GCP Infrastructure Investments Ltd Company update and net asset value(s) (8645Q)
23 Outubro 2023 - 3:04AM
UK Regulatory
TIDMGCP
RNS Number : 8645Q
GCP Infrastructure Investments Ltd
23 October 2023
GCP Infrastructure Investments Limited
("GCP Infra" or the "Company")
LEI: 213800W64MNATSIV5Z47
Company update and net asset value(s)
23 October 2023
Net Asset Value
GCP Infra announces that at close of business on 30 September
2023, the unaudited net asset value per ordinary share of the
Company was 109.79 pence (30 June 2023: 110.02 pence), a decrease
of 0.23 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.
As announced on 15 May 2023, the Company completed a refinancing
of two existing loan notes secured against two waste-wood biomass
projects, valued at c. GBP85 million as at 31 March 2023 and
committed to a new GBP50 million loan note as part of a syndicated
facility supporting the same, and one additional, biomass project.
Including prepayment fees and valuation impacts totalling c. GBP10
million, this refinancing generated GBP50 million of net cash
proceeds that were used to repay the Company's revolving credit
facility and led to a c. 1.2 pence per ordinary share uplift to the
Company's net asset value, predominantly from prepayment fee income
received. At 30 September 2023, the Company had GBP104 million (30
June 2023: GBP154 million) outstanding under its revolving credit
arrangements.
A period of very low wind speeds and exceptionally dry weather
in England and Scotland has decreased actual cash distributions to
the Company from its renewables investment portfolio, negatively
contributing c. 1.2 pence per ordinary share to the movement.
Further reductions in electricity prices continue to decrease
actual and forecast cash distributions to the Company from its
renewables investment portfolio driven by decreases in short-term
power prices as a result of lower European gas demand, an ample
supply of LNG, unseasonably mild weather and significant reductions
in UK carbon prices leading to a wider price disconnect between the
UK emissions trading scheme and the equivalent EU scheme. This is
partially offset by the positive performance of the Company's
hedging arrangements, therefore overall net movements negatively
contributed c. 0.5 pence per ordinary share.
Various other downward movements across the portfolio totalled
c. 0.4 pence per ordinary share, offset by updates for actual
inflation that contributed c. 0.7 pence per ordinary share. As
advised by the Company's independent valuation agent , discount
rates remained unchanged this quarter, following the c.40bps
increase in the weighted average discount rate used by the Company
to value its portfolio at 30 June 2023. 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
30 June 2023 NAV 110.02
Actual generation across the renewables portfolio (1.19)
Biomass Refinance 1.18
Q3 2023 power price forecast (inclusive of hedging value changes) (0.54)
Actual inflation updates 0.74
Share buyback accretion 0.33
Other valuation changes (0.75)
30 September 2023 NAV 109.79
Portfolio
Notwithstanding the lower 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 , including a
line-by-line breakdown of the investment portfolio and underlying
assets that has been made available during the quarter and will be
updated by the Company periodically.
Buybacks
On 14 March 2023 the Company announced a proactive programme of
share buybacks in response to the persistent discount at which the
Company's share price is trading relative to the published net
asset value. The Company remains committed to pursue buyback
opportunities in line with the strategy that has been set out
previously, and to benefit from the investment opportunity that the
Company's shares offer at the current price. At 30 September 2023,
the Company had bought back 13,565,019 shares.
Updates
The Board, and Gravis, are available to meet with the Company's
shareholders at any time. A capital markets day is being scheduled
for 16 January 2024, and following the release of the 30 September
2023 NAV, Gravis will be holding a webinar on 3 November at
11:00am. For further details and to book a place please contact
daniela.santos@graviscapital.com ,
cameron.gardner@graviscapital.com or your usual Gravis contact.
For further information please contact:
Gravis Capital Management Limited
Philip Kent
Ed Simpson
Max Gilbert +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 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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END
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