REG - GCP Infra Inv Ltd - Company update, NAV and dividend declaration

GCP Infrastructure InvestmentsAnnouncement

25/04/2024 07:00

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RNS Number : 9105L  GCP Infrastructure Investments Ltd  25 April 2024

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI: 213800W64MNATSIV5Z47

 

Company update, NAV and dividend declaration

 

25 April 2024

Net Asset Value (NAV)

GCP Infra announces that at close of business on 31 March 2024, the unaudited
net asset value per ordinary share of the Company was 107.62 pence (31
December 2023: 109.84 pence), a decrease of 2.22 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.

The primary driver of the Company's NAV movement in the quarter was the
changes to the inflation forecast to reflect the OBR's Spring Budget 2024
figures, that contributed a negative c. 1.6 pence per ordinary share. Further
reductions in forecast electricity prices, primarily decreases in short-term
power prices, led to decreasing forecast cash distributions to the Company
from certain renewable energy investments. This power price volatility is
partially offset by the positive performance of the Company's hedging
arrangements. The overall net power price movements negatively contributed c.
0.6 pence per ordinary share.

Increases to discount rates led to a reduction of c. 0.1 pence per ordinary
share, resulting in the weighted average discount rate used by the Company to
value its investment portfolio of 7.78% at 31 March 2024. A summary of the
constituent movements in the quarterly net asset value per ordinary share is
shown below.

 

 Net asset value analysis (pence per share)                         NAV     Change
 31 December 2023 NAV                                               109.84
 March 2024 OBR inflation forecast                                          (1.58)
 Q1 2024 power price forecast (inclusive of hedging value changes)          (0.60)
 Discount rate increases                                                    (0.14)
 Actual generation across the renewable energy portfolio                    (0.01)
 Other valuation changes                                                    0.11
 31 March 2024 NAV                                                  107.62

Portfolio

Notwithstanding the lower inflation and 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:
www.graviscapital.com/funds/gcp-infra/literature
(http://www.graviscapital.com/funds/gcp-infra/literature) , including a
line-by-line breakdown of the investment portfolio and underlying assets that
will be 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 January 2024 to 31 March 2024. The dividend will be paid
on 4 June 2024 to holders of ordinary shares recorded on the register as at
the close of business on 3 May 2024.

Expected timetable:

 Shares quoted ex-dividend  2 May 2024
 Record date for dividend   3 May 2024
 Dividend payment date      4 June 2024

 

Updates

The Board, and Gravis, are available to meet with the Company's shareholders.
For the release of the 31 March 2024 NAV, Gravis will be holding a webinar on
30 April 2024 at 11.00am. For further details and to book a place please
contact daniela.santos@graviscapital.com
(mailto:daniela.santos@graviscapital.com) or your usual Gravis contact.
Additionally, Gravis will be hosting a site visit for shareholders on 9 May
2024, if you would be interested in attending, please contact your usual
Gravis contact.

For further information please contact:

 Gravis Capital Management Limited  +44 (0)20 3405 8500

 Philip Kent

 Ed Simpson

 Max Gilbert

 RBC Capital Markets                +44 (0)20 7653 4000

 Matthew Coakes

 Elizabeth Evans

 Stifel Nicolaus Europe Limited     +44 (0)20 7710 7600

 Edward Gibson-Watt

 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.

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