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

GCP Infrastructure InvestmentsAnnouncement

24/10/2024 07:00

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RNS Number : 3720J  GCP Infrastructure Investments Ltd  24 October 2024

GCP Infrastructure Investments Limited

("GCP Infra" or the "Company")

LEI: 213800W64MNATSIV5Z47

 

Company update, net asset value and dividend declaration

 

24 October 2024

Net Asset Value

GCP Infra announces that at close of business on 30 September 2024, the
unaudited net asset value ("NAV") per ordinary share of the Company was 105.22
pence (30 June 2024: 107.58 pence), a decrease of 2.36 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.

In December 2023, the Company announced its intention to recycle £150 million
of assets as part of a capital allocation programme (the "Programme").  To
date, the Company has announced c. £31 million of realisations.  The
proceeds of the Programme are intended to: (i) repay the Company's borrowings;
and (ii) return a minimum of £50 million to shareholders.

The Company is in active due diligence and negotiations on disposals of
material components of its investment portfolio and does not wish to risk such
processes through publication of further detail on the constituent movements
in the NAV since 30 June 2024. Further attribution of the NAV movements will
be published as part of the Company's forthcoming annual report and accounts,
due to be published in December.

At 30 September 2024, the Company had £57 million (30 June 2024: £65
million) outstanding under its revolving credit arrangements, representing a
net debt position of c. £45 million (30 June 2024: c. £51 million) which
compares to the Company's unaudited NAV of £913 million (30 June 2024: £934
million).

Portfolio

The Company's 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
(http://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 July 2024 to 30 September 2024. This is in line with the
Company's annual dividend target of 7 pence per ordinary share. The dividend
will be paid on 29 November 2024 to holders of ordinary shares recorded on the
register as at the close of business on 1 November 2024.

Expected timetable:

 Shares quoted ex-dividend  31 October 2024
 Record date for dividend   1 November 2024
 Dividend payment date      29 November 2024

 

For further information please contact:

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

 Philip Kent

 Max Gilbert

 Cameron Gardner

 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

 Burson Buchanan                    +44 (0)20 7466 5000

 Helen Tarbet

 Henry Wilson

 George Beale

 Samuel Adams

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.

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