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Last checked at 
27 Mar 2020 07:00
27 March 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the "Company")
Interim Dividend Announcement
The Company is pleased to declare an interim dividend of 1.5 pence per share covering the period 1 November 2019 to 31 January 2020.
Distribution period: | 1 November 2019 to 31 January 2020 |
Distribution amount per share: | 1.5 pence 1 |
Ex-dividend date: | 9 April 2020 |
Dividend record date: | 14 April 2020 |
Payment date: | 1 May 2020 |
1 Fully covered interim dividend declared for the distribution period
Recent developments and COVID 19 update
As stated in the Company's announcement of 10th March 2020, the £21.5 million Pentavia loan has been repaid in full. A new loan commitment of £7.75 million secured by an industrial estate in Merseyside has been completed of which £3.5 million has been drawn down. All borrowings on the Company's working capital facility, totalling £5.2 million, have been fully repaid.
As of 27th March 2020, the Group has cash balances of £15.1 million, of which approximately £9.9 million is committed against existing facilities, leaving the Group free, uncommitted cash balances of £5.2 million in addition to its available but undrawn £25 million working capital facility.
Against the backdrop of uncertainty caused by COVID 19 the Group has a strong cash reserve, ample liquidity and no borrowings. The pro forma LTV of 67.9% as set out in the latest Fact Sheet is supported exclusively by senior secured loans backed by a first legal charge over a diverse portfolio of UK commercial and residential properties, with no junior, mezzanine or structured credit positions. Whilst it will be some time before the full impact of Covid-19 is known, each of the underlying loans is subject to close monitoring and strong collateral. The Investment Adviser is actively engaging with the sponsors and supporting them as needed to preserve performance of the underlying real estate assets in what are challenging market conditions.
The Board is in regular contact with the Investment Adviser to monitor portfolio performance, and the preparation of the Annual Report and Accounts for the Year Ended 31st January 2020 is progressing as planned.
For further information, please contact:
Estera International Fund Managers (Guernsey) Limited: | |
Louise Manklow
| +44 (0)14 8174 2742 |
Cenkos Securities: | |
Will Rogers
| +44 (0)20 7397 1920
|
Maitland Consultancy Limited: | |
Rebecca Mitchell | +44 (0)20 7379 5151
|
ICG-Longbow Martin Wheeler David Mortimer |
+44 (0)20 3201 7502 +44 (0)20 3201 7532 |
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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