Gcp Infrastructure Inves... Share Discussion Threads

[2wild] 22/12/2024 14:49

Added at 68.4p on Friday, given me a yield of 10.2%. Paid quarterly. No stamp duty either, bonus. Why anybody is selling down here is beyond my comprehension, they can't all be forced sellers.

[2wild] 16/12/2024 19:37

Added just below 70p. The fall from 79p a few months ago seems well overdone.

[nickfishfishfishthorn] 13/12/2024 19:27

And another 250k today

[jam62] 13/12/2024 12:07

Yesterday, the company bought 500,000 shares at 70p and placed them in treasury. I never noticed the RNS dated 12 Dec.

[panshanger1] 12/12/2024 16:43

Thought they might have disposed of a couple of assets- thereby given some credence to the NAV and (as they led us to believe ) decided on a smallish capital return to shareholders Apart from that over the moon hence l topped up !

[mikeh30] 12/12/2024 15:44

"The dividend target set out above is a target only and not a profit forecast or estimate and there can be no assurance that it will be met"

[2wild] 12/12/2024 14:16

An yourb% dividend yield is increasing panshanger. What did you find disappointing?

[panshanger1] 12/12/2024 13:05

Disappointing update Still held my nose and took a few more today At least my average is coming down ....

[tag57] 12/12/2024 12:43

2wild, it is true that paying down the RCF won’t increase divi cover although it will save on interest and partly derisk the company.
My preferred choice would be to reinvest and build the divi cover or potentially move to a progressive divi.

[jam62] 12/12/2024 12:20

Using an NAV of 105p and a current offer price of 69.74p, the discount has widened to 33.6%. Any share repurchases struck at current levels would maximise the benefit to shareholders. (I) by reducing the issued share capital, the dividend becomes more sustainable; (ii) The NAV is enhanced, and if there is no commensurate increase in the share price, the discount to NAV gets even wider,thus making the next repurchase even more compelling for shareholders who remain on the register; (iii) The cumulative impact of the above is likely to generate new buyers of the equity and encourage existing holders to add.

If you look at the 2024 Report and Account you will see that the repurchase route is the preferred option of the company.

[2wild] 12/12/2024 10:44

Tag57. Unlike buybacks, paying down the rcf will do nothing to increase dividend cover.

Paid just under 69.7p. which seems like a bargain for anyone looking to hold for a number of years. 10% tax-free income in my ISA.

[adam] 12/12/2024 09:11

The investment advisors get paid based on NAV. Some £8m+. The directors hold almost no shares. Why?

[tag57] 12/12/2024 09:11

Management would be much better off just paying down the RCF rather than buybacks, which have been meaningless across the industry. Alternatively reinvest as it appears that now is a good time to be buying assets. I would be happy for management to continue to grow income and increase divi cover which may have a more beneficial effect on the share price in the long term.

[foetus in your brain] 12/12/2024 08:34

It's very close to a 10% yield that is in the end pretty much covered and has been for a decade. That increasingly seems like the only metric that matters. Perhaps a pension fund might come and bid for it but otherwise it's all about the dividend. The NAV is almost meaningless I would suggest

[return_of_the_apeman] 12/12/2024 08:07

Not what I was expecting, on the plus side despite the initial few sellers offloading at open, the price has remained flat

[spectoacc] 12/12/2024 07:43

"While progress on disposals has been slower than anticipated, the Company is resuming its share buyback programme imminently and remains committed to its goal of returning at least £50 million to shareholders in the near term."


Sounds like it. Concern would be what the continuous buy backs at eg FSFL, FGEN, BSIF etc are doing - next to nothing. Unlike them, GCP isn't even at lows.

[tiltonboy] 12/12/2024 07:42

Failed miserably to sell assets and now talk loosely of asset sales in 2025

[citytilidie] 12/12/2024 07:36

Reading the announcement, in my view it might now just be share buybacks, rather than a return to shareholders. It may help, but a shame if it is just that.

[spectoacc] 03/12/2024 14:04

Fingers crossed. NAV may be up or down, but on this discount it shouldn't greatly matter.

Probably no news until Jan at earliest if not next week.


"The Company is in active due diligence and negotiations on disposals of material components of its investment portfolio and does not wish to risk such processes through publication of further detail on the constituent movements in the NAV since 30 June 2024. Further attribution of the NAV movements will be published as part of the Company's forthcoming annual report and accounts, due to be published in December."

"...Return a minimum of £50 million to shareholders."

[donald pond] 03/12/2024 13:20

I was thinking about the same thing just earlier. They held off giving detail in the October NAV because negotiations for some material sales were close. It would be great if they could sell a couple of assets, pay down the RCF, verify the NAV and reaffirm the sustainability of the dividend.

[citytilidie] 03/12/2024 13:07

Hopefully we will hear something next Wednesday about the potential return of capital they promised. It would be good if everything is on track.

[cousinit] 28/11/2024 16:08

Seems that all of the KID blockers have been removed from HL, so no restrictions on buying GCP.

The legislation (statutory instrument) to pass the creation of new cost disclosure to the FCA passed last week.

Have tried getting quotes on a few more exotic trusts and they are also now available on HL where that's never been the case before.

Not sure if other brokers have acted similarly to HL yet.

[hpcg] 20/11/2024 12:06

I can't see anyone building a new waste incinerator, that isn't how capitalism works. There are clearly a surplus and 3 of them will have written off their building costs. No one is going to finance new ones.

[spectoacc] 20/11/2024 10:29

With Drax the elephant in the room.