo and Phil both sit on the investment committee at Gravis that oversees investment decision making on behalf of the Company, alongside Nick Barker, Saira Johnston and Nick Parker. Phil co-led the fund management of the Company alongside David until 2018 and Rollo was the lead fund manager of GCP Infrastructure Investments until 2018. Gravis' services to the Company will continue to be supported by the wider team across Gravis that provides investment advisory services. The Gravis team members are happy to make themselves available for any questions or updates the Company's shareholders might have in relation to the contents of this announcement.

In accordance with the key person provisions of the investment management agreement entered into by the Company and Gravis, the Board is in discussions with Gravis concerning finding a suitable replacement for David and further information in this respect will be announced in due course.

Alex Ohlsson, Chairman of the Company commented: "The Board remains confident of the management of the Company's assets and the execution of the continued pipeline of attractive investment opportunities, utilising the broad and deep expertise of the investment advisory team at Gravis. The Board would like to thank David for the role he has played since the IPO of the Company and wish him the best for the future."

Posted at 29/4/2022 15:13 by speedsgh
Dividend Declaration - HTTPS://www.investegate.co.uk/gcp-asset-backed-inc--gabi-/rns/dividend-declaration/202204290700067426J/

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 2022 to 31 March 2022 of 1.58125 pence per ordinary share (the "Q1 Dividend").

The ordinary shares will go ex-dividend on 12 May 2022 and will be paid on 14 June 2022 to holders of ordinary shares recorded on the register as at close of business on 13 May 2022...

Posted at 24/3/2022 07:43 by speedsgh
Dividend target 6.325p (1.58125p per qtr) for FY22:

The Company paid 6.30 pence in interim dividends, meeting the target set by the Company for 2021 and fulfilling the Company's stated aim to grow its annual dividend year-on-year, compared to 6.2252 pence paid in interim dividends for 2020. In respect of the forthcoming financial year, the Company is targeting an annual dividend of 6.325 pence per ordinary share.

Posted at 24/3/2022 07:38 by speedsgh
Annual Report & Financial Statements - HTTPS://www.investegate.co.uk/gcp-asset-backed-inc--gabi-/rns/annual-report---financial-statements/202203240700078302F/

Highlights for the year

- Dividends of 6.30 pence per share declared in respect of the year, including a dividend of 1.575 pence per share for the quarter to 31 December 2021, which was paid post year end.

- Total shareholder return3 of 13.2%, total NAV return3 of 3.4% (31 December 2020: -9.8% and 6.5%) and an annualised total shareholder return3 since IPO of 5.3%.

- Profit for the year of £15.0 million (31 December 2020: £27.4 million). The decrease year-on-year reflects the impact of the decrease in fair value of the Group's Co‑living loan.

- Renewal of existing £50 million revolving credit arrangements with RBSI to extend maturity from August 2021 to August 2023.

- NAV per ordinary share of 99.29 pence at 31 December 2021, a decrease from 102.18 pence in the prior year, predominantly due to a 4.5 pence per share write-down of the Group's Co‑living loan, partially offset by valuation gains elsewhere in the portfolio and excess income. Refer to the Investment Manager's report below for further detail.

- Exposure to a diversified, partially inflation and/or interest rate-protected portfolio of 60 asset backed loans with a third party valuation of £443.64 million at 31 December 2021.

- Loans of £135.5 million (new and follow‑on) advanced by the Group during the year, secured against 35 projects with a further £16.6 million secured against five projects, advanced post year end.

- Repayments of £118.1 million during the year generating repayment fees of £2.5 million, with a further £31.7 million of repayments received post year end.

Posted at 27/1/2022 08:37 by speedsgh
Dividend Declaration - HTTPS://www.investegate.co.uk/gcp-asset-backed-inc--gabi-/rns/dividend-declaration/202201270700137556Z/

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 October 2021 to 31 December 2021 of 1.575 pence per ordinary share (the "Q4 Dividend").

The ordinary shares will go ex-dividend on 03 February 2022 and will be paid on 04 March 2022 to holders of ordinary shares recorded on the register as at close of business on 04 February 2022.

Posted at 03/11/2021 12:52 by speedsgh
Dividend Declaration - HTTPS://www.investegate.co.uk/gcp-asset-backed-inc--gabi-/rns/dividend-declaration/202111030700071202R/

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 July 2021 to 30 September 2021 of 1.575 pence per ordinary share (the "Q3 Dividend").

