GCP Infra
109.40p
Share price
on 05 Jul 2022
£967m
Market cap
on 05 Jul 2022
7.00p
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
Mar, Jun, Sep, Dec
Last quarterly dividend
1.75p
Investments
£1,136.3m
Cash
£23.4m
Liabilities
-£7.4m
NAV
£996.3m
Shares in issue
883.6m
NAV per share
112.75p
Share price discount to NAV
2.1%
Ongoing charge percentage
1.2%
Name and address
GCP Infrastructure Investments Ltd
12 Castle Street, St Helier, Jersey, JE2 3RT
Board of Directors
Ian Reeves (chairman), Julia Chapman, Michael Gray, Dawn Crichard, Steven Wilderspin, Andrew Didham
Fund managers
Philip Kent

As at 31 Mar 2022

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 to the 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).

GCP Infrastructure Investments Limited (the “Company”) is a closed-ended investment company, incorporated in Jersey (registration no. 105775), and is regulated by the Jersey Financial Services Commission (the “JFSC”) as an unclassified collective investment fund.

The Company, as a regulated investment fund in Jersey, must comply with relevant anti-money laundering (“AML") and combating the financing of terrorism (“CFT”) legislation. This legislation requires the Company to maintain up to date and relevant customer due diligence (“CDD”) in respect of shareholders (deemed “Customers” for the purposes of Jersey’s AML/CFT Legislation) who hold certificated shares in the Company and individual shareholders who hold their shares in the Company in their own name through CREST. The amount of CDD information/documentation required by the Company will vary, depending on the type of Customer and other relevant risk factors.

The Company has engaged Apex Financial Services (Alternative Funds) Limited (“Apex”), the Administrator and Company Secretary, to collect the relevant CDD on Customers. Apex is regulated by the JFSC.

The JFSC’s AML/CFT Handbook can be located at the following link https://www.jerseyfsc.org/indu... and sets out the information/documentation required for the Company to comply with the requirements under relevant Jersey legislation.

A Customer’s failure to comply with Jersey’s AML/CFT legislation may result in the Company withholding dividend payments and blocking stock transfers for said Customer.

Please contact Apex, the Company’s Administrator, at jerseyinfracosec@apexfs.com +44 (0) 1534 847000 who will be happy to provide you with further details on the information/documentation required.

The team

Directors

Ian Reeves CBE

Ian Reeves CBE

Chairman and Chair of the Nomination Committee

Ian Reeves CBE

Ian Reeves CBE

Chairman and Chair of the Nomination Committee

Ian Reeves CBE, a Jersey resident, is the CEO and co-founder of Synaps International Limited, the Senior Independent Director of Triple Point Social Housing REIT plc, a Main Market listed company, and a director of Geiger Counter Limited and several other private companies. He is also visiting professor of Infrastructure Investment and Construction at The Alliance Manchester Business School. Ian was founder and Chairman of High-Point Rendel Group plc, president and CEO of Cleveland Bridge, Chairman of McGee Group, and Chairman of the London regional council of the CBI. He was made a Commander of the Most Excellent Order of the British Empire (CBE) in 2003 for his services to business and charity.

Date of appointment:

Ian has served as a Director since 15 June 2010


Dawn Crichard

Dawn Crichard

Chair of the Management Engagement Committee

Dawn Crichard

Dawn Crichard

Chair of the Management Engagement Committee

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 Chief Financial Officer 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 twelve years. Dawn worked with both private and listed clients in the Hedge Fund division of State Street; following this, she was appointed as Chief Financial Officer for Bathroom Brands plc. In her current role as Head of Finance at a family office, she has been involved in establishing and overseeing high value private expert funds. Her broad accounting and commercial experience includes establishing new group head offices, mergers, acquisitions, refinancing and restructuring.

Date of appointment:

Dawn has served as a Director since 16 September 2019.


Julia Chapman

Julia Chapman

Senior Independent Director

Julia Chapman

Julia Chapman

Senior Independent Director

Julia Chapman, a Jersey resident, is a solicitor qualified in England & Wales and in Jersey with over 30 years’ experience in the investment fund and capital markets sectors. Having trained with Simmons & Simmons in London, Julia moved to Jersey to work for Mourant du Feu & Jeune (now known as Mourant) and became a partner in 1999. Following the acquisition of Mourant’s fund administration business by State Street in April 2010, Julia was appointed Senior Counsel at State Street, heading up a team supporting State Street’s European alternative investment services division. In July 2012, Julia left State Street to focus on the independent provision of directorship and governance services to a small number of alternative investment fund vehicles. Julia serves on the boards of three other Main Market listed companies, Henderson Far East Income Limited, BH Macro Limited and Sanne Group PLC.

Date of appointment:

Julia has served as a Director since 1 October 2015.


Michael Gray

Michael Gray

Chair of the Investment Committee

Michael Gray

Michael Gray

Chair of the Investment Committee

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, LSE listed company JTC Plc and other listed and private companies.

Date of appointment:

Michael has served as a Director since 1 October 2015.


Steven Wilderspin

Steven Wilderspin

Chair of the Audit and Risk Committee

Steven Wilderspin

Steven Wilderspin

Chair of the Audit and Risk Committee

Steven Wilderspin, a Jersey resident, is a Fellow of the Institute of Chartered Accountants of England and Wales. He has acted as an independent director of a number of public and private investment funds and commercial companies since 2007. In 2017 he retired as Chairman of the Audit and Risk Committee of 3i Infrastructure plc after ten years of service. He is currently a non‑executive director and Chair of the Risk Committee of Blackstone Loan Financing Limited and a non-executive director and Chair of the Audit and Risk Committee of HarbourVest Global Private Equity Limited, both listed on the LSE. Prior to 2007, Steven was a director at Maples Finance Jersey, with responsibility for their fund administration and fiduciary businesses. Steven began his career at PwC in London in 1990.

Date of appointment:

Steven has served as a Director since 10 February 2021.


Andrew Didham

Andrew Didham

Non-Executive Director

Andrew Didham

Andrew Didham

Non-Executive Director

Andrew Didham, a UK resident, is a Fellow of the Institute of Chartered Accountants in England and Wales. A senior executive director with extensive board level experience in the Rothschild Banking group, Andrew was Group Finance Director for 16 years and a member of the group management of the worldwide Rothschild business, comprising investment banking, wealth management, asset management and merchant banking activities. He has broad non-executive director experience, being on the boards of IG Group Holdings plc (a FTSE 250 derivative trading platform), Shawbrook Group PLC (a regulated bank) and, formerly, Jardine Lloyd Thompson Group plc (a FTSE 250 insurance broker) and Charles Stanley PLC (a listed wealth manager). Within Rothschild, he remains an Executive Vice Chairman since 2012 and a non-executive director of NM Rothschild and Sons Ltd. Formerly, he was a partner in the London office of KPMG with responsibility for the audit of a number of global financial institutions and assignments for various government and regulatory authorities.

Andrew has served as a Director since 17 December 2021.



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

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

AIFM & Investment Adviser

Gravis Capital Management Ltd
24 Savile Row
London
W1S 2ES

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

Registrar

Link Market Services (Jersey) Limited
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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