GCP Infra
131.80p
Share price
on 13 Dec 2019
£1,157m
Market cap
on 13 Dec 2019
7.60p
12 month dividend

Fund summary

IPO date
July 2010
Trading
Main market LSE
Structure
Closed ended investment company
ISIN
JE00B6173J15
SEDOL
B6173J1
Ticker
GCP.LN
Dividend payment dates
Feb, May, Aug, Nov
Last quarterly dividend Nov 2019
1.90p
Investments
£1,144.7m
Cash
£2.5m
Liabilities
-£2.1m
NAV
£980.1m
Shares in issue
877.8m
NAV per share
111.66p
Share price premium to NAV
13.4%
Ongoing charge percentage
1.1%
Name and address
GCP Infrastructure Investments Ltd
12 Castle Street, St Helier, Jersey, JE2 3RT
Board of Directors
Ian Reeves (chairman), Julia Chapman, Paul de Gruchy, Michael Gray, David Pirouet, Clive Spears, Dawn Crichard
Fund managers
Philip Kent

As at 30 Sep 2019

Investment strategy

The Company's investment objective is to provide shareholders with regular, sustained, long-term dividends and to preserve the capital value of its investment assets over the long term.

The Company seeks to generate exposure to the debt of UK infrastructure Project Companies, their owners or their lenders and related and/or similar assets which provide regular and predictable long-term cash flows.

Core projects

The Company will invest at least 75% of its total assets, directly or indirectly, in investments with exposure to infrastructure projects with the following characteristics (core projects):

- pre-determined, long-term, public sector, backed revenues;

- no construction or property risks; and

- benefit from contracts where revenues are availability based.

In respect of such core project, the Company focuses predominantly on taking debt exposure (on a senior or subordinated basis) and may also obtain limited exposure to shareholder interests.

Non-core projects

The Company may also invest up to an absolute maximum of 25% of its total assets (at the time the relevant investment is made) in non-core projects, taking exposure to projects that have not yet completed construction, projects in the regulated utilities sector and projects with revenues that are entirely demand based or private sector backed (to the extent that the Investment Adviser considers that there is a reasonable level of certainty in relation tot he likely level of demand and/or the stability of the resulting revenue).

There is no, and it isn't anticipated that there will be any outright property exposure to the Company (except potentially as additional security).

The team

Directors

Clive Spears

Clive Spears

Senior Independent Director

Clive Spears

Clive Spears

Senior Independent Director

Clive Spears, a Jersey resident, is a career qualified corporate banker with 32 years' experience with the Royal Bank of Scotland Group, of which the last 18 years were spent in Jersey until retirement in 2003. Relevant experience has spanned corporate finance, treasury products, global custody and trust & fund administration. Listed company appointments include Invesco Enhanced Income Limited and AIM listed ESO Limited and EPE Special Opportunities Limited. Clive also has wide coverage in the private equity sector across a number of Nordic Capital and Intermediate Capital Group structures.

Clive has served as a Director since 7 February 2014.


David Pirouet

David Pirouet

Audit and Risk Committee Chairman

David Pirouet

David Pirouet

Audit and Risk Committee Chairman

David Pirouet, a Jersey resident, is a qualified accountant. He was an audit and assurance partner for 20 years with PwC CI LLP until he retired in June 2009. He specialised in the financial services sector, in particular in the alternative investment management area. Since retiring from PwC CI LLP, David served on the board of AIM Listed EPE Special Opportunities Limited.

David has served as a Director since 15 June 2010.


Dawn Crichard

Dawn Crichard

Non-Executive Director

Dawn Crichard

Dawn Crichard

Non-Executive Director

Dawn Crichard, a Jersey resident, is a Fellow of the Institute of Chartered Accountants of England and Wales with over 20 years’ experience in senior CFO and Financial Director positions. Having qualified with Deloitte, Dawn moved into the commercial sector and was Chief Financial Officer of a large private construction group for 12 years. She has worked with listed and unlisted clients within the Hedge Fund Division at State Street, following which she was appointed the Chief Financial Officer for Bathroom Brands PLC. Her broad accounting experience includes establishing new group head offices, mergers, acquisitions, refinancing and restructuring. Dawn currently holds the senior financial position for a substantial multi-national family office business.

Dawn has served as a Director since 16 September 2019.


Ian Reeves

Ian Reeves

Chairman

Ian Reeves

Ian Reeves

Chairman

Ian Reeves CBE, a Jersey resident, is an entrepreneur, international businessman and adviser. He is Chairman of the Estates and Infrastructure Advisory Limited, Senior Independent Director of Triple Point Social Housing REIT plc and visiting Professor of Infrastructure Investment and Construction at Alliance Manchester Business School, the University of Manchester. He was made a Commander of the Most Excellent Order of the British Empire (CBE) in 2003 for his services to business and charity.

Ian has served as a Director since 15 June 2010.


