Icg-longbow Regulatory News (LBOW)

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25 September 2023

ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)

Portfolio Update

Affinity Loan

The Company announces its appointment of a receiver over the property securing its Affinity loan. This appointment follows a period of forbearance during which the borrower has been seeking to sell the property or refinance the loan. This action now provides the Investment Manager with greater control over the marketing and eventual sale of the property. The property remains well occupied, covering interest in full and will now be re-marketed for sale.

Southport Loan

Following a period of exclusivity, the prospective purchaser has withdrawn its conditional offer to acquire the hotel citing challenges in meeting some of those specific conditions. The hotel has traded profitably in the year to date and the administrator has re-launched the property sale.

RoyaleLife Loan

As previously announced, administrators have been appointed across the wider borrower group structure. In conjunction with its co-lenders, and through the administrator, the Investment Manager is pursuing several concurrent strategies to protect the value of the underlying property security and maintain operations at the parks. While commercial sensitivities preclude specific disclosures, options include a business sale, individual asset sales, and introduction of strategic partners and/or a new management team. All are being actively pursued. Further disclosures, as far as possible will be made in the interim report and accounts expected to be released during the week commencing 2 October 2023.

Outlook

In light of deteriorating property and debt market conditions during the six month period to 31 July 2023, the Investment Manager and Board are reviewing the carrying values of all remaining assets. It is expected that this exercise will be concluded shortly and further discussion and disclosures made in the interim report and accounts.

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Further information on the Company can be found on its website at http://www.lbow.co.uk.