GCIGCP Infrastructure reports slight decrease in NAV per share
said in an update on Friday that its unaudited net asset value per share was 107.58p as at 30 June, a slight decrease from 107.62p at the end of March.
The FTSE 250 company said its financial activities during the quarter included the successful disposal of its interest in loan notes secured against Blackcraig Wind Farm, completed at a 6.4% premium to its 31 March valuation.
It said the sale generated about £31m in cash, which was used to repay the company's revolving credit facility.
That resulted in an uplift of around 0.2p per share to the net asset value.
As of 30 June, GCP Infra had £65m outstanding under its revolving credit arrangements, down from £96m at the end of March, leading to a net debt position of about £51.3m.
The forecast for electricity prices increased, driven by higher short-term power price projections, contributing 0.45p per share in forecast cash distributions from certain renewable energy investments.
However, that was counterbalanced by an increase in discount rates advised by the company's independent valuation agent, reducing the net asset value by 0.6p per share.
As a result, the weighted average discount rate for valuing the investment portfolio rose slightly to 7.81%, from 7.78% in March.
GCP Infra said its portfolio remained aligned with expectations, characterised by its mature, diverse, and operational nature.
Its investment adviser maintained a positive outlook on the long-term demand for infrastructure, particularly infrastructure debt.
GCP Infra also declared a dividend of 1.75p per share for the period from 1 April to 30 June, consistent with the company's annual dividend target of 7p per share.
The dividend would be paid on 9 September to shareholders on record as of 9 August.
At 1104 BST, shares in GCP Infrastructure Investments were up 3.48% at 83.2p.
Reporting by Josh White for Sharecast.com.
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