REG - ICG-Longbow Senior - Half-yearly Report <Origin Href="QuoteRef">LBOW.L</Origin> - Part 2
22/09/2017 07:06
- Part 2: For the preceding part double click ID:nRSV4887Ra
Broker fees 25,905 26,990
Audit fees 18,000 17,500
Regulatory fees 13,007 7,587
Listing fees 6,633 4,848
Legal & professional fees 6 405,983 5,497
Other expenses 58,545 52,176
Total expenses 1,365,408 878,649
Profit for the period before tax 3,046,968 5,937,936
Taxation (99,718) 104
Profit for the period after tax 3,146,686 5,937,832
Total comprehensive income for the period 3,146,686 5,937,832
Basic and diluted Earnings per share (pence) 7 2.91 5.49
All items within the above statement have been derived from continuing
activities.
Condensed Consolidated Statement of Financial Position
As at 31 July 2017
31 July 2017 31 January 2017
£ £
Notes (Unaudited) (Audited)
Assets
Cash and cash equivalents 10,571,446 3,258,954
Trade and other receivables 15,386 25,020
Loans advanced at amortised cost 5 101,390,922 109,943,262
Total assets 111,977,754 113,227,236
Liabilities
Dividend payable 1,623,289 -
Other payables and accrued expenses 560,596 898,542
Total liabilities 2,183,885 898,542
Net assets 109,793,869 112,328,694
Equity
Share capital 106,038,522 106,038,522
Retained earnings 3,755,347 6,290,172
Total equity attributable to the owners of the Company 109,793,869 112,328,694
Number of ordinary shares in issue at period/year end 8 108,219,250 108,219,250
Net Asset Value per ordinary share (pence) 7 101.46 103.80
The Interim Financial Statements were approved by the Board of Directors on 21
September 2017 and signed on their behalf by:
Jack Perry Patrick Firth
Chairman Director
21 September 2017
Condensed Consolidated Statement of Changes in Equity
For the six month period to 31 July 2017
Number Share Retained
Notes of shares capital earnings Total
£ £ £
(Unaudited) (Unaudited) (Unaudited)
As at 1 February 2017 108,219,250 106,038,522 6,290,172 112,328,694
Profit for the period - - 3,146,686 3,146,686
Dividends paid 9 - - (5,681,511) (5,681,511)
As at 31 July 2017 108,219,250 106,038,522 3,755,347 109,793,869
For the six month period to 31 July 2016
Number Share Retained
Notes of shares capital earnings Total
£ £ £
(Unaudited) (Unaudited) (Unaudited)
As at 1 February 2016 108,219,250 106,038,522 2,370,387 108,408,909
Profit for the period - - 5,937,832 5,937,832
Dividends paid 9 - - (3,246,578) (3,246,578)
As at 31 July 2016 108,219,250 106,038,522 5,061,641 111,100,163
Condensed Consolidated Statement of Cash Flows
For the six month period to 31 July 2017
1 February 2017 1 February 2016
to 31 July 2017 to 31 July 2016
Notes £ £
(Unaudited) (Unaudited)
Cash flows generated from operating activities
Profit for the period 3,146,686 5,937,832
Adjustments for non-cash items:
Movement in other receivables 9,634 (201,115)
Movement in other payables and accrued expenses (235,508) (563,648)
Movement in tax payable (102,438) 2,093
Dividends payable 1,623,289 -
Loan amortisation (605,795) (373,295)
3,835,868 4,801,867
Loans advanced less arrangement fees 5 (1,100,000) (22,400,000)
Loans repaid 5 10,258,135 19,831,824
Net loans advanced less arrangement fees 9,158,135 (2,568,176)
Net cash generated from operating activities 12,994,003 2,233,691
Cash flows used in financing activities
Dividends paid 9 (5,681,511) (3,246,578)
Net cash used in financing activities (5,681,511) (3,246,578)
Net movement in cash and cash equivalents 7,312,492 (1,012,887)
Cash and cash equivalents at the start of the period 3,258,954 5,306,129
Cash and cash equivalents at the end of the period 10,571,446 4,293,242
The accompanying notes form an integral part of these Interim Financial
Statements.