The ordinary shares will go ex-dividend on 11 November 2021 and will be paid on 10 December 2021 to holders of ordinary shares recorded on the register as at close of business on 12 November 2021...

Posted at 15/9/2021 16:03 by speedsgh
GCP Asset Backed Income hurt by Co-living loan writedown - HTTPS://citywire.co.uk/investment-trust-insider/news/gcp-asset-backed-income-hurt-by-co-living-loan-writedown/a1554714

... GABI was a small player in a syndicate of lenders to Co-living, leading Liberum analyst Conor Finn to say it illustrated ‘some of the risks in minority lending investments, particularly the lack of control in distressed situations.’

‘The scale of the writedown is significant given the LTV [loan to value] of the position was less than 65% at March 2021,’ Finn said, meaning there was a healthy cushion of equity to protect the lender.

Stifel analyst Iain Scouller cut his ‘positive’ rating to ‘neutral’ saying there was a risk the shares could drop to a discount to NAV.

‘We are disappointed to see this writedown especially given what had been the improving backdrop and comments from the company regarding its high-risk loans. While no portfolio is immune to problems, the size of the writedown – around 54% as the loan was 6.8% of the portfolio 30 June – is significant and means that something has clearly changed quite materially in the third quarter,’ Scouller said.

Shares in GABI have dropped from 104.5p to 101p since the announcement on Monday, but remain on a small premium to the reduced NAV following Conlon’s insistence that no ‘read-across should be made as a result of the writedown in the value of the Co-living Group loan to the rest of the company’s portfolio which continues to perform as expected.’

Speaking at an Association of Investment Companies event yesterday, Gravis associate director Joanne Fisk, who works with Conlon on GAVI, said the fund remained committed to funding sustainable borrowers.

‘Core to the sustainable theme is looking for assets that meet a structural demand in society or serve a purpose as we think that underpins the value of the investment we are making,’ she said.

While the Co-living loan has been painful, GABI remains keen on housing, lending £5m earlier this year to Apex Airspace, whose modular pods on top of flat-roof buildings are designed to solving the property shortage.

Fisk said Apex had ‘a borrower track record’ and is working on an affordable homes project with the Greater London Authority and local councils.

‘It is improving and building on existing housing stock providing affordable homes in London,’ she said.

Within social infrastructure, GABI is also a lender to four care homes. Fisk hoped to add to the exposure in ‘areas of undersupply when there is a need for elderly and vulnerable care’.

‘These assets have seen really strong growth in valuations,’ she said.

Fisk said the managers of the four homes ‘impressed through Covid-19 by taking steps early on, maintaining occupation, and gaining new contracts’, despite the sector being hit hard by the pandemic.

‘This is an area we are interested in. We are looking at other projects and are hoping to close soon.’

Posted at 13/8/2021 11:32 by jonathan49
Thanks appollocreed1 - I am a long term holder of the credit ITs for reasons of diversification and total return (not driven by need for income) As it happens I also held SQN and GCP infra. I sold out of GCP infra because the dependence on power prices was much too great for my liking. There is a tight linkage and my view is that power prices need to fall in the long term because much more electricity will need to be used and it will need to be affordable. Plus since the assets are "wasting" (being amortised away to nothing) there is a big question about whether they are reinvesting enough and have good enough opportunities in the long term to maintain the NAV. The power price aspect is evidenced that some of the GCP infra loans are already valued below cost due to the power price having fallen. I also sold out of TRIG at a nice profit for the same reason. Gore Street may be different because it is not power price dependant as I understand it. I got SQN C shares on at about 80p and have held on - now hopeful that I will get most of my money back as it winds up. SQN management was a learning experience to be very careful that any Boutique manager really has the market network, contacts and access to source good deals with responsible sponsors who have meaningful equity in the deal deep pockets. None of these existed with SQN, they were just lending to anyone who came along and wanted money. Gravis does look better than that but they are still a boutique manager and I wonder about their market access compared to the big boys. My preferred ITs for credit are now CCPG/NCHY/RECI/MGCI/TFIF/NBMI/BIPS/HDIV. I have equal weight of all those plus GABI.
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