Net Asset Value(s)
27/01/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230127:nRSa0252Oa&default-theme=true
RNS Number : 0252O GCP Infrastructure Investments Ltd 27 January 2023
GCP Infrastructure Investments Limited
("GCP Infra" or the "Company")
LEI: 213800W64MNATSIV5Z47
Net asset value(s)
27 January 2023
GCP Infra, announces that at close of business on 31 December 2022, the
unaudited net asset value per ordinary share of the Company was 113.59 pence
(30 September 2022: 112.80 pence), an increase of 0.79 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 general recent rise in overall market electricity prices has resulted in
increased actual and forecast cash distributions to the Company from its
renewables investment portfolio, with increased long term prices being the
primary driver and short term price decreases being partially offset by the
Company's hedging arrangements. In aggregate, movements in electricity price
forecasts positively contributed 2.00 pence per ordinary share to the
movement.
The UK Government's draft legislation for a new Electricity Generator Levy
("EGL") and the associated reversal of the prior quarter's assumptions made
ahead of such legislation (which included a price cap and 25% downward
adjustment to the power price futures curve) has led to a net decrease of 0.93
pence per ordinary share.
Updated OBR inflation forecasts have positively contributed 0.50 pence per
ordinary share, offset by various downward movements across the portfolio
totalling 0.78 pence per ordinary share. These include actual performance of
the Company's renewables portfolio (including in respect of captured
electricity prices) and the impact of the Company prepaying third party debt
secured against a portfolio of solar assets to increase its seniority.
Net asset value analysis (pence per share) NAV Change
30 September 2022 NAV 112.80
Q4 2022 power price forecast (inclusive of hedging value changes) 2.00
Net Electricity Generator Levy (0.93)
November 2022 OBR inflation forecast 0.50
Other valuation changes (0.78)
31 December 2022 NAV 113.59
For further information please contact:
Gravis Capital Management Limited +44 (0)20 3405 8500
Philip Kent
Max Gilbert
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Mark Bloomfield
Jonathan Wilkes-Green
Buchanan/Quill +44 (0)20 7466 5000
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson
Notes to the Editor
About GCP Infra
GCP Infra is a closed-ended investment company and FTSE-250 constituent whose
shares are traded on the main market of the London Stock Exchange. Its
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NAVDQLFLXFLLBBF