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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gcp Infrastructure Investments Limited | GCP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.10 | -0.14% | 72.90 | 13:22:24 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 72.00 | 72.00 | 73.10 | 73.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 24/10/2024 | Interim | GBP | 0.0175 | 31/10/2024 | 01/11/2024 | 29/11/2024 |
| 26/07/2024 | Interim | GBP | 0.0175 | 08/08/2024 | 09/08/2024 | 09/09/2024 |
| 25/04/2024 | Interim | GBP | 0.0175 | 02/05/2024 | 03/05/2024 | 04/06/2024 |
| 29/01/2024 | Interim | GBP | 0.0175 | 08/02/2024 | 09/02/2024 | 08/03/2024 |
| 02/11/2023 | Interim | GBP | 0.0175 | 09/11/2023 | 10/11/2023 | 05/12/2023 |
| 28/07/2023 | Interim | GBP | 0.0175 | 10/08/2023 | 11/08/2023 | 13/09/2023 |
| 27/04/2023 | Interim | GBP | 0.0175 | 11/05/2023 | 12/05/2023 | 14/06/2023 |
| 27/01/2023 | Interim | GBP | 0.0175 | 09/02/2023 | 10/02/2023 | 14/03/2023 |
| 21/01/2022 | Interim | GBP | 0.0175 | 03/11/2022 | 04/11/2022 | 06/12/2022 |
| 21/01/2022 | Interim | GBP | 0.0175 | 04/08/2022 | 05/08/2022 | 06/09/2022 |
| 21/01/2022 | Interim | GBP | 0.0175 | 05/05/2022 | 06/05/2022 | 07/06/2022 |
| 21/01/2022 | Interim | GBP | 0.0175 | 03/02/2022 | 04/02/2022 | 08/03/2022 |
| Interim | GBP | 0.0175 | 04/11/2021 | 05/11/2021 | 09/12/2021 | |
| Interim | GBP | 0.0175 | 05/08/2021 | 06/08/2021 | 09/09/2021 | |
| Interim | GBP | 0.0175 | 06/05/2021 | 07/05/2021 | 08/06/2021 | |
| 22/01/2021 | Interim | GBP | 0.0175 | 04/02/2021 | 05/02/2021 | 09/03/2021 |
| Interim | GBP | 0.019 | 05/11/2020 | 06/11/2020 | 07/12/2020 | |
| Interim | GBP | 0.019 | 30/07/2020 | 31/07/2020 | 28/08/2020 | |
| Interim | GBP | 0.019 | 07/05/2020 | 11/05/2020 | 10/06/2020 | |
| 24/01/2020 | Interim | GBP | 0.019 | 06/02/2020 | 07/02/2020 | 09/03/2020 |
| Top Posts |
|---|
Posted at 10/11/2024 08:48 by spectoacc Agreed, it's not necessarily the pay rises, a lot of which are just catch-up & well-deserved. It's the total ease in which they're given, and the lack of a quid pro quo like productivity or modernisation.If Labour fold instantly to every demand, what will the demands look like when inflation is back to 4-5%? But agreed re GCP - assuming no mishaps, there's a lot in the price down here, & we're paid to wait. |
Posted at 09/11/2024 15:00 by jam62 JezreelThe big imponderable is assessing how far this government will expand the balance sheet of U.K. plc. It seems that, so far, if a group of public sector workers make pay demands and threaten strike action there’re given what they want. If this absolute stupidity continues then Gilt yields will continue to rise. Just look at what happened on Thursday when the Base Rate was cut by 0.25% and there was not the appropriate reaction in short to medium-term Gilt prices. Fortunately, as far as the GCP valuation is concerned, the yield is a touch off 10%, and the discount to asset value is 30%-plus. Those two numbers give me much solace, especially the latter. |
Posted at 05/11/2024 21:35 by jam62 The share price fall is all to do with the yield on the 2 and 10-year Gilt.All fixed income and related securities trade on a spread/differential. The 10-year Gilt yield has moved from circa 3.95% to 4.5% in the last two and a half weeks or so, and that’s a 13.9% move. GCP over the same period has moved from a yield of 8.86% to 9.85%, a move of 11.2%. It’s a numbers game, with players in this market doing pair trading. Because the movement in GCP has been so rapid, the worry beads appear and imaginations run wild, with fear and greed entering the market. The reality is that GCP has a well spread portfolio of high quality assets and regardless of Gilt yields, the status quo remains. As a reminder, look back to see what happened to the share prices of both GCP and GABI during the brief period when Liz Truss was at the helm of our country and Gilt yields went to 5/5.5%. |
Posted at 24/10/2024 06:45 by speedsgh GCP NAV:105.22p as at 30/9/24 107.58p as at 30/6/24 107.62p as at 31/3/24 109.84p as at 31/12/23 109.79p as at 30/9/23 110.02p as at 30/6/23 112.24p as at 31/3/23 113.59p as at 31/12/22 112.80p as at 30/9/22 114.31p as at 30/6/22 112.75p as at 31/3/22 107.18p as at 31/12/21 103.92p as at 30/9/21 102.20p as at 30/6/21 100.78p as at 31/3/21 102.71p as at 31/12/20 103.99p as at 30/9/20 107.73p as at 30/6/20 109.83p as at 31/3/20 109.58p as at 31/12/19 111.66p as at 30/9/19 112.35p as at 30/6/19 112.50p as at 31/3/19 112.69p as at 31/12/18 112.37p as at 30/9/18 113.21p as at 30/6/18 112.35p as at 31/3/18 112.28p as at 31/12/17 110.55p as at 30/9/17 109.99p as at 30/6/17 110.30p as at 31/3/17 110.80p as at 31/12/16 109.67p as at 30/9/16 107.73p as at 30/6/16 107.68p as at 31/3/16 107.90p as at 31/12/15 107.47p as at 30/9/15 |
