Mise à jour de la société, valeur liquidative et déclaration de dividendes
Investissements dans les infrastructures GCP Limitée
("GCP Infra" ou la "Société")
LEI : 213800W64MNATSIV5Z47
Company update, net asset value(s) and Dividend Declaration
29 Janvier 2024
Valeur nette d'inventaire
GCP Infra announces that at close of business on 31 December 2023, the unaudited net asset value per ordinary share of the Company was 109.84 pence (30 September 2023: 109.79 pence), an increase of 0.05 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 updated OBR inflation forecast, following the Autumn Statement in November 2023, that contributed c. 1.0 pence per ordinary share. This was offset by further reductions in forecast electricity prices, primarily decreases in short-term power prices, 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. 0.7 pence per ordinary share.
Increases to discount rates led to a reduction of c. 0.5 pence per ordinary share, resulting in the weighted average discount rate used by the Company to value its investment portfolio of 7.76% at 31 December 2023. This was offset by increased actual cash distributions to the Company from its renewable energy investments that contributed c. 0.1 pence per ordinary share. A summary of the constituent movements in the quarterly net asset value per ordinary share is shown below.
Analyse de la valeur liquidative (pence par action) | Valeur nette | Modifier |
30 septembre 2023 ANR | 109.79 | |
November 2023 OBR inflation forecast | 0.98 | |
Prévisions du prix de l'électricité pour le deuxième trimestre 4 (y compris les changements de valeur de couverture) | (0.72) | |
Le taux d’escompte augmente | (0.48) | |
Actual generation across the renewable energy portfolio | 0.08 | |
Share buyback accretion | 0.18 | |
Autres changements d'évaluation | 0.01 | |
31 December 2023 NAV | 109.84 |
Portefeuille
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 will be updated by the Company periodically.
Rachats
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 capital allocation strategy that has been set out in the annual report, and to benefit from the investment opportunity that the Company's shares offer at the current price. At 31 December 2023, the Company had bought back 16,985,019 shares.
Actualités
The Board, and Gravis, are available to meet with the Company's shareholders. For the release of the 31 December 2023 NAV, Gravis will be holding a webinar on 1 February 2024 at 11.00am. For further details and to book a place please contact [email protected], [email protected] ou votre interlocuteur Gravis habituel.
Dividende
GCP Infra is pleased to announce a dividend of 1.75 pence per ordinary share, for the period from 1 October 2023 to 31 December 2023. The dividend will be paid on 8 March 2024 to holders of ordinary shares recorded on the register as at the close of business on 9 February 2024.
Suspension des dividendes en actions
The Board, in its discretion, has determined that the offer of a scrip dividend will remain suspended for the period from 1 October 2023 to 31 December 2023. The suspension is as a result of the discount between the likely dividende en actions reference price of the shares and the current net asset value per share of le Société. The Board will keep le paiement de futur attestation dividendes à l'étude.
Calendrier prévu :
Actions cotées ex-dividende | 8 Février 2024 |
Date d'enregistrement du dividende | 9 Février 2024 |
Date de versement du dividende | 8 Mars 2024 |
Pour de plus amples informations s'il vous plaît contacter:
Gestion de capital Gravis Limitée Philippe Kent Ed Simpson Maxime Gilbert
| + 44 (0) 20 3405 8500 |
RBC Marchés des Capitaux Matthieu Coakes Elizabeth Evans
| + 44 (0) 20 7653 4000 |
Stifel Nicolas Europe Limitée Edward Gibson-Watt Jonathan Wilkes-Vert
| + 44 (0) 20 7710 7600 |
Buchanan/Plume Hélène Tarbet Sarah Gibbons-Cuisine Henry Wilson
| + 44 (0) 20 7466 5000 |
Notes à la rédaction
À propos de GCP Infra
GCP Infra est une société d'investissement à capital fixe et une composante du FTSE-250 dont les actions sont négociées sur le marché principal de la Bourse de Londres. Son objectif est de fournir aux actionnaires des distributions régulières, soutenues et à long terme et de préserver le capital sur le long terme en générant une exposition à la dette d'infrastructure britannique et aux actifs connexes et/ou similaires.
La Société cible principalement des investissements dans des projets d'infrastructure avec des revenus à long terme, soutenus par le secteur public et basés sur la disponibilité. Dans la mesure du possible, les investissements sont structurés de manière à bénéficier d'une protection partielle contre l'inflation. GCP Infra est conseillé par Gravis Capital Management Limited.
GCP Infra a été récompensé avec le Green Economy Mark de la Bourse de Londres en reconnaissance de sa contribution à des résultats environnementaux positifs.
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