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GCP Gcp Infrastructure Investments Limited

0.00 (0.0%)
04 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gcp Infrastructure Investments Limited LSE:GCP London Ordinary Share JE00B6173J15 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 67.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
67.00 67.30
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 157.1M 140.32M 0.1589 4.22 591.5M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:45:21 O 8,095 66.985 GBX

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Date Time Title Posts
11/11/200014:07Granada Compass drop13

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Posted at 03/12/2023 08:20 by Gcp Infrastructure Inves... Daily Update
Gcp Infrastructure Investments Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker GCP. The last closing price for Gcp Infrastructure Inves... was 67p.
Gcp Infrastructure Inves... currently has 882,834,259 shares in issue. The market capitalisation of Gcp Infrastructure Inves... is £591,498,954.
Gcp Infrastructure Inves... has a price to earnings ratio (PE ratio) of 4.22.
This morning GCP shares opened at -
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 06:46 by speedsgh
Company update and net asset value(s) -

Net Asset Value

GCP Infra announces that at close of business on 30 September 2023, the unaudited net asset value per ordinary share of the Company was 109.79 pence (30 June 2023: 110.02 pence), a decrease of 0.23 pence per ordinary share. The net asset value takes into account cash, other assets, accrued liabilities and expenses and leverage of the Company attributable to the ordinary share class.

As announced on 15 May 2023, the Company completed a refinancing of two existing loan notes secured against two waste-wood biomass projects, valued at c. £85 million as at 31 March 2023 and committed to a new £50 million loan note as part of a syndicated facility supporting the same, and one additional, biomass project. Including prepayment fees and valuation impacts totalling c. £10 million, this refinancing generated £50 million of net cash proceeds that were used to repay the Company's revolving credit facility and led to a c. 1.2 pence per ordinary share uplift to the Company's net asset value, predominantly from prepayment fee income received. At 30 September 2023, the Company had £104 million (30 June 2023: £154 million) outstanding under its revolving credit arrangements.

A period of very low wind speeds and exceptionally dry weather in England and Scotland has decreased actual cash distributions to the Company from its renewables investment portfolio, negatively contributing c. 1.2 pence per ordinary share to the movement. Further reductions in electricity prices continue to decrease actual and forecast cash distributions to the Company from its renewables investment portfolio driven by decreases in short-term power prices as a result of lower European gas demand, an ample supply of LNG, unseasonably mild weather and significant reductions in UK carbon prices leading to a wider price disconnect between the UK emissions trading scheme and the equivalent EU scheme. This is partially offset by the positive performance of the Company's hedging arrangements, therefore overall net movements negatively contributed c. 0.5 pence per ordinary share.

Various other downward movements across the portfolio totalled c. 0.4 pence per ordinary share, offset by updates for actual inflation that contributed c. 0.7 pence per ordinary share. As advised by the Company's independent valuation agent, discount rates remained unchanged this quarter, following the c.40bps increase in the weighted average discount rate used by the Company to value its portfolio at 30 June 2023...

... Portfolio

Notwithstanding the lower electricity price forecasts, the portfolio continues to perform materially in line with the Company's expectations. The Company's mature, diverse and operational portfolio provides defensive access to income against a backdrop of market volatility and uncertainty. It is the view of the Company that the long-term and structural demand for infrastructure, and particularly infrastructure debt, offers investors an attractive exposure to an asset class whose performance is non-correlated to wider markets and benefits from long-term and partially inflation protected income. Further portfolio information is available at:, including a line-by-line breakdown of the investment portfolio and underlying assets that has been made available during the quarter and will be updated by the Company periodically.
Posted at 03/10/2023 12:28 by hindsight
One thing thats clear, if renewables are going to have to pay the debt rates that the GCP price indicates, it wont only be new offshore wind that isnt viable to do now
Posted at 18/9/2023 06:21 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 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.
Posted at 11/8/2023 07:52 by chucko1
Medium term, positive for all. share price reaction of GCP hardly a surprise and an invitation to at least buy back what was sold yesterday after not moving even after a 1.75p (2.3%) ex-div.

Patience is likely to continue to be rewarded regarding GCP. On GABI, all I can say is that GCP are "buying" it on the cheap. Its problems have been harshly regarded.
Posted at 27/6/2023 05:25 by cc2014
1. Transfer from bond proxies to corporate bonds/gilts
2. Transfer from bond proxies to bond funds
3. Less attitude for risk

As for who's selling I tend to hold a dim view of the performance of fund managers and their analysts. They of course are forced to invest when we are not but I do think they have better access to information that us PI's and pay better attention to certain key drivers

1. It is hard to us to judge the value of commercial property or solar farms but I think a good fund manager will see the transactional costs much more closely. I suggest what's actually going on out there in the real world shows much more pressure on asset prices than us PI's realise.

2. The discount rate. I do not wish to cause alarm or examine an issue that's not there but I think it is possible the audit industry may step in and assert itself over this. Because interest rates have moved up 5% but it's hard to find a fund that's moved their discount rate more then 1%. I'm sure someone will pop up and name one but I can't think of one.