Julia Chapman

Julia Chapman

Non-Executive Director

Julia Chapman

Julia Chapman

Non-Executive Director

Julia Chapman, a Jersey resident, is a solicitor qualified in England & Wales and Jersey with over 30 years' experience in the investment fund and capital markets sector. Having trained with Simmons & Simmons in London, Julia moved to Jersey to work for Mourant du Feu (now known as Mourant) and became a partner in 1999. Julia was then appointed general counsel to Mourant International Finance Administration (which provided services to alternative investment funds). Julia serves on the boards of three of other Main Market listed companies, including Henderson Far East Income Limited, BH Global Limited and Sanne Group PLC.

Julia has served as a Director since 1 October 2015.


Michael Gray

Michael Gray

Non-Executive Director

Michael Gray

Michael Gray

Non-Executive Director

Michael Gray, a Jersey resident, is a qualified corporate banker and corporate treasurer. Michael was most recently the Regional Managing Director, Corporate Banking for RBS International, based in Jersey but with responsibility for The Royal Bank of Scotland's Corporate Banking Business in the Crown Dependencies and British Overseas Territories.

In a career spanning 31 years with The Royal Bank of Scotland Group plc, Michael has undertaken a variety of roles, including that of an auditor, and has extensive general management and lending experience across a number of industries. He is also a non-executive director of Jersey Finance Limited, the promotional body for the finance sector in Jersey, and a Main Market listed company, JTC Plc.

Michael has served as a Director since 1 October 2015.


Paul de Gruchy

Paul de Gruchy

Non-Executive Director

Paul de Gruchy

Paul de Gruchy

Non-Executive Director

Paul De Gruchy, a UK resident, is a qualified Jersey Advocate with 20 years' experience in financial services law. Paul was previously the Head of Legal for BNP Paribas Jersey within the UK offshore area. He has extensive experience in the financial services sector, in particular in the area of offshore funds. He has held senior positions at the Jersey Economic Development Department, where he was the director responsible for finance industry development, and the Jersey Financial Services Commission (the regulator of the Company). Paul is a graduate of Queens' College, Cambridge, and is also a director of ShareSoc, a not for profit organisation that represents the interests of individual shareholders in the UK.

Paul has served as a Director since 7 February 2014.



Administrator & service providers

Administrator & Secretary

Apex Financial Services (Alternative Funds) Limited (formerly Link Alternative Fund Services (Jersey) Limited
12 Castle Street
St. Helier
Jersey
JE2 3RT

AIFM & Investment Adviser

Gravis Capital Management Ltd
24 Savile Row
London
W1S 2ES

Registrar

Link Market Services (Jersey) Limited
12 Castle Street
St. Helier
Jersey
JE2 3RT

Advisers on English Law

Stephenson Harwood LLP
1 Finsbury Circus
London
EC2M 7SH

Advisers on Jersey Law

Carey Olsen
47 Esplanade
St. Helier Jersey
JE1 0BD

Auditor of the Company

KPMG Channel Islands Limited
37 Esplanade
St. Helier Jersey
JE1 8WQ

Corporate Broker

Stifel Nicolaus Europe Limited
150 Cheapside
London
EC2V 6ET

Receiving Agent

Link Asset Services
12 Castle Street
St. Helier
Jersey
JE2 3RT

Valuation Agent

Mazars LLP
Tower Bridge House
St Katharine’s Way
London E1W 1DD

Terms and conditions

THE INFORMATION ON THIS WEBSITE IS INTENDED TO BE USED FOR REFERENCE PURPOSES ONLY BY PERSONS IN THE UK. THE INFORMATION IS NOT INTENDED FOR PERSONS OUTSIDE THE UK WHERE THE AVAILABILITY OR PUBLICATION OF SUCH INFORMATION IS PROHIBITED OR RESTRICTED INCLUDING, BUT NOT LIMITED TO, THE UNITED STATES ITS TERRITORIES, POSSESSIONS AND PROTECTORATES UNDER ITS JURISDICTION. NOTHING ON THIS WEBSITE IS TO BE CONSIDERED AS AN OFFER TO DEAL IN THE SHARES OF GCP INFRASTRUCTURE INVESTMENTS LIMITED (“GCP INFRA”) IN ANY JURISDICTION

This website provides general information about GCP Infra only. It does not constitute investment advice and should not be relied upon as such by any person. Prospective investors should take advice from an authorised financial adviser to assess whether an investment in GCP Infra is suitable.

Shares in GCP Infra may not be offered or sold directly or indirectly in the United States. They have not been nor will they be registered under the U.S. Securities Act of 1933, as amended, and GCP Infra is not registered under the U.S. Investment Company Act of 1940, as amended. The shares in GCP Infra have not been and will not be registered under the applicable securities laws of Australia, Canada, Japan or the Republic of South Africa and may not be offered or sold in these jurisdictions.

Recipients of information on this website in any other jurisdiction should inform themselves about and observe any applicable legal requirements in their jurisdiction.

It should be remembered that the price of shares in GCP Infra and the income from them can go down as well as up.

GCP Infra is managed by Gravis Capital Management Limited (“Gravis”). No warranty is made by Gravis as to the accuracy or completeness of any information on this website. Any price information or indications of past performance on this website are for information purposes only, are subject to change without notice and can in no way be construed as a guarantee of future performance.

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