GCP Infrastructure Investments Limited (GCP) announced the publication of its quarterly investment report.
At 31 March 2023:
- The net asset value was, as previously announced, 112.24 pence per ordinary share, an increase of around 9% over the past year;
- The company was exposed to a diversified and partially inflation protected portfolio of 49 investments with an unaudited valuation of £1.1 billion; and
- The portfolio had a weight-adjusted average annualised yield of 7.9%, principal outstanding of £1.0 billion and an average life of ten years.
In the quarter to 31 March 2023, the company made two investments totalling £10.5 million in the electric vehicle sector, further diversifying the company’s portfolio. This included a new investment of £7.3 million through a senior loan to finance the purchase of a fleet of electric taxis and a follow-on investment of £3.2 million to grow an existing fleet.
Share buyback programme
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 pursuing 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.
Investor events
The board, and Gravis, are available to meet with the company’s shareholders. Gravis has scheduled an investor day at the Birmingham Biopower Limited waste wood biomass project on the 23 May 2023, which investors are welcome to attend.
Gravis will be holding a webinar on 15 May 2023 at 11.00am to provide more detail on the portfolio. For investors interested in joining either event, please e-mail zoe.french@graviscapital.com.
GCP : Outlook remains promising for GCP Infrastructure