ICG-Longbow Senior Secured UK Property Debt Investments Limited
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
For the six month period to 31 July 2017
1. General information
ICG-Longbow Senior Secured UK Property Debt Investments Limited is a
non-cellular company limited by shares and was incorporated in Guernsey under
the Companies Law on 29 November 2012 with registered number 55917 as a
closed-ended investment company. The registered office and principal place of
business of the Company is Heritage Hall, PO Box 225, Le Marchant Street, St
Peter Port, Guernsey, GY1 4HY, Channel Islands.
The Company's shares were admitted to the Premium Segment of the Official
Lists and to trading on the Main Market of the London Stock Exchange on 5
February 2013.
The unaudited condensed consolidated financial statements comprise the
financial statements of the Group as at 31 July 2017.
The investment objective of the Group, as approved by the shareholders of the
Company, is to construct a portfolio of UK real estate debt related
investments predominantly comprising loans secured by first ranking fixed
charges against commercial property investments, with the aim of providing
shareholders with attractive quarterly returns, capital preservation and, over
the longer term, a degree of capital appreciation.
The Investment Adviser, which trades under the name of ICG-Longbow, is
authorised and regulated by the FCA. The assets of the Group are managed by
the Board under the advice of the Investment Adviser under the terms of the
Investment Advisory Agreement.
2. Accounting policies
a) Basis of preparation
The Interim Financial Statements included in this Interim Report, have been
prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted
by the EU, and the Disclosure and Transparency Rules of the FCA.
The Interim Financial Statements have not been audited or reviewed by the
Company's Auditor.
The Interim Financial Statements do not include all the information and
disclosures required in the Annual Report and Financial Statements and should
be read in conjunction with the Company's Annual Report and Financial
Statements for the year ended 31 January 2017, which are available on the
Company's website (www.lbow.co.uk). The Annual Report and Financial Statements
have been prepared in accordance with IFRS as adopted by the EU.
The same accounting policies and methods of computation have been followed in
the preparation of these Interim Financial Statements as in the Annual Report
and Financial Statements for the year ended 31 January 2017.
b) Going concern
The Directors, at the time of approving the Interim Financial Statements, have
a reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future and do not consider there to
be any threat to the going concern status of the Group.
The Group is now fully invested with a total loan portfolio representing
92.35% of the net capital raised and expects that the loan portfolio will
generate enough cash flows to pay on-going expenses and returns to
shareholders. The Directors have considered the cash position and performances
of current investments made by the Group and have concluded that it is
appropriate to adopt the going concern basis of accounting in preparing the
Interim Financial Statements.
The first continuation vote was held on 1 March 2017 and passed by the
shareholders. The requirement for subsequent annual continuation votes has
been amended so that any follow-on continuation resolutions shall be put to
shareholders every five years and the Directors shall propose an ordinary
resolution that the Company continues its business as a closed-ended
collective investment scheme.
c) Segmental reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of
Directors, as a whole. The key measure of performance used by the Board to
assess the Company's performance and to allocate resources is the total return
on the Group's Net Asset Value, as calculated under IFRS, and therefore no
reconciliation is required between the measure of profit or loss used by the
Board and that contained in the Interim Financial Statements.
For management purposes, the Group is organised into one main operating
segment, being the provision of a diversified portfolio of UK commercial
property backed senior debt investments.
The majority of the Group's income is derived from loans secured on commercial
and residential property in the United Kingdom.
The Directors do not analyse the portfolio based on geographical segments on
the basis that all of the Group's non-current assets are invested in the
United Kingdom.
Due to the Group's nature, it has no employees.
3. Seasonal and cyclical variations
The Group's results do not vary significantly during reporting periods as a
result of seasonal activity.
4. Critical accounting judgements in applying the Group's accounting
policies
The preparation of the Interim Financial Statements under IFRS requires
management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on historical
experience and other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making judgements about
carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period or in the period
of the revision and future period if the revision affects both current and
future periods.
Impairment is considered to be the most critical accounting judgement and
estimate that the Directors make in the process of applying the Group's
policies and which has the most significant effect on the amounts recognised
in the Interim Financial Statements (see note 5).
