Special Dividend Declaration

RNS Number : 5437G

GCP Asset Backed Income Fund Ltd

26 November 2020

 

26 November 2020

GCP Asset Backed Income Fund Limited
(the "Company" and/or "GCP Asset Backed")
LEI 213800FBBZCQMP73A815

Special dividend declaration

The Board of GCP Asset Backed, which invests in asset backed loans, is pleased to declare a special dividend of 0.25 pence per ordinary share (the "Special Dividend"). The Special Dividend will go ex-dividend on 3 December 2020 and will be paid on 29 December 2020 to holders of ordinary shares recorded on the register as at the close of business on 4 December 2020. The Special Dividend will be paid in cash, and is in addition to any future quarterly dividend which may be declared and paid in respect of the financial year ending 31 December 2020.

The Company's policy is to declare and pay quarterly dividends. However the Board regularly assesses the merits of additional returns to shareholders, via special dividends, to be paid where portfolio returns exceed the amount expected to be paid by way of regular quarterly dividends.

This special dividend brings the total dividends declared this financial year (in respect of the period from 1 October 2019 to 30 September 2020) to 6.45 pence per ordinary share (FY2019: declared dividends of 6.425p) and compares with unaudited earnings per ordinary share of 7.0 pence for the 12 month period ended 30 September 2020 and a weighted annualised yield on the Company's investment portfolio of 8.0%.

The Board, as advised by Gravis Capital Management Limited, the Investment Manager, believes the Company's portfolio is currently well positioned to continue to meet its investment objective of delivering attractive risk-adjusted returns through regular, growing distributions.

Expected timetable for the Special Dividend

2020

Ex-dividend date                                                                                                      03 December

Record date                                                                                                             04 December

Special Dividend payment date                                                                               29 December

For further information, please contact:

Gravis Capital Management Limited                                                                   [phone]

David Conlon 

Dion Di Miceli

Investec Bank plc                                                                                                 [phone]

Helen Goldsmith 

Denis Flanagan 

Neil Brierley 

Buchanan/Quill                                                                                          [phone]

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.

 

END

 

 

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