This an extract from RNEW yesterday
Analysts at Peel Hunt, the trust’s corporate broker, this morning downgraded the stock from ‘outperform217; to ‘underperform’, noting that despite US government bond yields jumping from 1.5% to 3.7% since the start of last year, RNEW had only lifted the discount rate with which its values its cashflows by 25 basis points, or 0.25%, to 7.5%.

Without being alarmist imho this is a scandal and where the discount rates to be moved properly the NAV's of REITs, infra funds and renewalbe funds many of now which use DCF models with discount rates to calculate the NAV would get smashed.

The industry did this to improve the NAV's and the day JLEN moved from a traditional NAV based on "historic cost or revaluation cost" to DCF the NAV jumped 10%. They did nothing, they just changed the methodology.

It's all coming home to roost because the fund managers aren't as stupid as we think they are. They are running a "what would I pay for this?" whereas the financial press keeps telling us the discount to NAV should close. I agree it does need to close but it needs to close to the downside through appropriate maths.

That's not to say the falls may or may not be overdone and there shouldn't be some closure to the upside but more than 50% needs to be to the downside.

Or another way to think about it is to sense check today's price. I'll use NESF as I know it. Before Putin the share price was about 100p. Today it's about 95p. Is 95p cheap? Hard to say but long term electricity prices look like they will soon be back to where they were. In the meantime the opportunity cost of cash has gone up from 0% to 5% if you use the base rate. The argument is more complex than this but one might see 95p as not cheap, indeed as expensive. The fact the share price went to 120p makes it feel cheap but is it?

The discount to NAV on NESF is now around 12% and the financial press are already talking about NESF have to close it. Indeed NESF agree. They are going to sell solar assets (to who and at what price?) and buy energy storage and use the spare cash to buy back shares. In my mind it's all wrong. The discount to NAV exists because the DCF NAV is wrong because the discount rate is wrong. However, we will find out in due course, because if NESF do manage to sell the solar assets we will see the impact on NAV. I am intrigued to see if they can pull off this stunt.
Posted at 15/3/2023 12:29 by kenmitch

Does it “make sense” for GCP to buy back? Where’s the evidence to support that claim?

I look at what actually happens when Trusts and Companions buy back. I.e instead of just promoting the theory, which I also think is convincing, I then look at what subsequently happened. And time and time again those buybacks are followed by share price falls, not least because those who benefit the most from buybacks are those selling, as they have a willing buyer for their shares!

Buyback fans always respond to posts critical of buybacks including evidence to support that criticism, ONLY with the theory. I agree with the theory too.

e.g Abdn have been buying back since 2017. They started at £5 and the share never again reached that price, and despite year after year of buying back, the share fell to just £1.40p for a 70% share price fall….despite those buybacks.

e.g Whitbread “rewarded̶1; their shareholders by returning nearly all the £2 billion or so proceeds they got from the sale of their Costa business via buybacks. Again shareholders didn’t get a penny in reality because the share price never again reached the starting price of those buybacks.

Of course sometimes share prices DO go up when Companies and Trusts are buying back, but that’s when others in the sector are also seeing share price gains. And what evidence there is (e,g Morgan Stanley Research on buybacks) showed that often share prices of Companies buying back, underperformed others in the sector that didn’t.
Posted at 14/3/2023 12:39 by kenmitch
For those convinced that buybacks are a good idea, this is a section of a post I put on the PDSL (Phoenix Spree Deutschland) earlier today. How successful were their buybacks? What happened with PDSL happens over and over again!

“PSDL started their last series of buybacks in June 2021 when the discount to NAV was 17% “a level that does not reflect the track record and performance of the Portfolio.”

The share price at the start of those buybacks was 397p compared with 236p now.

When those buybacks concluded in July 2022 the share price had fallen from the near £4 at the start of them to £3.20 and that “too wide discount” had widened further.

Earlier in September 2019 “the Company has bought back 5.1% of its shares as part of a buyback strategy designed to limit the downside risk to the share price.” Share price then was 390p.

Did those expensive buybacks achieve their aim of “limiting the downside risk to the share price?”

In their interim results in September 2022 (two months after completion of buybacks) PSDL reported “€63 million has been returned to shareholders from dividends and buybacks.”


The share price has fallen 40% from £4 at the start of those buybacks, to just £2.36! Is that really “returning money to shareholders” or is it in reality a 40% loss?

Now that the share price looks really cheap and at a massive 52% discount, compared with the 17% discount PSDL were keen to narrow via buybacks, perhaps there IS a case for buying back now. But they have stopped buybacks!

I bought PSDL too soon and am 16% down. I’m looking to average down but will wait for their results just in case there’s a big fall in NAV (I think a small fall is more likely) or any shock bad news that might explain the exceptionally wide NAV discount. If no such shocks PSDL looks a stunning bargain priced buy.”
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