Revenue recognition is considered a significant accounting judgement and
estimate that the Directors make in the process of applying the Group's
accounting policies.
The Directors consider judgements and estimations in determining the fair
value of prepayment options embedded within the contracts for loans advanced.
The key factors considered in the valuation of prepayment options include the
exercise price, the interest rate of the host loan contract, differential to
current market interest rates, the risk free rate of interest, contractual
terms of the prepayment option, and the expected term of the option.
5. Loans advanced
31 July 2017 31 July 2017 31 January2017 31 January 2017
Principal advanced At amortised cost Principal advanced At amortised cost
£ £ £ £
IRAF 11,935,000 12,119,936 11,935,000 12,090,936
Meadow 18,070,000 18,397,582 18,070,000 18,304,076
Northlands 7,577,250 7,656,083 6,477,250 6,515,144
Hulbert 6,565,000 6,759,454 6,565,000 6,607,396
Halcyon 8,600,000 8,837,269 8,600,000 8,654,038
Cararra 1,300,000 1,313,428 1,300,000 1,308,168
Ramada 7,982,500 8,038,814 7,982,500 8,007,693
Commercial Regional Space 22,400,000 22,519,691 22,400,000 22,492,465
BMO 15,793,727 15,748,665 16,000,000 15,911,483
Lanos - - 10,000,000 10,051,863
100,223,477 101,390,922 109,329,750 109,943,262
The Directors consider that the carrying value amounts of the loans, recorded
at amortised cost in the Interim Financial Statements, are approximately equal
to their fair value. No element of the loans is past due or impaired.
Amortised cost is calculated using the effective interest rate method, which
takes into account all contractual terms (including arrangement and exit fees)
that are an integral part of the loan agreement. As these fees are taken into
account when determining initial net carrying value, their recognition in
profit or loss is effectively spread over the life of the loan.
The Group's investments are in the form of bilateral loans, and as such are
illiquid investments with no readily available secondary market. Whilst the
terms of each loan includes repayment and prepayment fees, in the absence of a
liquid secondary market, the Directors do not believe a willing buyer would
pay a premium to the par value of the loans to recognise such terms and as
such the amortised cost represents the fair value of the loans.
Each property on which investments are secured was subject to an independent,
third party valuation at the time the investment was entered into. All
investments are made on a hold to maturity basis. Each investment is monitored
on a quarterly basis, in line with the underlying property rental cycle,
including a review of the performance of the underlying property security. No
market or other events have been identified through this review process, which
would result in a fair value of the investments significantly different to the
carrying value.
Whilst the loans are performing and the balance outstanding in each case is at
a substantial discount to the value of the underlying real estate on which
they are secured, the Directors do not consider the loans to be impaired, or
for there to be a risk of not achieving full recovery.
On 27 March 2017, the Group received a repayment of £10,000,000 on the Lanos
loan. As part of this repayment, the Group received a total of £1,120,203 in
interest and exit and prepayment fees in accordance with the terms of the loan
agreement.
On 27 March 2017 the Group advanced £500,000 and on 2 May 2017 advanced a
further £600,000 on the Northlands loan. The increase is on substantially the
same terms and conditions as the existing loan.
On 10 May 2017, the Group received a partial repayment of £206,273 on the BMO
loan.
6. Legal and Professional Fees
1 February 2017 1 February 2016
to 31 July 2017 to 31 July 2016
£ £
Costs in respect of Circular and publication of Prospectus 400,643 -
Other legal and professional fees 5,340 5,497
405,983 5,497
7. Earnings per share and Net Asset Value per share
Earnings per share
1 February 2017 1 February 2016
to 31 July 2017 to 31 July 2016
Profit for the period (£) 3,146,686 5,937,832
Weighted average number of ordinary shares in issue 108,219,250 108,219,250
Basic and diluted EPS (pence) 2.91 5.49
Adjusted basic and diluted EPS (pence) 1.99 2.98
The calculation of basic and diluted Earnings per share is based on the profit
for the period and on the weighted average number of ordinary shares in issue
during the period.
The calculation of adjusted basic and diluted Earnings per share is based on
the profit for the period, adjusted for one-off other fee income during the
period totalling £992,285 (31 July 2016: £2,708,330).
