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LBOW Icg-longbow Senior Secured Uk Property Debt Investments Limited

-0.45 (-2.03%)
01 Dec 2023 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  -0.45 -2.03% 21.70 22,252 16:35:23
Bid Price Offer Price High Price Low Price Open Price
20.70 22.70 21.10 20.70 21.10
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 7.27M 1.96M 0.0162 12.78 25.11M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:29:29 AT 2 20.70 GBX

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Date Time Title Posts
28/4/202316:15Royale Life-

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Posted at 03/12/2023 08:20 by Icg-longbow Senior Secur... Daily Update
Icg-longbow Senior Secured Uk Property Debt Investments Limited is listed in the Finance Services sector of the London Stock Exchange with ticker LBOW. The last closing price for Icg-longbow Senior Secur... was 22.15p.
Icg-longbow Senior Secur... currently has 121,302,779 shares in issue. The market capitalisation of Icg-longbow Senior Secur... is £25,109,675.
Icg-longbow Senior Secur... has a price to earnings ratio (PE ratio) of 12.78.
This morning LBOW shares opened at 21.10p
Posted at 28/9/2023 13:27 by davebowler
Longbow revalues loans as property and debt markets deteriorate
The £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

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 08:52 by davebowler
ICG-Longbow Senior - Return of Capital and NAV
Date/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 10/6/2023 12:56 by nickrl
Taken a look at this and the company behind RoyaleLife is Time GB Properties Ltd which is privately held, with 60+ trading subsidiaries. This is topco and is in administration. The loan attracts interest of 8%.

You can see the developments here


range from 200 to 450k depending on location and spec. Quite a few sites still under development but some are progressing to sales so should get some cash coming in. Not my idea of a place to retire to but i suspect plenty of people looking to downsize can find the money to buy them.

So Time Share were trying to refinance to pay off ICG but failed so seems most likely outcome here is the loan maturity gets pushed back and potentially interest rate gets reset. They may also have to write off missed interest payments but all in all there should be something out of this.

So its trading around 80% below NAV (from the last sale not FY22 data) so ought to be an upside for the patient but ICG needs to cull the overheads back as there is very little to do.
Posted at 08/6/2023 07:58 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 11:52 by papillon
free stock charts from

LBOW 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 08:16 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 13/1/2023 15:34 by hpcg
Well it is winding up and with capital returns, so the share price will go to stump before delisting.
Posted at 21/7/2022 10:44 by andy246
Pandora Capital has posted a helpful summary of LBOW:

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.
Icg-longbow Senior Secur... share price data is direct from the London Stock Exchange

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