GCP Infrastructure Investments Ltd Net Asset Value(s) (8039V)
19 April 2021 - 4:00PM
UK Regulatory
TIDMGCP
RNS Number : 8039V
GCP Infrastructure Investments Ltd
19 April 2021
GCP Infrastructure Investments Limited
("GCP Infra" or the "Company")
LEI 213800W64MNATSIV5Z47
Net Asset Value(s)
19 April 2021
GCP Infra, the only UK listed fund focused primarily on
investments in UK infrastructure debt, announces that as at close
of business on 31 March 2021, the unaudited net asset value per
ordinary share of the Company was 100.78 pence, down 1.93 pence
from the 31 December 2020 quarter end. 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 UK Government's announcement, as part of the March budget,
to increase the corporation tax rate to 25% from 1 April 2023 has
resulted in a reduction of the net asset value of c. 1.71 pence per
ordinary share.
In calculating the Company's net asset value, the Directors have
historically incorporated electricity price forecasts in the
valuation process by taking the average of the most recent four
quarterly long-term forecasts published by Afry, a leading
independent market price forecaster (the "Afry Average").
With effect from (and including) the 31 March 2021 net asset
value, the Directors will apply a modified methodology for these
purposes, pursuant to which the Company will use published
electricity futures market prices for the three-year period
starting on the valuation date (the "Futures Prices"). After this
three-year period, the Afry Average will continue to be used.
The Directors believe Futures Prices are a more appropriate
reference for short-term prices that incorporate traded market
activity and are more closely aligned to the prices that projects
are able to secure for the sale of electricity under their
respective power purchase arrangements.
In the quarter ending on the 31 March 2021, a reduction in the
Afry Average resulted in a decrease of the net asset value of c.
1.57 pence per ordinary share. The incorporation of the Futures
Prices as described above resulted in an increase of the net asset
value by c. 1.60 pence per ordinary share.
The Directors note a range of electricity price forecasts and
renewable asset valuation assumptions are used across the renewable
infrastructure market. The Directors believe that the Company
adopts a conservative position to the valuation of renewable assets
and shall continue to do so pursuant to the revised approach
regarding electricity power prices. Further detail on the Company's
approach to long-term assumptions, and Mazar's independent
valuation of its assets, is anticipated to be provided as part of
the Company's interim results for the six-months ending 31 March
2021, which are scheduled to be published in June.
For further information please contact:
Gravis Capital Management Limited
Philip Kent +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.
GCP Infra has been awarded with the London Stock Exchange's
Green Economy Mark in recognition of its contribution to positive
environmental outcomes.
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