GCP Infra
127.16p
Share price
on 17 Jun 2019
£1,116m
Market cap
on 17 Jun 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 Mar 18
1.90p
Investments
£1,068.1m
Cash
£10.8m
Liabilities
-£2.1m
NAV
£986.8m
Shares in issue
877.2m
NAV per share
112.50p
Share price premium to NAV
12.2%
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
Fund managers
Philip Kent

As at 29 Mar 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

Non-Executive Director

Clive Spears

Clive Spears

Non-Executive Director

Clive Spears, a Jersey resident, is a career qualified corporate banker. He has 32 years experience with the Royal Bank of Scotland Group of which the last 18 years were spent in Jersey until retirement in 2003. Clive's experience has spanned Corporate Finance, Treasury Products, Global Custody and Trust & Fund Administration. He also has experience in audit and compliance. He currently sits on the boards of a number of local financial services businesses and funds.

Mr. Spears is regulated by the JFSC for the provision of services as a non-executive director.


David Pirouet

David Pirouet

Non-Executive Director

David Pirouet

David Pirouet

Non-Executive Director

David Pirouet, a Jersey resident, is a qualified accountant. He was an audit and assurance partner for 20 years with PricewaterhouseCoopers CI LLP (“PwC”) until he retired in June 2009. He specialised in the financial services sector, in particular in the alternative investment management area. He also led PwC’s Channel Islands hedge fund management practice for over four years.

Since retiring from PwC, David has carried out a four month project for the Chief Minister’s Department in the States of Jersey, reporting to the Director for International Finance, and he serves on the boards of a number of listed and privately held investment entities. He is regulated by the JFSC for the provision of services as a non-executive director.

Mr. Pirouet has worked in London and Canada as well as the Channel Islands.


Ian Reeves

Ian Reeves

CBE, CCMI, FCInstCES, FFB, FRSA, FINSTD (67) (Chairman)

Ian Reeves

Ian Reeves

CBE, CCMI, FCInstCES, FFB, FRSA, FINSTD (67) (Chairman)

Ian Reeves, a UK resident, is a businessman and management consultant. He is a consultant to SGH Martineau LLP. He is also Chairman of Dealpride Ltd, the ultimate holding company of the McGee Group, the civil engineering, building and demolition contractors, and Chairman of FSI Worldwide Ltd, an international defence and security services contractor and provider of premium manpower resources to various industries. Ian is chairman of the construction industry best practice group, Constructing Excellence Ltd, and of Synaps Partners LLP, the strategy and business advisors. He is also a member of the advisory board of Oriel Securities Limited, the corporate and institutional stockbroking and advisory firm.

On the academic side, Ian is a visiting Professor of Infrastructure Investment and Construction at Manchester Business School, part of The University of Manchester.

Ian is a Companion of the Chartered Management Institute, a Fellow of the Chartered Institution of Civil Engineering Surveyors and a Fellow of the Institute of Directors. He is a liveryman of the Worshipful Company of Constructors and a Freeman of the City of London. He was made a Commander of the Most Excellent Order of the British Empire (CBE) in 2003 for his service to business and charity.

Mr. Reeves serves as chairman of the Board of Directors of the Company.


Julia Chapman

Julia Chapman

Non-Executive Director

Julia Chapman

Julia Chapman

Non-Executive Director

A Jersey resident, Julia Chapman is a solicitor qualified in England & Wales and Jersey with over 25 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 de Feu & Jeune (now Mourant Ozannes) and became a partner in 1999. Julia was then appointed general counsel to Mourant International Finance Administration ("MIFA") (the firm's fund administration division) with responsibility for legal, risk and compliance oversight of third party administration services to alternative investment funds.

Following the acquisition of MIFA by State Street in April 2010, Julia was appointed European Senior Counsel at State Street heading up a European-based team of legal and corporate secretarial professionals responsible for internal legal affairs and governance in State Street's 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.


Michael Gray

Michael Gray

Non-Executive Director

Michael Gray

Michael Gray

Non-Executive Director

Michael Gray (FCIBS) is a Jersey resident, 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, Michael has undertaken a variety of roles including that of an Auditor for 4 years and has extensive general management and lending experience across a number of industries.

Prior to moving to Jersey in 2005, Michael was Regional Director with responsibility for the Bank's Corporate business in the North of Scotland as well as its Oil and Gas interests in the North Sea. Other roles include Head of Funds for the Bank and latterly Chairman Funds, Financial Institutions UK.

Michael utilises that extensive corporate lending experience across a number of industries, now acting as an adviser to a number of companies with global interests and as a director of various Private Equity Funds.


Paul de Gruchy

Paul de Gruchy

Non-Executive Director

Paul de Gruchy

Paul de Gruchy

Non-Executive Director

Paul de Gruchy, a Jersey resident, is a qualified lawyer currently working as Head of Legal at a global financial services business in Jersey. 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 and the Jersey Financial Services Commission (the regulator of the Company).



Administrator & service providers

Administrator & Secretary

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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