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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gcp Asset Backed Income Fund Limited | GABI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.20 | 0.29% | 68.20 | 16:35:23 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 69.40 | 68.80 | 69.40 | 68.20 | 68.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 25/4/2024 08:51 by return_of_the_apeman Nothing that was already not known a month ago I guessThe article mentions "problem loans" anyone got more details on these? |
Posted at 08/4/2024 16:22 by spectoacc Citywire sometimes have some decent commentary, usually where they've spoken to a co and had a steer/inside line.In general, there's a reason they're online journalists rather than successful traders/investors :) The number of basic errors they make is large. GABI, of course, may yet fall to a bid. |
Posted at 25/1/2024 13:53 by hpcg I'm easy either way. Which way would you like your money is my favourite question to be asked as an investor. A capital gain in the bag, so to speak, with a decent dividend on cost gives one optionality. My question as an ongoing business compared with a continuation is whether similar investments can be made in a higher interest rate environment. |
Posted at 25/1/2024 09:34 by chucko1 There were no surprises here. The value of this asset is not so much in the quarter to quarter statements, but in the continued lack of new information combined with the pure arithmetic of its price/assets/maturitEvery statement made the past few months is pointing to an orderly wind down and return of capital. I can only think the the 11.4% of its assets which are regarded as impaired in some way serves to put off the marginal investor - but I see the expected recovery of this cohort as being 80% or more. That implies some loss of up to 3% of NAV. Trivial, not only as compared with the current discount, but also on the portfolio's average interest accruals. Its cousin, GCP, is also rather interesting. |
Posted at 18/12/2023 11:39 by hpcg CC2014 - Open ended funds don't have a choice if they are suffering redemptions. I don't think I agree that unsophisticated investors invest in all world trackers, I think they have money managed for them, for example with St James' Place or a local financial advisor. Even a lot of self directed private investors just use funds. Even HL has £8.7bl in fund AUM, which will be their fund-of-fund portfolio ( ).Anyhow, whatever the cause, I subscribe to your final statement too; if I thought the market was perfect I would only be in trackers. |
Posted at 18/12/2023 09:27 by hpcg CC2014 - domestic investors are continuing to withdraw from the market I think (no recent data to quote, but £26.2bn out of fund in the first 10 months of 2023). Some will be forced as needed for higher mortgage payments, some because the median investor acts 6 months to a year late. I now find myself wanting this to continue as I have a chunk of distributions turning up in January and would like to reinvest at these prices. |
Posted at 25/5/2023 18:24 by speedsgh Discounted Gravis debt fund loses second manager in six months - ... Numis analyst Ewan Lovett-Turner said the latest departure will ‘likely be a concern for investors, particularly during a period when the manager is trying to work through a few issues in the portfolio, particularly around its Co-living assets’. ‘That said, it is useful that Gravis can drop in addition people from its owner, Orix, although it does highlight the current lack of resources which it is seeking to tackle through the appointment of a new head of private credit,’ Lovett-Turner said. |
Posted at 24/3/2022 07:40 by speedsgh Co-living loanThe Co-living loan was a significant disappointment during the year, with the loan defaulting due to breaching a liquidity covenant. The loan is a syndicated loan and we are part of a consortium of lenders. Since the loan defaulted in May 2021, the consortium of lenders have been looking to sell the assets of the Co-living group to recover as much value as possible. Significant progress has been made in this regard, with a number of assets sold in the period and exclusivity agreements in place to sell a number of others. In terms of the remaining assets, the following current positions are in place at the time of writing: - US assets - exclusivity in place and working towards sales in the coming weeks; - UK HMO assets - sale process started and more than 50 parties have expressed an interest and are reviewing the sales information; and - UK large assets - an exclusivity was entered into with a proposed REIT; however, due to the situation in Ukraine, the IPO of the REIT has been paused. The operating assets have both been stabilised and are operating above 95% occupancy. We have had significant interest from parties looking to acquire the assets and if the REIT does not IPO, we will look to launch a sales process for the assets in the coming months. We expect strong competition for these assets and remain confident that they offer a defensive and stable cashflow that will prove highly attractive to investors. As noted later in the report, the key features of this loan are not present in any other loan in the portfolio. -------------- In the Chairman's statement: ... We continue to closely monitor our two loans to multi‑use community facilities. These loans are public facing, consisting of bars and restaurants as well as studio and co-working spaces. These facilities, like all in the hospitality sector, have been severely impacted by lockdowns during the year. However, we remain positive for their long-term future with performance so far this year showing good recovery. |
