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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Icg-longbow Senior Secured Uk Property Debt Investments Limited | LSE:LBOW | London | Ordinary Share | GG00B8C23S81 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.20 | -0.88% | 22.60 | 21.40 | 23.80 | 13,100 | 16:35:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 7.27M | 1.96M | 0.0162 | 14.07 | 27.66M |
TIDMLBOW
RNS Number : 5681V
ICG-Longbow Snr Sec UK Prop DebtInv
10 August 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
10 August 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited (the Company)
Portfolio Update
The Company announces that it has now received, or is expecting to receive, approximately 82% of the interest payments due under its investments for the quarter ending 31(st) July. In light of the continued challenges faced by the hospitality sector during the quarter, the Company has agreed to capitalise a further quarter's interest for the borrower of the Southport loan. With the hotel now having re-opened for trade the Company anticipates interest on this loan being covered from operating cashflows in future periods.
The Borrowers under the Company's loans have reported rent collections as at the June quarter date of approximately 78% on a weighted average basis. This is expected to improve to over 90% in the coming weeks as rent is collected from tenants paying on a monthly basis or under agreed payment plans, and as arrears are made good.
While the longer-term impact of the pandemic and its effect on the property market remains uncertain, the Company's borrowers continue to move ahead with their asset management initiatives and the Company has seen business plan driven improvements across its portfolio in recent weeks. The equity cushions on all of the Company's investments remain robust and the Company continues to believe that all contractual interest, principal and fees will be repaid in full on all investments.
For further information, please contact:
Ocorian Administration (Guernsey) Limited Louise Manklow +44 (0)14 8174 2742 Cenkos Securities: Will Rogers +44 (0)20 7397 1920 Maitland Consultancy Limited: Vikki Kosmalska +44 (0)20 7379 5151 ICG Real Estate Martin Wheeler +44 (0)20 3201 7502 David Mortimer +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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
August 10, 2020 02:00 ET (06:00 GMT)
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