GCP Infrastructure
Investments Limited
("GCP Infra" or the
"Company")
LEI:
213800W64MNATSIV5Z47
Company update, net asset
value and dividend declaration
26 July 2024
Net Asset Value
GCP Infra announces that at
close of business on 30 June 2024, the unaudited net asset value
("NAV") per ordinary share of the Company was 107.58 pence (31
March 2024: 107.62 pence), a decrease of 0.04 pence per ordinary
share. The NAV takes into account cash, other assets, accrued
liabilities and expenses and leverage of the Company attributable
to the ordinary share class.
As announced on 26 April 2024, the
Company completed the disposal of its
interest in loan notes secured against Blackcraig Wind Farm at a
6.4% premium to its valuation at 31 March 2024. This disposal
generated c. £31 million of cash proceeds that were used to repay
the Company's revolving credit facility and led to a c. 0.2 pence
per ordinary share uplift to the Company's NAV. At 30 June 2024,
the Company had £65m (31 March 2024: c.
£96m) outstanding under its revolving credit arrangements,
representing a net debt position of c. £51.3m (31 March 2024: c.
£78.3m).
An uplift in forecast electricity
prices, driven by higher power prices forecast in the short-term,
led to increasing forecast cash distributions to the Company from
certain renewable energy investments, contributing c. 0.45 pence
per ordinary share. This was offset by increases to discount rates,
as advised by the Company's independent
valuation agent, which led to a reduction of c. 0.6 pence per
ordinary share, resulting in the weighted average discount rate
used by the Company to value its investment portfolio increasing to
7.81% at 30 June 2024 (31 March 2024: 7.78%).
A summary of the constituent
movements in the quarterly net asset value per ordinary share is
shown below.
|
NAV
analysis (pence per share)
|
NAV
|
Change
|
|
31 March 2024 NAV
|
107.62
|
|
|
Discount rate increases
|
|
(0.60)
|
|
Q2 2024 power price forecast
(inclusive of hedging value changes)
|
|
0.45
|
|
Uplift from sale of interest in a
wind farm
|
|
0.22
|
|
Actual generation across the
renewable energy portfolio
|
|
(0.14)
|
|
Other valuation changes
|
|
0.03
|
|
30 June 2024 NAV
|
107.58
|
|
Portfolio
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 stable and predictable income. It is the view of the Investment
Adviser 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 not correlated to wider markets and benefits from
long-term and partially inflation protected income. Further
portfolio information is available at: www.graviscapital.com/funds/gcp-infra/literature,
including a line-by-line breakdown of the investment portfolio and
underlying assets that is updated by the Company
periodically.
Dividend
GCP Infra is pleased to announce a
dividend of 1.75 pence per ordinary share for the period from 1
April 2024 to 30 June 2024. This is in line with the Company's
annual dividend target of 7 pence per ordinary share.
The dividend will be paid on 9 September 2024 to
holders of ordinary shares recorded on the register as at the close
of business on 9 August 2024.
Expected timetable:
|
Shares quoted ex-dividend
|
8 August
2024
|
|
Record date for dividend
|
9 August
2024
|
|
Dividend payment date
|
9
September 2024
|
Updates
The Board, and Gravis, are available
to meet with the Company's shareholders. For the release of the 30
June 2024 NAV, Gravis will be holding a webinar on 30 July 2024 at
11.00am. For further details and to book a place please
contact daniela.santos@graviscapital.com
or your usual Gravis contact.
For further information please
contact:
|
Gravis Capital Management
Limited
Philip Kent
Max Gilbert
Cameron Gardner
|
+44 (0)20 3405 8500
|
|
RBC Capital Markets
Matthew Coakes
Elizabeth Evans
|
+44 (0)20 7653 4000
|
|
Stifel Nicolaus Europe
Limited
Edward Gibson-Watt
Jonathan Wilkes-Green
|
+44 (0)20 7710 7600
|
|
Buchanan/Quill
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson
|
+44 (0)20 7466 5000
|
Notes to the Editor
About GCP Infra
GCP Infra is a closed-ended
investment company and FTSE-250 constituent. Its shares are traded
on the main market of the London Stock Exchange. The Company's
objective is to provide shareholders with regular, sustained,
long-term distributions and to preserve capital over the long term
by generating exposure to UK infrastructure debt and related and/or
similar assets.
The Company primarily targets
investments in infrastructure projects with long term, public
sector-backed, availability-based revenues. Where possible,
investments are structured to benefit from partial inflation
protection. GCP Infra is advised by Gravis Capital Management
Limited.
GCP Infra has been
awarded with the London Stock
Exchange's Green Economy Mark in recognition of its contribution to
positive environmental outcomes.