Gcp Asset Backed Income Share Discussion Threads

[papy02] 12/5/2024 10:07

Log, unless this counts, in your book

following an expected initial capital distribution of at least c.£55 million as soon as reasonably practicable following the conclusion of the Extraordinary General Meeting, Shareholders may have to wait a considerable period of time before receiving returns of capital or other distribution.

(From Circular)

[loglorry1] 11/5/2024 22:50

No dates set for GABI for return of capital other than the divi.

[wskill] 11/5/2024 09:09

GCP upgraded from hold to buy by Jeffries,raising the prospect of ongoing capital returns.

When I bought GCP I looked at all the portfolio and could not really find many I did not think were SIPP investment candidates not really keen on this selling down of assets as I am here for the long term not for a quick buck.After the loss of CSH from my portfolio it was difficult for me to find a replacement.

[sumday] 10/5/2024 10:25

Thank you Chucko1. Appreciated.

[chucko1] 10/5/2024 10:18

No formal capital distribution amount (or date) has been declared as yet, so you are still in the running!

As you say, it is ex-div, so that boat has departed.

[sumday] 10/5/2024 10:15

I’ve just recently looked at GABI and have scrolled through posts and looked at documents. I’d be obliged if someone could confirm that no qualification dates for holders to be entitled to distributions etc have been set. I know that the share is ex divi

[finkie] 09/5/2024 19:39

they are wanting to distribute £55m any views on this?

[jam62] 02/5/2024 14:35

Xd today 1.58p

[return_of_the_apeman] 25/4/2024 15:13

Thanks for the replies

[hpcg] 25/4/2024 09:47

Yes - they highlighted the Q1 write downs in the RNS. Openness is always good to see. The Social Housing issue, or assumed issue was one of the reasons for the share price decline in the first place. I can't see anything thus far to suggest it won't be at the most extreme minimum 10% PA for a while then all my investment back. Far more likely to decently exceed that handily. It is difficult to put a YTM on the mid range of returns, and it depends a lot on whether the discount closes at all to reinvest the capital, if one chooses to do so. The problem and watchlist section is very helpful with regards to the low ball portfolio value as good assets are repaid.

[frazboy] 25/4/2024 09:44

One new problem loan (moved fromwatchlist) and one new watchlist loan. 2p off NAV. I think that information was all new. share price seems to have taken that in its stride.

[loglorry1] 25/4/2024 09:21

Problem/Watchlist GABI loans on pages 20/21 worth a look hxxps://cdn.graviscapital.com/graviscapital/files/Web_01_GABI_AR23.pdf.

[return_of_the_apeman] 25/4/2024 08:51

Nothing that was already not known a month ago I guess



The article mentions "problem loans" anyone got more details on these?

[cc2014] 25/4/2024 08:46

Nothing to do SpectoAcc, but hold on and collect the capital returns.

Imho the share price shouldn't be here, but Mr. Market has some very strange views these days

[spectoacc] 25/4/2024 08:26

Any GABI comment? Glad to see they're hoping to hold the divi during the capital returns.

[jam62] 23/4/2024 20:23

frazboy, GABI is in active negotiations for the sale of the company. Buying equity while being in active discussions would be tantamount to insider trading and would be totally inappropriate. In addition, if buybacks are undertaken and those shares, together with stock held in treasury are cancelled, there would be an immediate accretion to both EPS and NAV. Any prospective buyer would take a very dim view……..But it just wouldn’t happen.

If or when buybacks do start, you can safely assume that negotiations to sell the company have ceased.

[frazboy] 19/4/2024 13:33

With respect to posts 241 and 242 I still can't fathom why the buyback never materialised. Anyone shed any further light?

[hpcg] 08/4/2024 18:41

Talk of winding up GABI as being at the bottom of the market is nonsense. It's a short term debt fund, it is always being wound up so to speak. Now I would be happy for it to continue, but the discount says there isn't demand for it to do so, so I'll also happily collect the discount along with the income.

[spectoacc] 08/4/2024 16:52

"I made my fortune selling too soon" - suspect the majority of us lose it by buying too soon!

Fair point re Mr Carthew, but him, Gavin Lumsden, David Stevenson, & Ian Cowie all cut from similar cloth. Churning out articles, often in desperate need of sub-editors.

Citywire's advertorial pieces are particularly annoying. They spent years cheerleading SMT for eg.

[speedsgh] 08/4/2024 16:40

Yes, though to be fair, the article was penned by James Carthew of QuotedData who is pretty clued up. Easy to make a mistake however. I specilaise in them, especially when it comes to investing!

[spectoacc] 08/4/2024 16:22

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.

[speedsgh] 08/4/2024 16:13

James Carthew: Good funds like GABI shouldn’t wind up at a market low -

Don't quite understand the following statement. AFAICS the NAV has been shrinking since mid-2021.

"With all of this going on, it has been easy to forget that GABI was still growing net asset value each year and was still a decent size at more than £400m."

NAV
£396.7m as at 31/12/23
£397.4m as at 30/9/23
£399.9m as at 30/6/23
£407.0m as at 31/3/23
£412.0m as at 31/12/22
£423.0m as at 30/9/22
£433.0m as at 30/6/22
£437.0m as at 31/3/22
£436.7m as at 31/12/21
£435.2m as at 30/9/21
£451.7m as at 30/6/21

NAV per share
93.21p as at 31/12/23
93.36p as at 30/9/23
93.96p as at 30/6/23
95.13p as at 31/3/23
94.90p as at 31/12/22
96.18p as at 30/9/22
98.45p as at 30/6/22
99.36p as at 31/3/22
99.29p as at 31/12/21
98.94p as at 30/9/21
102.71p as at 30/6/21
102.18p as at 31/12/20
100.83p as at 30/6/20
102.33p as at 31/12/19
102.31p as at 30/6/19
101.74p as at 31/12/18
101.53p as at 30/6/18
100.85p as at 31/12/17
100.22p as at 30/6/17
100.01p as at 31/12/16
99.47p as at 30/6/16
98.38p as at 31/12/15

[loglorry1] 03/4/2024 12:45

They can just leave a mandate with a broker to buy back shares and the broker can execute that even if the directors were inside at that point. That's normal. The weakness is probably because rates are not coming down as fast as expected. The whole sector is the same.

[rimau1] 03/4/2024 12:33

So if we don't see a gbp7m buyback by the 30apr should we assume that they are in takeover discussions. We are sitting on gbp55m of net cash with another 53.7m falling due on or around 29 june. At 67.5 i would like an accretive buyback personally."The Board is in discussion with its advisers in connection with the initiation of a £7 million share buyback programme in the coming weeks that would enable the Company to make capital available for return to shareholders in the period to 30 April 2024. The Board continues to consider a sale of the Company as an option for its future. The timing and/or implementation of any share buyback programme may be tempered by regulatory and commercial considerations in connection with any potential approaches for the Company at the relevant time."

[rimau1] 21/3/2024 11:05

Nice to see the 70s again