Gcp Infrastructure Inves... Share Discussion Threads

[hpcg] 31/5/2024 22:31

It will surely be a while anyway - I take the "before the end of the year" line to mean well in to the second half, and presumably only after futher debt repayments.

[hpcg] 31/5/2024 17:05

It will be a capital return, as that is literally what it is, a return of equity used as the principal for loans. It is for ones personal capital account (gains) not income.

[sharpedge7] 31/5/2024 16:53

I’d expected special dividend as don’t recall share purchase being mentioned but may be wrong….yes good move today. Hopefully it will hold and trip up slowly. Be great to see it back to circa 90p.

[panshanger1] 31/5/2024 16:45

Nice move late today Anybody any idea if the capital return indicated by the board will be buybacks or a special dividend ?

[donald pond] 28/5/2024 15:43

Not sure that Phil Kent isn't more preoccupied with GABI atm. Their AGM seemed a little fractious from the votes with nearly 30% against the Chairman and 40% against a new fee arrangement that rewarded Gravis if the amount payable on wind up passed a threshold well below NAV. It's all a bit frustrating. Nobody goes into asset management to be asked to wind things up when the market is at a nadir.But the number of trusts who extenuating back shares at higher prices and aren't doing so now is most frustrating

[speedsgh] 28/5/2024 15:36

Nothing showing on their website yet.

[panshanger1] 28/5/2024 09:31

Interims last year 21/6 Do we have a date for this year ?

[fordtin] 08/5/2024 11:58

Seems a bit strange that they chased the price all the way down from ~91p to ~60p, then stopped dead.

I guess the aborted merger might've gotten in the way a bit, but doesn't explain why they didn't resume buybacks after the offer fell apart.

[rik shaw] 08/5/2024 08:07

I assume they are focussed on reducing the rcf as a priority but each month they restate that they intend to return £50m to shareholders by the end of 2024. As dividends account for c £6m I guess the rest might well be share buybacks but linked to cash from disposals as it becomes available.

[fordtin] 08/5/2024 07:54

Anyone know what happened to the buyback programme?

The last buyback was announced on 10/11/2023.
On 15/11/23 they announced "The Company remains committed to pursuing buyback opportunities", but I can't find any further mention of buybacks after that.


15/11/2023 7:00am
UK Regulatory

“Share buyback programme
The Company remains committed to pursuing buyback opportunities in line with the strategy that has been set out previously, and to benefit from the investment opportunity that the Company's shares offer at the current price. "

[spectoacc] 02/5/2024 09:16

1.75p XD today.

[sharpedge7] 30/4/2024 09:29

I’m hoping capital wise - perhaps naively - for a return to circa 85-90p as the year progresses, inflation and rates fall and the capital return is implemented.
Baby recovery steps taken this week.

[hpcg] 26/4/2024 10:42

The market is no longer interested in bond proxy strategies. I don't anticipate any kind of capital appreciation but if dividends are secure one can invest / reinvest with a decent margin of safety. Ideally also NAV accretive buy backs.

[williamcooper104] 26/4/2024 09:36

That's very true It's always been - we are a debt fund Oh but we are hugely exposed to power prices

[chucko1] 26/4/2024 09:31

The disposal represents only around 3% of the portfolio, which partly explains the mere 1p rise in share price. However, it represents a high fraction of the remaining indebtedness, and that was (supposed to be) a driver for the 30% odd discount.

It is interesting that the Chairman makes specific note of the fact that this will reduce the exposure to electricity prices as I feel that this driver of asset valuation volatility has been harshly treated by the market in addition.

[spectoacc] 26/4/2024 08:15

A really good RNS - yes, still some disposals to make to get to target, but at a premium to the just-written-down NAV, and debt at co level is shrinking fast - very important considering interest rate expectations/RCF costs in general.

There's a lot to like at GCP IMO (but I would say that, being long from higher).

[hugepants] 26/4/2024 08:14

Release of wind and capital allocation policy update


Disposal proceeds of c. £31M
"The disposal occurred at a 6.4% premium to the valuation of the Project as at 31 March 2024."

The planned capital return this year of £50M (at least) is about 5.7p per share if my arithmetic is right.

[speedsgh] 25/4/2024 09:56

~ NAV down 2.2p to 107.62p/share at 31/3/24 (109.84p at 31/12/23), largely due to changes to inflation forecast to reflect the OBR's Spring Budget 2024 figures (-1.58p) and further reductions in forecast electricity prices leading to decreasing forecast cash distributions (-0.60p)
~ 1.75p quarterly dividend payable 4 Jun, XD 2 May
~ Continues to trade at 32% discount to NAV offering 9.6% yield

Company update, NAV and dividend declaration -

[panshanger1] 01/3/2024 15:12

Getting some momentum now Hopefully 80 pence coming into view Patience ...

[spangle93] 27/2/2024 16:12

‘Having been speaking to shareholders and potential shareholders it appears the uncertainty around the refinancing has been an issue making investors wary of the fund, and it has probably been a factor weighing on the discount,’ said Iain Scouller, analyst at Stifel, GCP’s broker.

‘We hope the clarity provided by this three-year facility and the board’s determination to delever and return cash to investors may create some demand for the shares and narrow the discount,’ he said, rating the fund a ‘buy’ with a 95p fair value. The shares stand at 71.3p.

[loglorry1] 20/2/2024 11:28

Octotrader!

[hpcg] 20/2/2024 11:00

In this market, not enough :D

[loglorry1] 20/2/2024 10:42

Just how many hands do you have @hpcg?

[hpcg] 20/2/2024 10:40

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.

[donald pond] 20/2/2024 08:00

So net debt down to £72m. That's a big positive.
Just need to shift the supported living portfolio and things will look even better.