Posted at 16/10/2024 08:36 by loglorry1 Inflation print generally quite good for REITs but GCP has pretty decent inflation protection on its loan book. The AR gives a good table of NAV sensitivity to inflation and so not sure low inflation is what we want for this particular REIT.Regardless, its a good place for a lot of the cash returns we are seeing at the moment in my view. |
Posted at 12/8/2024 08:03 by spangle93 Update on GCP from quoted data2024 brought an improving economic outlook, the prospect of a reversal in interest rate policy, and – for GCP’s shareholders – a highly attractive dividend yield, solid portfolio execution, and the introduction of a capital recycling programme (where the adviser looks to realise existing assets to fund capital returns and new investment). So far, this programme has allowed the company to significantly reduce leverage and begin returning capital to shareholders. It has also enabled GCP to start the process of restructuring the portfolio to take advantage of an increasingly attractive investment environment, reduce its exposure to merchant power prices (electricity sold into wholesale markets rather than at fixed prices), and exit some of its legacy positions. .. Whilst the company’s shares continue to trade at a stubborn discount to net asset value (NAV) of 26%, its fortunes look much more promising. |
Posted at 12/2/2024 14:24 by speedsgh New Edison flash note...GCP Infrastructure Investments: Key takeaways from capital markets day - GCP Infrastructure Investments (GCP) has a mature, diverse and operational portfolio of 51 UK infrastructure assets with a total asset value of £1.1bn and a net asset value (NAV) of £953m, two-thirds of which is focused on renewables, and 41% of investments by value have some form of inflation protection. The portfolio is also well-positioned to benefit from the global trends of decarbonisation, energy security and population dynamics. The fund’s January capital markets day saw the board and management reconfirm the capital reallocation policy for the coming year, which consists of asset disposals and refinancing to position the fund in the strongest possible position. Capital allocation strategy for 2024 GCP’s capital allocation strategy for 2024 of asset disposals and refinancing is focused on reducing the fund’s leverage position (£104m currently drawn from the fund’s revolving credit facility), returning capital to investors (minimum capital return of £50m in 2024 to shareholders, potentially via share buybacks or tender offer) and rebalancing the portfolio (away from equity towards debt). The total value of the potential asset disposals is c £500m, however the fund has set a base case target of £150m before the end of 2024. The four sectors in which the fund will most actively pursue asset disposals are supported living (£112m total portfolio exposure), onshore wind (£185m total portfolio exposure), rooftop solar (£102m total portfolio exposure) and anaerobic digestion (£99m total portfolio exposure) The overall aim of GCP’s capital re-allocation programme is to cycle out sectors within its portfolio (supported living), reduce NAV volatility to electricity prices, shorten duration (supported living) and refocus the portfolio’s position on debt. Upside of recycling capital from asset disposals The fund is trading at a 35% discount to NAV, the biggest discount in its 13-year history. This largely materialised in 2023 and mirrors the wider investment trust landscape, where discounts have emerged in a rising interest rate environment as investors have been drawn to money market funds and UK gilts over traditional investment trusts. There is potential upside therefore in repositioning the fund through the disposal of assets and then reinvesting capital by buying back stock while the fund is trading at such a significant discount to NAV. As an illustration, even if the select assets were sold at a 20% discount to NAV, there would still be significant upside in recycling the capital, given the fund is trading at a 35% discount. Towards a debt focused portfolio in 2024 The fund trades at a c 10% dividend yield (1.23x covered for the 12 months to 30 September 2023) and offers a potential additional return of 54% if its discount to NAV were to close. On the date of the CMD, GCP highlighted the discount rate implied by the stock price is 18.8%, well above the applied NAV discount rate of 7.7% – for a portfolio that is returning 7.9% and increasingly shifting towards wholly debt investments, this seems surprising. |
