GCP Infrastructure Investments Ltd Net Asset Value(s) (9904S)
July 15 2020 - 2:00AM
UK Regulatory
TIDMGCP
RNS Number : 9904S
GCP Infrastructure Investments Ltd
15 July 2020
GCP Infrastructure Investments Limited
("GCP Infra" or the "Company")
LEI 213800W64MNATSIV5Z47
Headline: Net Asset Value(s)
15 July 2020
GCP Infra, the only UK listed fund focused primarily on
investments in UK Infrastructure debt, announces that as at close
of business on 30 June 2020, the unaudited net asset value per
ordinary share of the Company was 107.73 pence, a decrease of 1.9%
on the net asset value per ordinary share of 109.83 pence at the
end of the previous quarter.
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 Company's Valuation Agent, Mazars LLP, carries out a fair
market valuation of the Company's investments on behalf of the
Board on a quarterly basis. The valuation principles used by the
Valuation Agent are based on a discounted cash flow methodology. A
fair value of each asset acquired by the Company is calculated by
applying an appropriate discount rate (determined by the Valuation
Agent) to the cash flow expected to arise from each asset
respectively.
A number of the Company's investments rely on projected future
UK electricity market prices for a proportion of their revenues.
Changes in electricity prices may therefore impact on a borrower's
ability to service debt or, in cases where the Company has stepped
into projects and/or has direct exposure through its investment
structure, impact on overall returns. On 29 May 2020 the Company
published an updated portfolio sensitivity to electricity prices as
part of its half-yearly financial report, in which the Directors
noted that in the medium term the Company expects Covid-19 to have
a negative impact on electricity prices resulting from reduced
demand for energy.
At the end of the quarter ended 30 June 2020, the medium-term
electricity price forecasts used by the Company declined by a
further c.5.5%. The impact of these changes in electricity
forecasts has reduced the Company's net asset value per ordinary
share at 30 June by 1.75 pence.
Gravis Capital Management Limited
Philip Kent
Dion Di Miceli +44 (0)20 3405 8500
Stifel Nicolaus Europe Limited
Mark Bloomfield
Nick Donovan +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.
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 or visit www.rns.com.
END
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