LONDON (Alliance News) - GCP Infrastructure Investments Ltd Friday said it advanced GBP55.0 million of new loans secured against UK renewable energy and private finance initiative projects between April 1 and August 14.
In a statement, GCP said two thirds of the C share capital raised in March 2014 has been deployed, triggering the conversion of the C shares into ordinary shares last week.
"The conversion of the C shares into ordinary shares in early August 2014 was within the anticipated timeframe and was a welcome validation of the company's policy of raising conservative levels of new capital only when it has clear visibility on a pipeline of high quality assets," Chairman Ian Reeves said in a statement.
"The board has been very pleased to be able to maintain the quarterly dividend at 1.9p per share, making the company one of the highest yielding stocks in the infrastructure and renewable energy sector, despite generating its revenue from a more senior and secure part of the capital structure of its investee companies than its peers," he added.
The infrastructure investor also said that investment adviser Gravis Capital Partners LLP is continuing to "progress" a number of further transactions, which are currently in the late stages of due diligence, as it looks to invest the remaining cash held by the company.
The company said its investment portfolio was valued at GBP415.9 million on August 1, while its net asset value per share was 103.20 pence at the same stage.
GCP shares were Friday quoted down 0.05% at 114.44 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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GCP Infrastructure Investments (GCP)