Icg-longbow Senior Secur... Share Discussion Threads

[jonwig] 17/3/2016 08:27

Mansion loan repayment and loan redeployment - net result an increase of 2.5p in NAV. I was expecting that to be added to the share price at the open.

Even taking account of lower yield (6.0 vs 6.5), LBOW is a bit cheaper than SWEF. It also has a higher NAV now than SWEF.

[jonwig] 16/12/2015 07:06

I'd forgotten there would be a continuation vote in 2017:

The Board has appointed the Investment Companies Team at Cenkos Securities plc to act as their broker and financial adviser with immediate effect.

Having regard to the likely maturity profile of the Company's investment portfolio and the current investment policy and objective, the Board will be undertaking a shareholder consultation via Cenkos and ICG-Longbow in early 2016 to ascertain the views of the Shareholders in anticipation of the continuation vote resolution to be put forward at the AGM in 2017 and in the context of prevailing market conditions.

[jonwig] 02/7/2015 07:12

RNS says factsheet to 30 April available.
It isn't yet, but when it arrives, it should be here:



EDIT 8:50 am - it's there now.

[badtime] 11/6/2015 10:08

The one before late?

[stemis] 07/6/2015 22:18

Although receipt of a quarterly dividend 2 months after the end of the quarter to which it relates isn't really early.....

[skyship] 07/6/2015 16:25

Surely this dividend is coming rather soon after the last one?

Or was the last one late...
=============================================================

Interim Dividend Announcement

The Company is pleased to declare an interim dividend covering the period 1 February 2015 to 30 April 2015.

Distribution period: 1 February 2015 - 30 April 2015
Distribution amount per share: 1.5 pence
Ex-dividend date: 11 June 2015
Dividend record date: 12 June 2015
Payment date: 3 July 2015

[skyship] 30/4/2015 09:46

XD 1.5p today...PayDate 22nd May.

[skyship] 23/4/2015 12:27

Yields 5.66% @ 106p. Continues to tick the box for a small corner of my SIPP...

Will continue to rely upon asset discount plays to push up the annual return to more acceptable levels.

Currently at 34% in Private Equity trusts and 34% in propcos - many shared with badtime...

[jonwig] 23/4/2015 11:15

Thankfully, a non-event ...

All investments are performing to business plan with no covenant breaches.

Barring unforeseen circumstances, we expect the Company to continue to pay a dividend in line with its target of 6.0 pence per share per annum whilst the portfolio remains fully invested.

[badtime] 23/4/2015 10:49

Results and div then

[stemis] 15/4/2015 17:59

I agree with jonwig. It's fully listed and the bid offer spread isn't too bad so okay as a place to park cash waiting something better. I think they are targetting an 8% IRR so the NAV should drift up slightly if they stick to a 6p dividend (which they seem to have achieved already - 1.5p per quarter).

[wirralowl] 14/4/2015 23:22

Thanks for the info, jonwig.

[jonwig] 14/4/2015 18:26

Wirral - the prospectus (2013) sticks to the 6% target (on issue price of 100p) once fully invested, with (of course) some caveats. They don't seem to have revised this since.

It's hard to see how they might push this forward unless they can recycle maturing loans at a higher rate (maybe) or get a few default payments (unlikely).

I'm treating this as a quasi-fixed interest holding. The NAV (ex-div) is about steady near 100p and I plan to dump it if there's any mention of provision against non-payment, or any unexplained or significant reduction. (Latest NAV 99.97p.) So I expect to get 100p back, any more is a bonus.

[badtime] 14/4/2015 17:05

Cheers Sky

[wirralowl] 14/4/2015 12:28

Anyone know if there's a progressive dividend policy here, or is the target a fixed 6p pa going forward? TIA

[skyship] 14/4/2015 12:23

LBOW replies as follows:

"The board meeting takes place next Wednesday and it will be shortly after that the quarterly statement is issued."

[skyship] 13/4/2015 18:26

Hi BT - no, not yet.....tomorrow for sure...

[badtime] 13/4/2015 17:14

Any joy Sky?

[skyship] 10/4/2015 18:17

BT - very good point. Have sent an email to enquire...

[badtime] 10/4/2015 17:05

Aren't we overdue an announcement... Thought it was a shift to quarterly

[jonwig] 23/3/2015 14:53

Old Mutual stake rises from unreported to 6,481,327, 5.99%.

[skyship] 27/1/2015 19:18

A speedy reply to my query to LBOW just 24hrs ago, wondering why no RNS re the loan in my Post above:

"The Development Securities loan you are referring to wasn’t funded by LBOW, which became fully invested in April 2014. The transaction was funded by the ICG-Longbow UK Senior Debt Programme, a private investment vehicle managed by ICG-Longbow.

If I can be of further assistance please don’t hesitate to contact me."

[skyship] 15/1/2015 07:25

A large £10.5m loan to DSC:

[skyship] 29/12/2014 16:16

XD 1.5p today - paydate 20th Jan'15

[skyship] 10/12/2014 09:25

The IMS for the period from 1 Aug/31 Oct was 20th December last year; so perhaps c10days to wait for the next piece of news here.