To generate attractive risk-adjusted returns through growing distributions and modest capital appreciation over the long term by investing in predominantly UK loans.
Find out MoreLondon South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Started: Silverblade, 23 Apr 2024 12:45
Last post: Silverblade, 23 Apr 2024 12:45
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
Started: Silverblade, 14 Mar 2024 11:09
Last post: Silverblade, 14 Mar 2024 11:09
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
Started: CityWatcher, 9 Feb 2024 15:12
Last post: CityWatcher, 9 Feb 2024 15:12
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.
Last post: Silverblade, 2 Feb 2024 20:14
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
It was unusual that a dividend announcement was not made as part of the quarterly update on 25th January. Then no mention a few days later as part of the Strategic Review update. Could be they will update in the coming days - or there is something in the background (an offer) - the terms of which may impact distributions? SB
Gemlotte.
Dividendmax is the best website. Search the ticket and it shows the next ex div, payment date.
Hi can anyone tell me when next dividend is please
Started: gewillia, 23 Oct 2023 15:02
Last post: Stalin_ESQ, 29 Jan 2024 11:14
The anticipated dates and sequence of events relating to the Strategic Review are set out below:
Initial shareholder consultation period
29 January to 23 February 2024
Publication of outcome of the Strategic Review
mid-March 2024
Posting of AGM notice / shareholder circular
mid-April 2024
AGM of the Company
15 May 2024
Alex Ohlsson, Chairman of GABI, commented:
"The Board looks forward to engaging with shareholders as it seeks feedback to inform its decision-making process for the future of the Company. The Board will be seeking to ascertain a future direction for the Company which can be supported by a majority of shareholders. The Board remains committed to maximising value for shareholders."
As part of the Strategic Review, the Board is seeking shareholder feedback to inform its decision-making process. Barclays Bank PLC, acting through its investment bank ("Barclays"), financial adviser and corporate broker to GABI, will contact the Company's key shareholders to arrange meetings with the Board shortly.
The Board would welcome shareholders' views on the future strategic direction of the Company, including in respect of the following:
· a potential continuation of the Company in accordance with its current investment policy delivered by the Investment Manager, paired with a partial return of capital;
· a suitable time horizon for the return of capital in a potential orderly wind down of the Company; and
· acceptable pricing on a potential sale of the Company.
GCP Asset Backed, which invests in asset backed loans, announces that, at 31 December 2023, the unaudited net asset value ("NAV") per ordinary share of the Company (including current period revenue) is 93.21 pence per share.
The Board expects to announce an update on its Strategic Review for the future of the Company in the coming days, alongside details of a share buyback programme.
On 6 October 2023, the Board received a non-binding proposal from a US-listed investment company (the "Possible Offeror") to acquire the entire issued share capital of the Company. The proposal comprised a cash offer at a level of 68 pence per share in the Company, paired with an alternative pursuant to which shareholders could elect to receive US listed shares in the Possible Offeror for each share held in the Company, with an exchange ratio to be set at a point prior to any firm offer announcement to equate to a value of 76 pence per share. The proposal was unanimously rejected by the Board, following which on 27 November 2023 a second conditional and non-binding proposal comprising a cash offer at a level of 72 pence per share in the Company, paired with a share alternative offer at a level of 78 pence per share was received. The Board agreed to provide the Possible Offeror access to confirmatory due diligence. Prior to accessing such information, on 11 December 2023 the Possible Offeror notified the Company that it would be withdrawing its proposal.
I would be voting to close the business.
Started: CaneToad, 27 Jul 2023 10:16
Last post: CaneToad, 27 Jul 2023 10:16
Back in my day, the term 'asset-backed' meant that when a loan goes sour, there's a physical asset that the lender can sell to recover the loss. This seems to be very different to the 'asset-backed' nature of GABI's loans, because GABI seems to suffer a loss as soon as the lendee decides not to repay:
"In the period, cash payments were received in respect of the guarantee underwriting 50% of the outstanding amounts under the previously disclosed football finance problem loan (0.3%). A creditor proposal has been received in respect of the other 50%, the impact of which (if accepted) would be an impairment of c. £0.9 million. As recommended by Mazars, this impairment has been reflected in the NAV. "
What was the asset which backed this loan. Did they pledge a barrel of footballs or maybe some autographs from the players?
Started: CaneToad, 27 Jun 2023 15:06
Last post: legsofman, 17 Jul 2023 13:51
11% divi. Bottom can’t be far off...
It has not been rebased. It was a hypothetical comment, that it would still be an attractive yield ****IF**** it was.
When was the dividend rebased? By 20%?
This is beginning to look attractive even with the four problem loans at zero and a rebasing of the divi by 20%, giving a 8% yield? Granted, it could go a lot lower. Though all assumes that the credit analysis was done properly on the remainder of the portfolio...
Started: MattTheBrave, 10 Jun 2021 09:11
Last post: legsofman, 23 Mar 2023 15:21
Down on this one...paying over 9 % Divi now. Share buy backs not really helping?
Only because someone bought 50, well, an unmatched trade went through. Sometimes thing they do it just to get the share to the top of the leader board and make people notice it.
Good solid dividend payer though, 103p was exactly the price I bough in at 3 years ago, although I topped up cheaper to get down to a 102p average. No wonder no one talks about it.
...though no idea why!