Gcp Infrastructure Inves... Share Discussion Threads

[williamcooper104] 30/4/2021 23:23

Both GCP and HICL IPOd at around the same time at £1 - GCP had the higher yield and HICL had produced the higher total return Both had (at IPO) the same level of risk

[williamcooper104] 30/4/2021 22:02

For me it was the sensitivity to NAV to power prices which suggested that many of their renewable loans were more equity than loans When GCP started it had sub-debt on PFI projects which had very little of an equity cushion but was secured against very safe assets Looks like to keep the yield they've kept equally elevated levels of leverage but against riskier assets I'd rather either be in debt or equity as opposed to super leveraged debt taking a capped return against an equity risk

[stewart64] 30/4/2021 21:20

Poor finish today and against the general trend of Renewables doing well and making substantial gains on price and nav premiums. Still struggling to understand how a portfolio yielding 8% over an average of 13 years can be marked down close to its nominal value of one pound, with no obvious risk, when we are in a negative gilts era. The Market knows best I guess. Anybody else as puzzled as me?

[swiss paul] 30/4/2021 10:36

GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt is pleased to announce the publication of its investor report, which is available at www.graviscapital.com/funds/gcp-infra/literature

The net asset value at 31 March 2021 was, as previously announced, 100.78 pence per ordinary share.

At the 31 March 2021:
- The Company was exposed to a diversified and partially inflation protected portfolio of 48 investments with an unaudited valuation of £1.0bn;
- The portfolio had a weighted average annualised yield of 8.0% and average life of 13 years;
- Additional investments of £3.7m had been made in the three months ending on the 31 March 2021, principally by way of an extension to existing loan commitments; and
- The Company had secured new revolving credit arrangements totalling £165m.

Not stellar!

[stewart64] 29/4/2021 08:09

Should add that I had read Speed's excellent link to why the nav has been cut and the future prospect. We may well have got the adjustment on nav finally sorted now for the 30th June 2021.

[stewart64] 26/4/2021 15:57

That's not good news on the nav. Again assets are down more than the dividend paid out...ie. another quarterly loss courtesy of another axe to assets (the income covers dividend otherwise). The axe is falling every quarter now on the balance sheet.

[swiss paul] 21/4/2021 12:15

Scrip v Divvi - the reta conundrum.

Hmmm decisions decisions!

[speedsgh] 21/4/2021 11:21

Dividend Declaration & Scrip Dividend Alternative -

GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt is pleased to announce a dividend of 1.75 pence per ordinary share, for the period from 1 January 2021 to 31 March 2021. The dividend will be paid on 8 June 2021 to holders of ordinary shares recorded on the register as at the close of business on 7 May 2021...

[speedsgh] 19/4/2021 16:05

Net Asset Value(s) -

GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt, announces that as at close of business on 31 March 2021, the unaudited net asset value per ordinary share of the Company was 100.78 pence, down 1.93 pence from the 31 December 2020 quarter end. The net asset value takes into account cash, other assets, accrued liabilities and expenses and leverage (if any) of the Company attributable to the ordinary share class.

The UK Government's announcement, as part of the March budget, to increase the corporation tax rate to 25% from 1 April 2023 has resulted in a reduction of the net asset value of c. 1.71 pence per ordinary share.

In calculating the Company's net asset value, the Directors have historically incorporated electricity price forecasts in the valuation process by taking the average of the most recent four quarterly long-term forecasts published by Afry, a leading independent market price forecaster (the "Afry Average").

With effect from (and including) the 31 March 2021 net asset value, the Directors will apply a modified methodology for these purposes, pursuant to which the Company will use published electricity futures market prices for the three-year period starting on the valuation date (the "Futures Prices"). After this three-year period, the Afry Average will continue to be used.

The Directors believe Futures Prices are a more appropriate reference for short-term prices that incorporate traded market activity and are more closely aligned to the prices that projects are able to secure for the sale of electricity under their respective power purchase arrangements.

In the quarter ending on the 31 March 2021, a reduction in the Afry Average resulted in a decrease of the net asset value of c. 1.57 pence per ordinary share. The incorporation of the Futures Prices as described above resulted in an increase of the net asset value by c. 1.60 pence per ordinary share.

