19th Mar 2020 13:26
(Alliance News) - GCP Asset Backed Income Fund Ltd on Thursday upped its payout and reported a rise in net asset value in 2019.
Net asset value per share at December 31 edged 0.6% higher year-on-year to 102.33 pence from 101.74p.
Shares in the company lost 6.2% at 68.50p each in London on Thursday afternoon.
GCP Asset upped its dividend by 1.6% to 6.45p per share from 6.35p.
Chair Alex Ohlsson said: "I am pleased to report that the company has once again delivered against its objectives, growing its NAV and exceeding its dividend target for the fourth consecutive year."
GCP Asset added: "The board and investment manager note the impact of the coronavirus (Covid-19) and the disruption that this outbreak is having on supply chains and the overall economy. As a result of the impact of coronavirus, the investment manager will be slowing down pipeline activities and ensuring investments are only made into new projects which are of a high quality and demonstrate significant downside protection.
"At the end of the year the group had a significant pipeline with a value of GBP100 million. The group will be working with the borrowers to extend the investment deadlines of these transactions where possible to ensure that investments occur at an optimal and more certain time."
By Eric Cunha; [email protected]
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