Posted at 15/10/2021 11:45 by speedsgh Net Asset Value and Investment Update - GCP Asset Backed, which invests in asset backed loans, announces that, as at 30 September 2021, the unaudited net asset value ("NAV") per ordinary share of the Company (including current period revenue) is 98.94 pence per share. NAV The NAV performance for the 3 month period is a negative movement of 3.77 pence per share after the payment of dividends, a decrease of 3.67 per cent. The negative NAV performance for the period was driven by the write-down of the Co-living Group loan as announced on 13 September 2021. The rest of the Company's investments continued to perform as expected in the period to 30 September 2021, with all principal and interest payments received as anticipated[1]. Portfolio Update The only portfolio assets that remain categorised as high risk are the Co-living Group loan and the two community facility loans, representing an aggregate 5.84% of the total portfolio value. Co-living Further to the announcements of 13 September and 16 September, we are pleased to report that the credit bid is proceeding as planned. The first two assets have transferred to the acquisition vehicle, and it is anticipated that the remaining four assets will transfer over the coming weeks. The negative NAV movement of 3.77p is greater than the 3.69p reduction announced on 13 September as a result of no income being recognised on the entirety of the loan in the period. Occupancy across the operating assets was strong in the period. The UK assets are all at or above 90% in occupancy and the US operating asset reported its strongest month of the year in September. The lenders to the Co-living Group are holding discussions with several parties who are interested in buying assets which are not part of the credit bid and hope to transact on a number of these in the coming weeks. The Investment Manager continues to look to realise value across all elements of the Co-living Group and continues to believe there is additional value to be found from these other assets. We are seeking to remain conservative and will only move the valuation upwards as these sums are realised, though it should be noted that current discussions would not lead to a material movement in the Company's NAV. Community Facility The Company has provided loans to two community facilities. These facilities house a variety of small businesses including bars, food outlets, co-working and studio space. A sale process was commenced in the period for the two community assets, with the appointment of a preferred bidder occurring at the end of September. It is expected that the transaction will complete before the end of October. We do not expect a reduction in the carrying value of these loans as a result of the transaction and believe that the preferred bidder will be able to fully realise the value of the facilities. General The portfolio continues to rotate well with £36.8m repaid and £16.6m deployed in the period. The Investment Manager continues to target loans to borrowers it already knows and in sectors that have performed well for the Company. The Company's interim results for the six months ended 30 June 2021 were released on 28 September 2021. Dividends On 22 July 2021, the Company declared a quarterly dividend in respect of the period from 1 April 2021 to 30 June 2021 of 1.575p per share, which was paid on 27 August 2021. Outlook Whilst endeavouring to recover value from the Co-living Group loan has been a primary focus for the Investment Manager over the period, we remain encouraged by the continued performance and strong cash generation of the wider portfolio. We continue to have access to funds as loans repay, including £20m which has been repaid post period end and we have a pipeline of opportunities which is in excess of our available capital. The Investment Manager will be holding a webinar on 3 November 2021 at 10am to provide more detail on the portfolio. For any investor interested in joining, please e-mail zoe.french@graviscap |
Posted at 15/7/2021 07:08 by playful The Investment Manager will be holding a webinar on 27 July 2021 at 10am to provide more detail on the portfolio. For any investor interested in joining, please e-mail zoe.french@graviscap |
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