The Directors note a range of electricity price forecasts and renewable asset valuation assumptions are used across the renewable infrastructure market. The Directors believe that the Company adopts a conservative position to the valuation of renewable assets and shall continue to do so pursuant to the revised approach regarding electricity power prices. Further detail on the Company's approach to long-term assumptions, and Mazar's independent valuation of its assets, is anticipated to be provided as part of the Company's interim results for the six-months ending 31 March 2021, which are scheduled to be published in June.

[speedsgh] 06/4/2021 13:35

GCP have been confirmed as participating in QuotedData's Specialist Income webinar on Weds 12 May at 09.30 BST, part of the Spring Webinar series...

[sharesoc] 05/4/2021 15:18

In case you missed our webinar with GCP Infrastructure Investments on 18 March, the recording and stockopedia report can be found here:
To access the recording, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here:
Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the recording (and recordings/reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here:

[speedsgh] 30/3/2021 13:06

Previous RCF arrangements:

"The Company has secured revolving credit facilities comprising £115 million with RBSI, ING and NIBC ("Facility A"), and £50 million with RBSI and ING ("Facility B"). The revolving credit facilities are secured against the portfolio of certain underlying assets held by the Company. Facility A and Facility B are repayable in March 2021. Interest on amounts drawn under Facility A and Facility B is charged at LIBOR plus 1.9% per annum. A commitment fee is payable on undrawn amounts of 0.67% on Facility A. No commitment fee is payable on Facility B as this is fixed to be fully drawn for the life of the loan."

New RCF arrangements:

"GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt, is pleased to announce that on 29 March 2021, the Company entered into new revolving credit arrangements for an aggregate amount of GBP165 million (the "Facilities"), replacing the Company's previous revolving credit facility.

The Facilities, which are substantially fully drawn, are split across two tranches; a three year tranche of GBP140m expiring in March 2024 and a three-month tranche of GBP25m expiring in June 2021. It is the Company's intention that the three-month facility will be repaid out of resources that will be available to the Company prior to its expiry. The Facilities have been agreed with three lenders, Royal Bank of Scotland International, Lloyds and Allied Irish Bank.

Interest on amounts drawn under the Facilities is charged at SONIA plus 2.0% per annum. A commitment fee of 0.70% per annum is payable on undrawn amounts."

[dendria] 30/3/2021 08:28

Refinancing completed.

[swiss paul] 17/3/2021 13:38

yep same as - I see uK infastructure requiring a boost. Am also in BREE

[playful] 17/3/2021 11:21

Joined you here this morning.

[dendria] 17/3/2021 09:43

Completion of the refinancing should reverse the downtrend - it must be imminent.

[panshanger1] 16/3/2021 14:32

Some decent trades going through now Might have bottomed GLA

[sharesoc] 15/3/2021 14:00

We are hosting a webinar with GCP Infrastructure Investments on the 18th March which may be of interest to shareholders or potential investors. Philip Kent – Fund Manager will be presenting:

[giant slalom] 10/3/2021 10:35

or it could be going down to 90p

[giant slalom] 09/3/2021 16:37

heading back up to 110p

[panshanger1] 09/3/2021 10:30

Might have hit the bottom

[cwa1] 09/3/2021 10:29

Looks like my computer has finally given up the ghost :-( It seems to have developed a serious display problem and has the tiniest flicker of blue against GCP which, as we all know, is completely impossible.

Do I throw it out now, or wait until later and see if the problem is rectified and it is showing red as normal?

Cheers

[speedsgh] 08/3/2021 13:23

@CWA1 - Yes, we are obviously of roughly the same vintage. Pretty sure I've got the song on vinyl stuffed in a box somewhere. Let's hope the similarity with GCP ceases soon!

[panshanger1] 08/3/2021 11:31

Let's look on the bright side Interim dividend paid tomorrow 1.75Results May ( interims)Don't think we get an update before then ?

[cwa1] 08/3/2021 11:09

This reminds of a song from my youth-this will certainly age me! It was called Down, Down by Status Quo, I seem to recall the words were something like:- Down down, deeper and down. It seems apposite here somehow :-(