(Alliance News) - GCP Infrastructure Investments Ltd on Tuesday cut its annual dividend following a slight fall in its net asset value..
The London-based investment trust reported a net asset value per share of 103.92 pence at September 30, down 0.1% from 103.99p at the same date the prior year.
The trust's share price at the end of September was down 14% at 100.40p from 116.60p at the time the previous year, reflecting a 3.4% discount to NAV.
GCP Infrastructure reported a 0.2% increase in its net assets for the year ended September 30, rising to GBP916.8 million from GBP914.8 million the prior year.
GCP Infrastructure said the investments made in the year totalled GBP94.8 million, of which around GBP31.4 million were new investments and GBP63.4 million was invested into its existing portfolio.
GCP Infrastructure said its new investments "of note" in the period included a subordinated investment in a portfolio of 14 run-of-river hydro projects in Scotland and investments to fund the ongoing construction of the deep geothermal project being built adjacent to the Eden Project in Cornwall.
Existing portfolio investments included the extension of a senior loan facility with Good Energy PLC, through the introduction of the first commercial onshore wind farm in the UK at Delabole, Cornwall into the financing facility.
GCP Infrastructure declared a reduced full-year dividend of 7.0 pence, down 7.9% from 7.6p the prior year.
Shares in GCP Infrastructure were up 0.2% at 107.20 pence on Tuesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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GCP Infrastructure Investments (GCP)