GCP Sovereign Infrastructure Debt Strategic Review (4936J)
June 12 2014 - 7:32AM
UK Regulatory
TIDMGULF
RNS Number : 4936J
GCP Sovereign Infrastructure Debt
12 June 2014
12 June 2014
GCP Sovereign Infrastructure Debt Limited (the "Company")
Strategic Review
As set out in the Company's Interim Management Statement
published on 15 May 2014, negotiations with infrastructure
borrowers in the GCC region (the "Borrowers") have taken longer
than anticipated, due primarily (in the opinion of Gravis Capital
Partners LLP ("GCP"), the Investment Adviser to the Company) to the
relative lack of familiarity of the Borrowers or their advisers
with capital structures which include subordinated debt
tranches.
Whilst the Company has reached substantive agreement with
Borrowers in relation to transactions in a total size of c.USD 100
million, the due diligence process has highlighted risks which GCP
believes would take such transactions outside of the scope of the
Company's stated investment policy and which may impact its ability
to deliver its stated dividend target over the long term.
Accordingly the Board, as advised by GCP, believes that there is
considerable uncertainty as to these, or any, transactions being
completed by the Company in the foreseeable future. As at the date
of this announcement, the assets of the Company are wholly held in
cash on deposit with maturities of not more than one month.
The Board is undertaking a strategic review of its options,
which include a winding up of the Company, and will through the
Investment Adviser be consulting with shareholders over the coming
days. A further announcement will be made in due course.
Enquiries
Gravis Capital Partners LLP +44 (0) 20 7518 1490
Stephen Ellis
Rollo Wright
Cenkos Securities +44 (0) 20 7397 8900
Dion Di Miceli
Tom Scrivens
Buchanan +44 (0) 20 7466 5000
Charles Ryland
Sophie McNulty
Gravis Capital Partners LLP
Gravis Capital Partners LLP is the Investment Adviser to the
Company. GCP is an infrastructure investment advisory
specialist.
GCP is authorised and regulated by the Financial Conduct
Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSFAFFEFLSEEM
Gcp Sovereign (LSE:GULF)
Historical Stock Chart
From May 2024 to Jun 2024
Gcp Sovereign (LSE:GULF)
Historical Stock Chart
From Jun 2023 to Jun 2024