GCP Asset Backed Income Fund Ltd Dividend Declaration & Scrip Dividend Suspension (8280M)
26 January 2021 - 6:00PM
UK Regulatory
TIDMGABI TIDMGABC
RNS Number : 8280M
GCP Asset Backed Income Fund Ltd
26 January 2021
GCP Asset Backed Income Fund Limited
(the "Company" or "GCP Asset Backed")
LEI: 213800FBBZCQMP73A815
Dividend Declaration and Scrip Dividend Alternative
Suspension
26 January 2021
The Board of GCP Asset Backed, which invests in asset backed
loans, is pleased to announce a quarterly dividend in respect of
the period from 1 October 2020 to 31 December 2020 of 1.575 pence
per ordinary share (the "Q4 Dividend").
The ordinary shares will go ex-dividend on 4 February 2021 and
will be paid on 5 March 2021 to holders of ordinary shares recorded
on the register as at close of business on 5 February 2021.
Scrip Dividend Suspension
The Board, in its discretion, has determined that the offer of a
scrip dividend will remain suspended for the Q4 Dividend. The
suspension is as a result of the discount between the likely scrip
dividend reference price of the shares and the current net asset
value per share of the Company. The Board will keep the payment of
future scrip dividends under review.
Dividend raise
As previously reported, the Board has continued to pursue its
objective to increase the Company's dividend year on year. No
target dividend was set this year as the Board was keen to evaluate
how the portfolio performed throughout the year. As noted in our
NAV announcement of 18(th) January, the Company had a strong year,
collecting all expected payments of interest and the portfolio
remains well positioned going into 2021.
On this basis the Board has increased the final quarterly
dividend payment for the year to 1.575pps, meaning quarterly
dividends totalling 6.225pps were declared and paid in respect of
the year 2020 (April 2020: 1.55p; July 2020 1.55p; October 2020
1.55p and January 2021 1.575p). With the special dividend of
0.25pps declared on 26 November 2020, the total dividends payable
in respect of the year 2020 are 6.475pps. This compares with total
dividends paid in respect of the year 2019 of 6.45pps.
For further information, please contact:
Gravis Capital Management Ltd +44 (0)20 3405 8500
David Conlon
Joanne Fisk
Investec Bank plc +44 (0)20 7597 4000
Helen Goldsmith
Denis Flanagan
Neil Brierley
Buchanan/Quill +44 (0)20 7466 5000
Helen Tarbet
Sarah Gibbons-Cook
Henry Wilson
Notes to Editors
GCP Asset Backed is a closed ended investment company traded on
the Main Market of the London Stock Exchange. Its investment
objective is to generate attractive risk-adjusted returns primarily
through regular, growing distributions and modest capital
appreciation over the long term.
The Group seeks to meet its investment objective by making
investments in a diversified portfolio of predominantly UK based
asset back loans which have contracted, predictable medium to long
term cash flows and/or physical assets.
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END
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