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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
|
|
|---|---|---|---|---|
| -0.40 | -0.56% | 70.70 | 16:35:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 71.00 | 70.90 | 71.20 | 70.70 | 71.10 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 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 |
| 08/02/2019 | Interim | GBP | 0.019 | 24/10/2019 | 25/10/2019 | 22/11/2019 |
| 08/02/2019 | Interim | GBP | 0.019 | 25/07/2019 | 26/07/2019 | 23/08/2019 |
| 08/02/2019 | Interim | GBP | 0.019 | 02/05/2019 | 03/05/2019 | 04/06/2019 |
| Top Posts |
|---|
Posted at 20/2/2024 10:40 by hpcg Surely the real net debt is more like £87mn because the quarterly dividend cost is £15mn and it is paid out in early March so it must be largely in by now. One the other hand what this does demonstrate is just how much capability the company would have in reducing its debt if it redirected dividends. On the other hand if we look at the actual interest payable on the revolver then it comes to £6.9mn per year for £96mn at 7.18%. In other words really not significant at all, and certainly not enough for the emotional stress it would cause some investors if there was any cut or missed quarter. On the other hand a risk free 7.18% is good enough to direct excess coverage to reducing the amount in the revolver. |
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 29/1/2024 10:19 by hpcg The dividend has gone down in real terms - to have retained purchasing power one would need to have done more than reinvest for most of the period, though not if one held off and put in the dividend at the lows. Ditto a static share price would also have been a reduction in real terms. I quibble though, this still looks a not unreasonable place to allocate funds. As such, and since I have no need to sell, I would be quite happy for the share price to remain becalmed for a while longer yet. |
Posted at 13/12/2023 08:36 by speedsgh ~ NAV at 30/9/23: 109.79p (30/9/22: 112.80p)~ Dividend target for 2024 held at 7.00p ~ Plan to realise 15% of portfolio to materially reduce RCF and make a capital return to shareholders of at least £50m by end of 2024. Annual report and financial statements - Andrew Didham, Chairman of GCP Infra, commented: The wider financial market in which the Company operates has continued to face significant challenges. Against a backdrop of increased inflation, higher interest rates and high energy prices, the Company has continued to deliver stable and predictable income for shareholders through its focus on debt investments in infrastructure assets vital to the efficient operation of modern society. The Company generated total profit and comprehensive income for the year of £30.9 million (30 September 2022: £140.3 million) and paid a dividend of 7.0 pence per ordinary share (30 September 2022: 7.0 pence). For the forthcoming financial year, the Company has set a dividend target1 of 7.0 pence per share. At the year end, the Company's share price was 67.70 pence, representing a 38.3% discount2 to NAV (30 September 2022: 97.80 pence, representing a 13.3% discount2 to NAV). The Board believes the discount at which the Company's shares have traded to the stated NAV is not reflective of the strength in the Company's underlying investment portfolio, with the effective yield considerably higher than the discount rate on investments determined by the independent Valuation Agent. Underlying portfolio performance also remains strong, with loans continuing to be serviced. The Board and the Investment Adviser are committed to the Company's intentions to re-allocate capital towards reducing gearing, buying back shares while they remain an attractive investment opportunity and disposing of assets to rebalance the portfolio and generate funds. Subject to market conditions and the ability to agree acceptable terms, the Board has adopted a capital allocation policy of realising c.15% (£150 million) of the portfolio to rebalance sectors and reduce equity exposures, and to apply the funds towards a material reduction in the RCF and facilitate the return of capital to shareholders of at least £50 million before the end of the calendar year 2024, whilst maintaining the dividend target1. The Board believes that this capital allocation policy will underline the Company's position as a leading investor in infrastructure debt, with a strong focus on sustainable investments. |
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 01/11/2023 11:51 by donald pond The impact of Orsted is minimal. GCP funds projects, which are structured as special purpose vehicles. So they lend say £10m to ABC Wind Co, who have equity from elsewhere, and they engage a contractor to construct an asset. For wind farms, Orsted will often be the manufacturer. But Phil confirmed in an interview last week that less than 1% of the GCP portfolio is in construction, so there is no direct risk. In theory, if GCP had funded a pre-construction asset and they had paid Orsted for a turbine and Orsted had gone bankrupt, that could be an issue, but that isn't a risk.The only aspect that might cause issues is that one of the ways GCP maximises value is by working with the operators of the scheme to improve productivity. That can often be dependent upon software upgrades or physical tweaks, so that wind turbines can operate within a wider band of wind speeds. If Orsted were to stop providing that support it could limit the improvements in the future, but I very much doubt it. Also, those improvements are never factored into the NAV until they have taken place. So they are upside only, and we never see them as such, its just part of what goes on behind the scenes. |
Posted at 23/10/2023 17:32 by chucko1 On GCP dividends, on the surface it says they are covered 0.80x. However, this is EPRA cover which includes the effect of rate rises and hence reduction in value of fixed income (fixed rate) instruments.They cite an alternative measure which indicates basically full cover. This is correct and is the one that makes sense to use. Of course, a fixed dividend of 12pps loses value in a rising rate environment, and that is they way to consider this investment, ceteris paribus. I suspect that there will be some additional accretion to NAV as they earn higher rates on the new lending and keep paying "only" the 12pps. It remains to be seen if this offset in part (or worse) boy any credit provisions higher rates statistically induce. Their track record in this regard is very good, though. These are smart people, not moron lenders à la Halifax or RBS. (and these are not even the worst). |
Posted at 18/9/2023 07:21 by spectoacc Always looked better for GCP than GABI, but have to start questioning the strategy now. This was presented as more or less set (unlike the RMII one):"Cessation of combination discussions with GCP Asset Backed Income Fund Limited GCP Infrastructure Investments Limited ("GCP Infra" or the "Company") notes the announcement issued today by GCP Asset Backed Income Fund Limited ("GABI") confirming that GABI is no longer in discussions regarding a proposed combination of GCP Infra with GABI (the "Scheme") and that the heads of terms ("HoTs") between GABI and GCP Infra have been terminated." |
Posted at 06/9/2023 09:52 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 09:37 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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