26th Apr 2018 16:53
LONDON (Alliance News) - GCP Asset Backed Income Fund Ltd said on Thursday its net asset value rose slightly over the course of 2017, but its total shareholder return slipped compared with a year earlier.
For 2017, the company posted a total shareholder return of 4.4% compared to 11.2% during 2016. As at the end of the year, the fund's net asset value per share stood at 100.9p compared to 100p at the end of 2016.
GCP paid dividends in respect of the year of 6.05p, above its target of 6.0p.
Loans of GBP108.3 million were advanced during the period, secured against 22 projects, with a further GBP36.6 million secured against ten projects advanced post year end.
At the year end, the company said it had an investment portfolio of 32 loans across 23 separate borrowers.
"Market conditions remain supportive with the company continuing to see strong demand for bespoke lending solutions tailored to individual borrowers' needs," GCP said.
Shares in the fund closed flat at 104.535 pence on Thursday.
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