There are no dilutive shares in issue at 31 July 2017.
Net Asset Value per share
31 July 2017 31 January 2017
NAV (£) 109,793,869 112,328,694
Number of ordinary shares in issue 108,219,250 108,219,250
NAV per share (pence) 101.46 103.80
The calculation of NAV per share is based on Net Asset Value and the number of
ordinary shares in issue at the period/year end.
8. Share capital
As at 31 July 2017, the Company had 108,219,250(31 January 2017: 108,219,250)
issued and fully paid ordinary shares with a par value of £1 each.
9. Dividends
Dividends paid
Dividend per share Total dividend
1 February 2017 to 31 July 2017 Pence £
Interim dividend in respect of quarter ended 31 January 2017 1.50 1,623,289
Special dividend in respect of the prepayment fees received during the year ended 31 January 2017 2.25 2,434,933
Interim dividend in respect of quarter ended 30 April 2017 1.50 1,623,289
5.25 5,681,511
Dividend per share Total dividend
1 February 2016 to 31 July 2016 Pence £
Interim dividend in respect of quarter ended 31 January 2016 1.50 1,623,289
Interim dividend in respect of quarter ended 30 April 2016 1.50 1,623,289
3.00 3,246,578
Dividend proposed
On 21 September 2017, the Directors approved an interim dividend in respect of
the quarter ended 31 July 2017 of £1,623,289 equating to 1.50 pence per
ordinary share to shareholders on the register as at the close of business on
6 October 2017.
10. Financial Risk Management
The Group through its investment in senior loans is exposed to a variety of
financial risks. The main risks arising from the Group's financial instruments
are: market risk (including currency risk and interest rate risk), credit risk
and liquidity risk and are fully disclosed on pages 62 to 65 of the Annual
Report and Financial Statements for 31 January 2017.
The Company's principal risk factors are fully discussed in the Company's
Prospectus, available on the Company's website (www.lbow.co.uk) and should be
reviewed by shareholders.
11. Related Party Transactions and Directors' Remuneration
Parties are considered to be related if one party has the ability to control
the other party or exercise significant influence over the party in making
financial or operational decisions.
In the opinion of the Directors, on the basis of shareholdings advised to
them, the Company has no immediate or ultimate controlling party.
Directors
Mark Huntley, a Director of the Company, is also a Director of the Company's
Administrator. During the period, the Company incurred administration fees in
relation to services provided by the Company's Administrator of £85,000 (31
July 2016: £89,645) of which £31,583 (31 January 2017: £31,465) was
outstanding at the period/year end. Mark Huntley also received a Director's
fee for the period of £19,375 (31 July 2016: £13,750) of which £7,500 (31
January 2017: £6,875) was outstanding at the period/year end.
The Company Directors' fees for the period amounted to £105,833 (31 July 2016:
£77,500) with outstanding fees of £42,083 (31 January 2017: £38,750) due to
the Directors at 31 July 2017. With effect from 1 July 2017, the remuneration
of the Chairman increased from £40,000 to £50,000 per annum, the remuneration
of the Chairman of the Audit Committee increased from £32,500 to £40,000 per
annum and the remuneration of the Directors increased from £27,500 to £35,000
per annum. During the period, each Director received an additional, one-off
fee of £5,000 for extra services they have performed in connection with the
placing programme.
Investment Adviser
Investment advisory fees for the period amounted to £551,138 (31 July 2016:
£548,127) of which £275,569 (31 January 2017: £562,854) was outstanding at the
period/year end.