Posted at 02/11/2023 08:24 by speedsgh Dividend Declaration - GCP Infra is pleased to announce a dividend of 1.75 pence per ordinary share, for the period from 1 July 2023 to 30 September 2023. The dividend will be paid on 5 December 2023 to holders of ordinary shares recorded on the register as at the close of business on 10 November 2023. The Board, in its discretion, has determined that the offer of a scrip dividend will remain suspended for the period from 1 July 2023 to 30 September 2023. The suspension is as a result of the discount between the likely scrip dividend reference price of the shares and the current net asset value per share of the Company. The Board will keep the payment of future scrip dividends under review. Expected timetable: Shares quoted ex-dividend - 9 November 2023 Record date for dividend - 10 November 2023 Dividend payment date - 5 December 2023 |
Posted at 06/9/2023 08:52 by donald pond From liberum today. I think the conclusion is probably correct. When there is no origination possible fees need to be cut.GCP Infrastructure Investments called off the proposed merger with RM Infrastructure Income as the two parties were unable to agree on a structure and terms for the merger acceptable to both sides. However, the proposed merger between GCP Infrastructure Investments and GCP Asset Backed Income that was announced on 11 August remains on track. Heads of terms for that merger have been agreed and a shareholder feedback exercise is being conducted. A circular to shareholders providing further details of the proposed merger between GCP and GABI is expected to be published in due course.RMII has proposed a managed wind-down of the fund in response to the failed merger with GCP, citing "differing views" by shareholders on the merits of a potential combination against a managed wind-down. Given the failed merger talks, the small scale of the fund, its persistent discount to NAV and the limited liquidity of the shares, the board assesses that the best option forward is a managed wind-down of the fund. This will result in an orderly realisation of the company's underlying assets, with capital returned to shareholders as the loans are repaid and its equity and warrant assets are realised. The company will retain the ability to extend loan maturities or provide further funding to existing borrowers where the board considers that doing so will maximise the return to shareholders.The company listing will be maintained during the realisation period and the board intends to maintain its current target level of dividend until the commencement of the orderly realisation. The board intends to publish a shareholder circular by the end of October 2023 to convene a general meeting to approve the managed wind-down. Prior to the publication of this circular, the investment manager will explore the possibility of offering an opportunity for shareholders to roll over their investments into an alternative fund structure to be managed by the investment manager.Liberum viewWe are not surprised by this morning's announcement that the proposed GCP / RMII merger will not go ahead. With RMII's shares trading on a narrower discount and the short-term nature of the loan book (less than 2 years), we believe an orderly wind down will result in a better IRR for shareholders. The uncertainty around the GCP and GABI merger also made it more challenging for RMII shareholders to get on board with the proposals from GCP. Performance of the underlying portfolio has generally been robust, so we would expect capital returns close to NAV should be achievable, with an attractive 9.4% dividend yield in the meantime.Focus now shifts to the proposed GCP / GABI merger, which we believe remains in the balance, with shareholders split on the initial terms proposed by the board. Whilst we welcome both boards taking an active approach to addressing the discounts on which both funds trade, we think improved terms are required to achieve more widespread support from investors. Our view is that more can be done on the ongoing fee structure of the enlarged company and there should also be an opportunity for a larger return of capital, preferably at NAV (less costs). M&A is clearly going to be a big and important theme in the investment company sector over the next 12-18 months, but any deals need to go further than just merging to simply create a larger vehicle. Investors will want to see improved terms and structures, which will be far more effective at narrowing discounts than marginally improved liquidity |
