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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
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 22.50 | 11:29:08 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 22.50 |
| Industry Sector |
|---|
| NONEQUITY INVESTMENT INSTRUMENTS |
| 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 The prospective purchaser of the £15.2m Southport loan investment in a hotel has withdrawn its conditional offer, citing challenges in meeting several conditions.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 18/8/2023 09:52 by davebowler ICG-Longbow Senior - Return of Capital and NAVDate/Time: 11/08/2023 11 August 2023 ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company) Return of Capital and NAV Following further partial repayments of the Northlands Loan bringing the receipts since 31 January 2023 to approximately £9million, we are pleased to announce a further return of capital to investors of 7.40 pence per ordinary share to shareholders, being £8,976,405 in total based on the number of ordinary shares in issue. This return of capital will be effected by way of an issue of redeemable B shares to existing shareholders pro rata to their shareholding on the record date set out below and the subsequent redemption of those B shares. The estimated unaudited NAV per share as at 30 April 2023 was 57.67 pence per ordinary share. The estimated unaudited NAV per ordinary share as at 30 April 2023 adjusted for the return of capital would be 50.27 pence per ordinary share. Post the return of capital, the Company will have returned an amount of 44.90 pence per ordinary share to shareholders being £54,464,947 in total. Further properties within the Northlands portfolio are under offer for sale and their completion at the amounts offered will see the loan repaid in full together with interest and exit fees. UK commercial property market conditions remain difficult due to high interest rates, high inflation and low property transaction volumes. The Company and the Investment Manager are actively seeking to expedite repayment of the remaining loans and secure the best returns for shareholders. The Company is unable to provide further detail at present to protect sensitive commercial negotiations but will make further announcements in due course. |
Posted at 14/10/2016 10:15 by davebowler Liberum;ICG-Longbow Senior Secured UK Property Debt Investments Strong interims but returns likely to decrease over medium term Event NAV per share at 31 July 2016 was 102.7p per share which equates to a NAV total return of 5.5% for the six-month period. Returns have been ahead of of expectations because of prepayment fees relating to the Mansion and First Light loan repayments. The portfolio comprises 10 loans with a weighted average LTV of 57.3% and expected gross IRR of 8.7%. The weighted average residual term was 2.3 years of which an average 1.2 years remains income protected. There is potential for further loan repayments in the loan portfolio over the next year as the income protection period reduces. The manager has indicated that the redeployment of capital over the medium term will struggle to meet the existing return targets as interest rates on senior loans are significantly lower than at the time of the IPO. The manager expects to bring forward proposals to update the company's investment policy to allow the company to reinvest repayment proceeds having regard to current market conditions. Liberum view Interim results for the period to July 2016 were strong with the company's income protection providing a boost to returns from early repayments. The medium-term outlook for the company is uncertain as investors face the prospect of moving up the risk curve to maintain the level of returns or accepting a lower return for deployment in loans with similar risk characteristics to the existing portfolio. The company trades on a 0.3% premium to NAV (5.8% dividend yield). |
Posted at 14/11/2014 10:50 by ptolemy Been looking at this one. Could anyone reconcile these two statements, a paragraph apart in the recent update:"we do not currently foresee the opportunity to deploy any further new capital at levels which would be accretive to investors" "We are actively looking at possibilities for redeploying this capital and I look forward to being able to report to you further on this in due course." They also state that the dividend is maintainable, but with capital being returned to them and (according to the quote above) with no foreseeable opportunity to reinvest, just how will they manage to maintain the divi? |
Posted at 10/4/2014 10:03 by davebowler Investec Insights¢ Today's announcement is excellent news and takes LBOW to substantially fully-invested, and more-or-less within the time-frame set out at launch (12 months). This is in contrast with SWEF which has struggled to deploy the capital it raised at launch. We understand the property-lending space remains competitive and we prefer the regional UK exposure the LBOW team offer, rather than a London-centric approach. ¢ The underlying loan metrics mean the company's target return of a 6% pa dividend should be more than fully met going forwards. Net of fees and expenses, we believe a run-to-maturity IRR of 7.2% pa looks achievable. We think ICG Longbow have now demonstrated they are amongst the market leaders in UK Commercial Property Senior Secured Lending. ¢ We continue to like the property debt space and think LBOW highlights the very attractive risk / reward profile experienced managers can offer to investors right at the top of the capital structure with low LTVs. (In all cases, LBOW's loans are given the senior secured position and the average portfolio LTV is 61%, with 160% interest coverage ratio.) ¢ We note the potential tenth investment opportunity and look forward to an announcement on it (in the near future. We also expect the company's maiden set of final results soon. ¢ Looking at the other funds within the property debt space which, to reiterate, we main bullish on LBOW offers the purest senior-loan exposure but we also believe RECI's more diverse strategy of bond and loan exposure offers investors excellent returns; a 12 month dividend yield of 6.1% with the shares trading around par. This is a much more attractive proposition, in our view, than SWEF which is currently 71% committed and trades at a premium of 3.4% and yields 3% (although this should increase when the fund becomes fully invested). |
Posted at 09/4/2013 12:36 by goodgrief The £50bn investment opportunity from banks' retreatGraham Emmett, partner at ICG Longbow, talks about an opportunity in commercial property debt for income investors. |
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