(Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd on Tuesday said it shares shareholder frustration after reporting a drop in its net asset value and lowering its interim dividend.
Shares in ICG fell 22% at 20.40 pence each in London on Tuesday morning.
The London-based investor in UK real estate debt said its NAV per ordinary share at the July 31 half-year end fell 28% to 45.64p from 63.77p at the end of January.
ICG said it shares shareholder frustration on the "ongoing delays in realising loans, combined with the disappointment of having to recognise further impairment provisions".
"Regrettably there is no easy way for the board, investment manager or any other party to accelerate realisations in a market with such a limited buyer pool", said Chair Jack Perry.
ICG-Longbow declared a 0.50p per share interim dividend, down 76% from 2.1p a year ago.
Looking ahead, the investor said it expects to make "difficult choices". It continues to focus on controlling costs and seeking recovery.
By Sabrina Penty, Alliance News reporter
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Icg-longbow (LBOW)