Posted at 11/8/2023 08:37 by donald pond Liberum have been tentative on GCP for a long time so their view today is interesting Planned merger announcedAnalyst: Joseph PepperGCP Mkt Cap £662m | Share price 75.4p | Prem/(disc) -31.5% | Div yield 9.3%GABI Mkt Cap £244m | Share price 57.4p | Prem/(disc) -38.9% | Div yield 11.0%RMII Mkt Cap £82m | Share price 91.7p | Prem/(disc) -23.9% | Div yield 9.3%EventGCP Infrastructure (GCP), GCP Asset Backed Income (GABI) and RM Infrastructure Income (RMII) have all issued statements this morning in relation to a potential combination of the funds. The announcements relate to two separate (but related) mergers:GABI Scheme: GCP and GABI have agreed heads of terms GABI will enter a solvent wind-up, with GABI shareholders receiving GCP shares on a formula asset value (FAV) for FAV basis which reflects NAV less transaction costs. It is expected this merger will complete before the end of 2023.RMII Scheme: Potential combination with RMII The newly enlarged Gravis fund (GABI and GCP) has outlined it is in discussions with the Board of RMII for the transfer of a material proportion of its assets to GCP in exchange for the issue of new shares. No heads of terms have been agreed and GCP will provide further details when appropriate.The GABI scheme would improve liquidity at GCP and enable significant deleveraging of expensive floating rate debt. £200m of cash that would be available to the enlarged portfolio will be allocated to reducing GCP's RCF to a drawn balance of £50m while £100m will be distributed via. buybacks, special dividends or otherwise. An enhanced cash balance from the merger is due to the short duration nature of GABI's loans (5 years at GABI vs 10 years at GCP), with c.£140m in cash expected to be received by the combined fund within the first 6 months of 2024.A revised investment policy will be issued, which provides greater flexibility to invest in higher return investments in the private sector and/or non-UK geographies. A new explicit sustainability objective will also be introduced into the investment mandate.Further benefits of the combination include enhanced secondary market liquidity, consolidation of holdings for large shareholders and lower costs (estimated at c.£0.8m p.a.).Neither GABI or GCP currently have a requirement to hold a continuation vote but the Board will commit to providing shareholders with a continuation vote at GCP's AGM in 2028 and every four years thereafter.As the investment manager, Gravis will contribute £1m to any transaction costs, with residual costs to be shared between GCP / GABI, which are expected to be £1.4m. The portfolio managers of the enlarged GCP Infra will remain unchanged.Liberum viewGCP trades at significant discount to NAV and hence equity raising is an unrealistic short-term option to de-lever the portfolio and improve liquidity. We have previously highlighted these as two key issues at GCP, with its floating-rate £190m RCF 81% drawn in December 2022. This merger largely resolves these key issues with the short duration portfolio at GABI providing a larger return of capital as loans mature more frequently. This allows for the repayment of floating-rate debt but also provides the opportunity to reinvest in a new higher rate environment.The RMII merger is a less natural combination given RMII's loans have a higher risk profile than GCP but only a 'material' proportion of the loans will be acquired if the RMII scheme proceeds, with the highest risk loans not being incorporated into the GCP portfolio. Furthermore, RMII's loan book is short duration and hence provides further liquidity to GCP and there are cost efficiencies from merging the three funds within a similar time period.The merger would be on a FAV for FAV basis using GCP's September NAV and given its exposure to more subjective valuation assumptions due to its equity asset exposure (power price assumptions, equity discount rates) we await the publication of its updated NAV to determine the relative value of the merger for GCP / GABI shareholders. However, the merger actively addresses key issues we have identified at GCP and we view such corporate activity as necessary and in shareholder's interest in a new subdued equity raising environment. |
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