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GCP Asset Backed Income Fund : Special dividend declaration

GCP Asset Backed Income Fund Limited

(the ‘Company‘ and/or ‘GCP Asset Backed‘)

LEI 213800FBBZCQMP73A815

Special dividend declaration

26 July 2018

The Board of GCP Asset Backed, which invests in asset backed loans, is pleased to declare a special dividend of 0.25 pence per ordinary share (the ‘Special Dividend‘). The Special Dividend will go ex-dividend on 2 August 2018 and will be paid on 3 September 2018 to holders of ordinary shares recorded on the register as at the close of business on 3 August 2018. The Special Dividend will be paid in cash, and is in addition to the Q2 Dividend.

The Company seeks to generate regular, growing distributions over the long term and is targeting an annual dividend of 6.1 pence per ordinary share in respect of the financial year ended 31 December 2018. The Company‘s policy is to declare and pay quarterly dividends, and in addition to the Special Dividend has today declared the quarterly dividend in respect of the period from 1 April to 30 June 2018, of 1.525 pence per ordinary share (the ‘Q2 Dividend‘), which has been announced separately today.

This brings the total dividends declared in the last 12 months to 6.35 pence per ordinary share and compares with unaudited earnings per ordinary share of 7.05 pence for the 12 month period ending 30 June 2018 and a weighted annualised yield on the Company‘s investment portfolio of 8.1%.

The Board regularly assesses the merits of additional returns to shareholders, via special dividends, to be paid where portfolio returns exceed the stated dividend target.

The Board, as advised by Gravis Capital Management Limited, the Investment Manager, believe the Company‘s portfolio is currently well positioned to continue to deliver returns which exceed its stated dividend target.

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

Expected timetable for the Special Dividend

2018

Ex-dividend date 2 August

Record date 3 August

Special Dividend payment date3 September

For further information, please :

Gravis Capital Management Limited +44 (0) 20 3405 8500

David Conlon

Dion Di Miceli

Cenkos Securities plc+44 (0)20 7397 8900

Tom Scrivens

Oliver Packard

Sapna Shah

Buchanan+44 (0)20 7466 5000

Charles Ryland

Henry Wilson

Notes to Editors
The Company

GCP Asset Backed is a closed ended investment company traded on the Main Market of the London Stock Exchange. Its investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

The Company seeks to meet its investment objective by making investments in a diversified portfolio of predominantly UK based asset backed loans which have contracted, predictable medium to long term cash flows and/or physical assets.

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Disclaimer

GCP Asset Backed Income Fund Ltd. published this content on 26 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 July 2018 06:25:25 UTC