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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Icg-longbow Senior Secured Uk Property Debt Investments Limited | LBOW | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.10 | -0.44% | 22.50 | 16:35:17 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 22.50 | 22.60 |
| Industry Sector |
|---|
| NONEQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 06/04/2023 | Interim | GBP | 0.005 | 20/04/2023 | 21/04/2023 | 19/05/2023 |
| 01/12/2022 | Interim | GBP | 0.01 | 15/12/2022 | 16/12/2022 | 13/01/2023 |
| 21/09/2022 | Interim | GBP | 0.01 | 06/10/2022 | 07/10/2022 | 04/11/2022 |
| 23/06/2022 | Interim | GBP | 0.011 | 30/06/2022 | 01/07/2022 | 29/07/2022 |
| 24/03/2022 | Interim | GBP | 0.011 | 31/03/2022 | 01/04/2022 | 29/04/2022 |
| 07/12/2021 | Interim | GBP | 0.015 | 16/12/2021 | 17/12/2021 | 14/01/2022 |
| 30/09/2021 | Interim | GBP | 0.015 | 07/10/2021 | 08/10/2021 | 05/11/2021 |
| 28/06/2021 | Interim | GBP | 0.015 | 08/07/2021 | 09/07/2021 | 06/08/2021 |
| 24/03/2021 | Interim | GBP | 0.015 | 01/04/2021 | 06/04/2021 | 30/04/2021 |
| 11/12/2020 | Interim | GBP | 0.015 | 24/12/2020 | 29/12/2020 | 22/01/2021 |
| 28/09/2020 | Interim | GBP | 0.015 | 08/10/2020 | 09/10/2020 | 30/10/2020 |
| 03/07/2020 | Interim | GBP | 0.015 | 16/07/2020 | 17/07/2020 | 07/08/2020 |
| 27/03/2020 | Interim | GBP | 0.015 | 09/04/2020 | 14/04/2020 | 01/05/2020 |
| 13/12/2019 | Interim | GBP | 0.015 | 24/12/2019 | 27/12/2019 | 24/01/2020 |
| 27/09/2019 | Interim | GBP | 0.015 | 10/10/2019 | 11/10/2019 | 08/11/2019 |
| 03/07/2019 | Interim | GBP | 0.015 | 11/07/2019 | 12/07/2019 | 26/07/2019 |
| Top Posts |
|---|
Posted at 28/9/2023 14:27 by davebowler Longbow revalues loans as property and debt markets deteriorateThe £33m trust said UK market conditions made its managed wind-down difficult as high interest rates and high inflation impacted property transaction volumes. Jamie Colvin BY JAMIE COLVIN comments UK property debt fund ICG Longbow (LBOW) has flagged a possible write-down of its remaining portfolio as ‘deteriorating property and debt market conditions’ blighted its managed wind-down. The former £91m investment company, which has dwindled to £33m as a result of three years of disposals, said UK commercial property and markets had been difficult as it launched a review of its valuations. It will update these next week. ‘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 stated. ‘It is expected that this exercise will be concluded shortly and further discussion and disclosures made in the interim report and accounts.’ In terms of individual loan news, Longbow said it had appointed a receiver over the property securing the £17.3m Affinity loan, which will now be re-marketed for sale. The prospective purchaser of the £15.2m Southport loan investment in a hotel has withdrawn its conditional offer, citing challenges in meeting several conditions. The hotel has traded profitably in the year to date and the administrator has re-launched the property sale. Administrators have been appointed across the wider borrower group structure for the £25.4m RoyaleLife Loan, and the investment manager is pursuing several concurrent strategies to protect the value of the underlying property security and maintain operations at the parks. Potential options include a business sale, individual asset sales and the introduction of strategic partners or a new management team, all of which are being pursued. In late 2020, the board decided to wind up the trust, despite its best shareholder returns since launch seven years previously, as share prices recovered and sentiment improved. It recognised that the high-yielding trust lacked scale and investor appeal. Since then, the shares have fallen 44% to 29p, a 73% discount to the July net asset value per share of 98.21p. |
Posted at 08/6/2023 08:58 by scburbs What about when mirrors are involved?Much as I would like to spend £4m on a bungalow, I think the property represents 10 bungalow parks. LBOW is lending alongside other ICG funds. Here is the initial loan info. "ICG-Longbow announces loan to bungalow housing company RoyalLife – ICG-Longbow Senior Secured UK Property Debt Investments (LBOW) has entered into a new £24.6m loan commitment to an affiliate of RoyaleLife, a UK-based provider of bungalow homes. The trust is participating in a larger £142.7m loan facility alongside two other funds managed by the manager. The loan will refinance a portfolio of 10 assets in the residential bungalow homes sector. It carries a four-year term and has an initial LTV ratio of 78.9%." |
Posted at 12/5/2023 12:52 by papillon free stock charts from uk.advfn.comLBOW log chart. Very bearish and has been for over a year. |
Posted at 17/1/2023 13:24 by scburbs Third Party valuation was increased in 2022, used to be 70+% LTV. Third party valuation though and limited influence for LBOW.Worth noting on the hotel that the significant shortfall reporting is referencing the operating company. That company only has c.£1.9m of assets so obviously a signficant shortfall (but not meaningful reporting!). The proposals for the main hotel owning company do not have the same statement. Based on their estimate (bearing in mind recovery across both companies) LBOW just about get paid in full (at £16.2m - presumably some extra default recovery in there). However, their estimate of the recovery value (£17.5m - £15.6m Propco/£1.9m Opco) could be too high. |
Posted at 16/1/2023 08:37 by hugepants So why didnt LBOW update the shareholders? That was a newspaper report that even had the value of the loan wrong (16.2M instead of 15.2M) |
Posted at 16/1/2023 08:28 by andy246 On Southport hotel, the administrator announced in Dec-22 that LBOW as first charge holder should expect a significant discount on its loan (did not give an estimate), with no recovery on unsecured claim. That 96% LTV is no longer relevant in a distressed sale process |
Posted at 16/1/2023 08:16 by hugepants Well you'd think the Southport hotel would be underwater. LTV was 96% at end Oct. Not sure how much assets in leisure are down since then but offices and retail were down 12% last quarter. Industrial was 20% but lbow don't have any of these. Nav was 66.5p. all the other loans were 56-69 LTV so they shouldn't be in danger unless there is another couple of quarters of similar falls . Current share price discounts a lot imo. |
Posted at 14/10/2022 08:33 by loglorry1 Yes keys to Bliss being handed back to LBOW. I guess they will now sell it for what they can get. Hopefully over £15m. |
Posted at 02/8/2022 13:17 by hugepants New holder, Altimas Capital, with 5.24% |
Posted at 21/7/2022 11:44 by andy246 Pandora Capital has posted a helpful summary of LBOW:www.pandora-capital. It seems only 1 loan is problematic (Southport), but potential losses on this loan are quite limited (only 2.3p per share if the underlying property is sold at a 30% discount to the most recent valuation as of Q1 2022). IRR at the current share price is estimated at 20%+ before any credit losses on Southport. |
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