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| TIDM | GABI |
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On 5th July 2024, GCP Asset Backed Income Fund Limited (GABI) received the repayment in full of approximately £10.1 million outstanding under a loan. The loan was secured against an Irish residential development, had an original maturity of December 2024, and was valued at approximately £9.8 million on 31st March 2024, representing approximately 3% of GABI's investment portfolio at that date. This repayment aligns with the Realisation Plan prepared by Gravis Capital Management Ltd, published on 3rd July 2024.
| Date | 8 Jul 2024 |
| Time | 16:03:43 |
| Category | Miscellaneous |
| ID | 5628V |
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
8 July 2024
GCP Asset Backed Income Fund Limited
("GABI" or the "Company")
LEI: 213800FBBZCQMP73A815
Repayment proceeds of c. £10.1m received.
The Company is pleased to announce that on the 5th July 2024 the Company received the repayment in full of c. £10.1 million outstanding under a loan (the "Loan") secured against a development stage residential development in Ireland (the "Repayment"). The original maturity of the Loan was December 2024 but was brought forward by agreement with the Company. At 31 March 2024 the Loan was valued at c. £9.8m and represented c. 3% of the Company's investment portfolio as this date.
The Repayment is in line with the forecasts set out in the plan for the managed realisation of the Company's assets prepared by Gravis Capital Management Ltd ("Gravis"), the Company's Investment Manager (the "Realisation Plan"). The Realisation Plan was published on the 3rd July 2024 and is available on the Company's website at: GABI-Realisation-Plan.pdf (graviscapital.com).
A further update on the Company's investment portfolio will be provided, as usual, as part of the June net asset value publication.
For further information:
|
GCP Asset Backed Income Fund Limited Alex Ohlsson, Chairman |
+44 (0)15 3482 2251 |
|
Gravis Capital Management Limited - Investment Manager Philip Kent Anthony Curl Cameron Gardner
|
+44 (0)20 3405 8500 |
|
Barclays Bank PLC, acting through its Investment Bank - Corporate Broker Dion Di Miceli Stuart Muress James Atkinson
|
+44 (0)20 7623 2323 BarclaysInvestmentCompanies@barclays.com |
|
Buchanan/Quill - Media Enquiries Helen Tarbet Henry Wilson George Beale
|
+44 (0)20 7466 5000 |
Notes to the Editor
About GABI
GCP Asset Backed Income Fund Limited is a closed ended investment company. Its shares are traded on the Premium Segment of the Main Market of the London Stock Exchange. Its investment objective is to undertake a managed wind-down of the Company and realise all existing assets in the Company's portfolio in an orderly manner.
The Company's portfolio comprises a diversified portfolio of predominantly UK based asset backed loans which are secured against contracted, predictable medium to long term cash flows and/or physical assets.