GULF Gcp Sovereign

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

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