Gcp Asset Bckd Share Price (GABI)

We are due a number of updates in next two weeks - confirmation of agendas for the AGM and EGM; quarterly portfolio update; and quarterly dividend announcement. Looking at the latest GABI portfolio spreadsheet the company is due further loan repayments of £82m by June 2024; in addition to the current cash balance of c.£55m. There is a further loan of £20m due from Dec 2023 but I can't see if it has been repaid. Either way - there's a chunk of cash available for distribution late summer imo. SB

In the absence of an offer (sale) looks like its an orderly wind down of the business. Assume this means the £7m buyback programme is now cancelled. First £55m cash distribution following the AGM in May 2024 equates to about 13p per share; and from previous guidance there is about another £170m loan payments due to repaid in next 12 months (£18m already received this year) - c.40p per share available for further capital distributions. If they can sustain the 2024 dividend at 6p - we could see in the region of 60p per share paid out this year - leaving the business valued at £175m year end (40p share) - although this assumes no bad debts. Dividends would obviously fall pro-rata fall as loan repayments are distributed and not reinvested. All imo etc. Sister company GCP still active but looking at £50m capital return this year. SB

Https://www.dividendmax.com/united-kingdom/london-stock-exchange/general-financial/gcp-asset-backed-income-fund-limited/dividends

Price is about 70p today, but doubt they will stay there very long. Dividends are 4 times a year at 1.55p each 1/4.

There is still time pre 15th Feb, their ex div day.

Definitely Looks like there is something afoot given lack of dividend announcement. 93p NAV plus 6p in dividends due this year - c.£1 a share. What’s that worth to potential purchasers - and what would shareholders be prepared to accept. Got to be in the 80-85p range imo - gives purchasers a c.15%-20% profit and a decent exit for shareholders from recent lows. Or hold fast and take money over multi year wind down, SB

Yes i use div max and they say ex dividend today