12. Subsequent events
On 21 September 2017, the Company approved a dividend of 1.50 pence per
ordinary share in respect of the quarter ended 31 July 2017, payable on 27
October 2017.
glossary of capitalised defined terms
"Administrator" means Heritage International Fund Managers Limited;
"Admission" means the admission of the shares to the premium listing segment
of the Official List and to trading on the London Stock Exchange;
"Annual Report and Financial Statements" means the annual publication of the
Group provided to the shareholders to describe their operations and financial
conditions, together with their Consolidated Financial Statements;
"Article 50" means Article 50, a clause in the EU Lisbon Treaty that outlines
the steps to be taken by a country seeking to leave the bloc voluntarily;
"AST" means assured shorthold tenancy;
"Audit Committee" means the Audit and Operational Risk Management Committee, a
formal committee of the Board with defined terms of reference;
"BMO" means BMO Real Estate Partners;
"Board" or "Directors" or "Board of Directors" means the directors of the
Company from time to time;
"Brexit" means the potential departure of the UK from the EU;
"Cararra" means Cararra Ground Rents;
"CBI" means the Confederation of British Industry;
"Circular" means the Circular of the Company dated 11 January 2017 regarding
proposals for a change in investment objective and policy, a placing programme
for 40 million shares and the continuation vote;
"Commercial Regional Space" means Commercial Regional Space Limited;
"Companies Law" means the Companies (Guernsey) Law, 2008, (as amended);
"Company" means ICG-Longbow Senior Secured UK Property Debt Investments
Limited;
"Disclosure Guidance and Transparency Rules" or "DTRs" means the disclosure
guidance published by the FCA and the transparency rules made by the FCA under
section 73A of FSMA;
"EBITDA" means earnings before interest, taxes, depreciation and
amortisation;
"EGM" means the Extraordinary General Meeting of the Company held on 1 March
2017;
"EPS" or "Earnings per share" means Earnings per ordinary share of the Company
and is expressed in Pounds Stirling;
"ERV" means Estimated Rental Value;
"EU" means the European Union;
"Euro" or "E" means Euros, the currency introduced at the start of the third
stage of European economic and monetary union;
"FCA" means the UK Financial Conduct Authority (or its successor bodies);
"Financial Statements" or "Consolidated Financial Statements" means the
audited consolidated financial statements of the Group, including the
Consolidated Statement of Comprehensive Income, the Consolidated Statement of
Financial Position, the Consolidated Statement of Changes in Equity, the
Consolidated Statement of Cash Flows, and associated notes;
"GDP" means gross domestic product;
"GFSC" means the Guernsey Financial Services Commission;
"GIIN" means Global Intermediary Identification Number;
"Group" means the Company, ICG Longbow Senior Secured UK Property Debt
Investments Limited together with its wholly owned subsidiary, ICG Longbow
Senior Debt S.A (Luxco);
"Halcyon" means Halcyon Ground Rents;
"Hulbert" means Hulbert Properties;
"IAS" means international accounting standards as issued by the Board of the
International Accounting Standards Committee;
"ICG" means Intermediate Capital Group plc;
"ICG Private Funds" means private real estate debt funds managed or advised by
the Investment Adviser or its associates;
"IFRS" means the International Financial Reporting Standards, being the
principles-based accounting standards, interpretations and the framework by
that name issued by the International Accounting Standards Board, as adopted
by the EU;
"IRR" means Internal Rate of Return;
"Interest Cover Ratio" or "ICR" means the debt/profitability ratio used to
determine how easily a company can pay interest on outstanding debt;
"Interim Financial Statements" means the unaudited interim condensed
consolidated financial statements of the Group, including the Condensed
Consolidated Statement of Comprehensive Income, the Condensed Consolidated
Statement of Financial Position, the Condensed Consolidated Statement of
Changes in Equity, the Condensed Consolidated Statement of Cash Flows, and
associated notes;
"Interim Report" means the Company's interim report and unaudited interim
condensed financial statements for the period ended 31 July;
"Investment Grade Tenant" means a tenant that is rated Aaa to Baa3 by MIS
and/or AAA to BBB- by S&P;
"Investment Adviser" or "ICG-Longbow" means Intermediate Capital Managers
