Gcp Infrastructure Inves... Share Discussion Threads

[ec2] 04/2/2022 15:03

I agree with the view that GCP is currently undervalued. It provides high part inflation linked income with potentially little downside risk on the capital side.
In my view GCP benefited when there was a favourable tailwind, but suffered when suitable investment opportunities became harder to come by and also from falling power price forecasts. The tide is turning again in GCP's favour so I am looking for the shares to move back to a premium over NAV. (Premium has been up in the high teens in the past.)

Whilst I have no issues with the asset manager, I have not been entirely happy with the board (NEDs) over the last couple of years. I am pleased to see that changes have been taking place and that the new replacements, unlike the old, are showing commitment by starting to take equity stakes.

As it is very easy to cast shareholder votes on the ii platform, where I hold my shares, I am planning to vote against resolutions 3 and 4 at the upcoming AGM.

Resolution 4 is for the outgoing chairman to remain on the board for potentially another year. I am against this on the basis that they have already been on the board for over eleven years which is well in excess of the nine year maximum industry guideline. Despite being handsomely paid (GBP87k last year) they have never shown commitment by holding GCP shares. Good practice would expect an investment equal to 50 - 100 percent of annual remuneration.

Resolution 3 relates to authorising an increase in directors remuneration. I would prefer to observe the performance of the new board first before approving a pay rise.

Normally I would not vote against AGM resolutions, I would simply sell my shares if I was unhappy, but in this case as mentioned above the shares look undervalued and also change is happening.

Apologies for the long comment.

[donald pond] 04/2/2022 10:00

It's crazy that you can buy these at a discount to NAV with a near 7% yield. Given that anyone who manages to keep pace with inflation this year will have done ok, that makes no sense

[davr0s] 03/2/2022 19:46

Back to a level seen a whole 4 trading days ago and an Xd in the mix. Just noise as far as I'm concerned

[panshanger1] 03/2/2022 11:22

Thanks for posting Amazed at the timing of this given the recent write down at GABI as you say Still you have to trust the managers to some degree and at least they know the sector now !!

[cc2014] 03/2/2022 11:10

So, what's going on here. Down 4.2p as I write

I can see GCP is XD today for 1.75p

I can also see this but I'm pretty sure the co-living stuff is in GABI not GCP. (not that I like this divestment at arms length of one of their badly performing assets to another fund they are setting up)


Maybe GCP was just a bit high having rallied off about 96p a bit fast

[speedsgh] 21/1/2022 12:33

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 October 2021 to 31 December 2021. The dividend will be paid on 8 March 2022 to holders of ordinary shares recorded on the register as at the close of business on 4 February 2022...

[rogerramjett] 19/1/2022 17:24

Thanks for the link speedsgh.

[rogerramjett] 19/1/2022 17:23

Worth looking into GABI for anyone interested here.

[speedsgh] 19/1/2022 16:49

New QuotedData research note...

GCP Infrastructure: The future is brighter and greener -

[donald pond] 17/1/2022 07:42

Very good and great to see the contribution from inflation protection and the premium on disposal: the latter perhaps suggesting other parts of the PF are undervalued?

[rogerramjett] 17/1/2022 07:11

Decent rise in NAV for the quarter.

[cocopah] 10/1/2022 23:29

Missed the opportunity to invest when this was just sub-£1 (heh-ho) however just seeking some more information before deciding to invest based on the dividend. From what I can see the targeted/average yield (assuming no defaults and that the target yield is achieved) is 8%, which equates to c£80m (with £62m currently required to service the current 7p dividend).

Indeed the latter figure was last year’s income, so the dividend was just about covered. What are the BOD taking out for remuneration and management of the fund? Anything else I should know about?

[panshanger1] 20/11/2021 14:55

Getting some coverage in l/C mag recently I notice Baron has 7% of this in his green investment trust portfolio and Simon Moore puts 10% in his annual investment trust selections

[panshanger1] 04/11/2021 12:23

Ex div today for 1.75

[speedsgh] 28/10/2021 15:06

Dividend Declaration and 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 July 2021 to 30 September 2021. The dividend will be paid on 9 December 2021 to holders of ordinary shares recorded on the register as at the close of business on 5 November 2021...

[ec2] 19/10/2021 11:02

Rising energy prices is providing a helpful tailwind for the NAV. I remain unhappy with the NED's in terms of the size and cost of the board, lack of relevant business knowledge, lack of skin in the game, and sitting too long in their posts. I'll probably vote for some changes come the next AGM for what it's worth. Too much of the NAV has been frittered away due to poor decision making in my opinion.

[speedsgh] 19/10/2021 10:23

Recent NAV history:

103.92p as at 30/9/21
102.20p as at 30/6/21
100.78p as at 31/3/21
102.71p as at 31/12/20
103.99p as at 30/9/20
107.73p as at 30/6/20
109.83p as at 31/3/20
109.58p as at 31/12/19

111.66p as at 30/9/19
112.54p as at 30/3/19
112.49p as at 28/9/18
112.39p as at 29/3/18
110.57p as at 29/9/17
110.30p as at 31/3/17
109.67p as at 30/9/16
107.68p as at 31/3/16

[speedsgh] 19/10/2021 10:21

Looks like NAV may have hopefully turned a corner...



GCP Infra, the only UK listed fund focused primarily on investments in UK infrastructure debt, announces that as at close of business on 30 September 2021, the unaudited net asset value per ordinary share of the Company was 103.92 pence (30 June 2021: 102.20 pence), an increase of 1.72 pence per ordinary share. 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 recent increase in power prices and to forward market prices used by the Company to forecast electricity prices contributed c. 4.0 pence per ordinary share to the increase (net of the impact of the Company's hedging arrangements).

Increases to the Company's valuation were partially offset by c. 1.8 pence per ordinary share due to significantly lower wind generation than forecast in Q2 and Q3 2021.

[warrior boy] 05/10/2021 10:07

Any reason behind the share price drop about 5 days ago? I can't find anything at all. Perhaps the worry of how the likely inflation increase could impact GCP with the secure but restricted approx 6% dividend. Any thoughts?

[spangle93] 30/9/2021 20:55

Nice work, panshanger, that killed the rise stone dead :-(

Not sure what I've overlooked, or what's behind the drop

[panshanger1] 21/9/2021 10:56

Gradually grinding higher here 6 month high

[panshanger1] 04/8/2021 18:28

Be interesting to see how this behaves tomorrow after a strong run up

[panshanger1] 03/8/2021 10:47

Ex div Thursday

[apollocreed1] 30/7/2021 04:04

Yeah -I took a large position at 103 and when it went to 97 I was very worried that I'd made a mistae but then Edison issued a research report saying that they thought it was very undervalued and it's been on an uptrend since.

[panshanger1] 29/7/2021 09:37

Nice little upward move here recently Long may it continue!!GLA