ICG-Longbow Snr Sec UK Prop DebtInv Trading Update (3559D)
20 Junio 2023 - 12:02PM
UK Regulatory
TIDMLBOW
RNS Number : 3559D
ICG-Longbow Snr Sec UK Prop DebtInv
20 June 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE
REPUBLIC OF SOUTH AFRICA OR JAPAN.
20 June 2023
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Trading Update
The Company announces its unaudited NAV for the quarter ended
30(th) April 2023, at GBP69.96 million, or 57.67 pence per ordinary
share (31(st) January 2023: GBP77.35m, and 63.77 pence per ordinary
share). The reduction in the NAV is primarily a result of the
GBP6.7m (5.5 pence per share) capital distribution made during the
quarter together with the payment of a dividend of 0.5 pence per
share in respect of the quarter ended 31(st) January 2023. As
highlighted in our annual report the Company continues to make
provisions for impairment against interest receivable on the
Southport and Royale loans, and as a result there was no material
change in underlying NAV in the period.
In accordance with the guidance given to shareholders in the
Company's recent annual report and accounts, dividends will only be
paid when profits and cashflow prudently allow. As a consequence,
the Company has not declared a dividend for the quarter ended
30(th) April 2023.
During the period and since quarter end, the Company received a
total of GBP6.5 million in partial repayment of the Northlands loan
facility, and, with several further assets under offer for sale,
the remaining GBP3.0 million balance is expected to be repaid in
the coming weeks.
Cash held at period end was GBP6.8 million and, following this
anticipated repayment, the Board expects that a further capital
distribution to shareholders will be made in due course.
As set out in the Company's recent annual report and accounts,
exit processes are continuing for the remaining loans, with
assertive action being taken by the Investment Manager. The
Southport hotel asset remains under offer for sale, subject to
certain conditions including third party consents which the parties
are working to discharge. The hotel itself continues to operate
normally with the most recent trading performance at encouraging
levels.
The property securing the Affinity loan remains on the market
for sale, with current occupancy in excess of 90% and the remaining
vacant suite in the building currently under offer for lease.
Interest (including a default interest charge) continues to be paid
in full.
As previously reported, the Company, in conjunction with its
co-lenders, appointed administrators over certain of the vehicles
within the RoyaleLife group, following the filing of a winding up
petition which has subsequently been withdrawn. Following the
appointment, the Company continues to work with the Investment
Manager, the Administrator and their advisers to secure the most
favourable outcome for its shareholders, with several options being
pursued concurrently.
The Company will continue to keep shareholders updated with any
material changes to the portfolio.
For further information, please contact:
Ocorian Administration (Guernsey) Limited
Louise Manklow +44 (0)14 8174 2742
Cenkos Securities:
Will Talkington +44 (0)20 7397 1910
Daniel Balabanoff +44 (0)20 7397 1909
ICG Real Estate
Clare Glynn +44 (0)20 3545 2000
Further information on the Company can be found on its website
at http://www.lbow.co.uk .
ICG Longbow LEI: 2138008BKBH3OP2CA764
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END
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