Limited or its Associates;
"Investment Advisory Agreement" means Investment Advisory Agreement dated 31
January 2013 between the Company and the Investment Adviser, as amended and
restated on 27 April 2017;
"Investment Risk Committee" means the Investment Risk Committee, a formal
committee of the Board with defined terms of reference;
"IPD" means the Investment Property Databank;
"IPF" means the International Property Forum;
"IPO" means the Company's initial public offering of shares to the public
which completed on 5 February 2013;
"IRAF" means IRAF Portfolio;
"ISIN" means an International Securities Identification Number;
"Lanos" means Lanos (York);
"LIBOR" means the London Interbank Offered Rate;
"Listing Rules" means the listing rules made by the UK Listing Authority under
section 73A Financial Services and Markets Act 2000;
"London Stock Exchange" or "LSE" means London Stock Exchange plc;
"LTV" means Loan to Value ratio;
"Luxco" means the Company's wholly owned subsidiary, ICG-Longbow Senior Debt
S.A.;
"Luxembourg Administrator" means MAS International S.à r.l. being the
administrator of Luxco;
"Main Market" means the main securities market of the London Stock Exchange;
"Management Engagement Committee" means a formal committee of the Board with
defined terms of reference;
"Meadow" means Meadow Real Estate Fund II;
"MIS" means Moody's Investors Service Ltd, a credit rating agency registered
in accordance with Regulation (EC) No 1060/2009 with effect from 31 October
2011;
"MSCI" means Morgan Stanley Capital Index;
"NAV per share" means the Net Asset Value per ordinary share divided by the
number of Shares in issue (other than shares held in treasury);
"Net Asset Value" or "NAV" means the value of the assets of the Group less its
liabilities, calculated in accordance with the valuation guidelines laid down
by the Board, further details of which are set out in the Prospectus;
"Nomination Committee" means a formal committee of the Board with defined
terms of reference;
"Northlands" means Northlands Portfolio;
"NMPIs" means Non-Mainstream Pooled Investments;
"OECD" means The Organisation for Economic Co-operation and Development;
"Official List" is the Premium Segment of the UK Listing Authority's Official
List;
"IPOProspectus" means the prospectus published on 31 January 2013 by the
Company in connection with the IPO of ordinary shares;
"Prospectus" means the prospectus published in April 2017 by the Company in
connection with the placing programme;
"Ramada" means Ramada Gateshead;
"Registrar" Capita Registrars (Guernsey) Limited;
"Registrar Agreement" means the Registrar Agreement dated 31 January 2013
between the Company and the Registrar;
"REIT" means real estate investment trust;
"RICS" means the Royal Institute of Chartered Surveyors;
"SDLT" means stamp duty land tax;
"S&P" means Standard & Poor's Credit Market Services Europe Limited, a credit
rating agency registered in accordance with Regulation (EC) No 1060/2009 with
effect from 31 October 2011;
"Single Property Sector" means office, retail, industrial/warehousing and
Other Sectors (all other real estate sectors);
"SPV" means special purpose vehicle;
"UK" or "United Kingdom" means the United Kingdom of Great Britain and
Northern Ireland;
"UK Listing Authority" or "UKLA" means the Financial Conduct Authority;
"US" or "United States" means the United States of America, it territories and
possessions; and
"£" or "Pounds Sterling" or "Sterling" means British pound sterling and
"pence" means British pence.
directors and general information
Board of DirectorsJack Perry (Chairman) Stuart Beevor Patrick Firth Mark Huntley Paul Meader Audit Investment AdviserIntermediate Capital Managers LimitedJuxon House100 St Paul's ChurchyardLondonEC4M 8BU Independent AuditorDeloitte LLPChartered AccountantsPO Box 137Regency CourtGlategny EsplanadeSt. Peter PortGuernseyGY1 3HW Guernsey Administrator and Company SecretaryHeritage International Fund Managers Limited English Solicitors to the CompanyKing & Wood Mallesons LLP (until 7 March 2017)10 Queen Street PlaceLondon EC4R 1BE Gowlings WLG (UK) LLP (effective 7 March 2017)4 More London Riverside,London,SE1 2AU Guernsey Advocates to the CompanyCarey OlsenCarey HousePO Box 98Les BanquesSt Peter PortGuernsey GY1 4BZ BankersABN AMRO (Guernsey) LimitedMartello CourtAdmiral ParkSt Peter PortGuernseyGY1 3QJ Barclays Bank plc6-8 High StreetSt Peter PortGuernseyGY1 3BE Lloyds Bank International LimitedPO Box 136Sarnia House Le Truchot St Peter Port Guernsey GY1 4EN The Royal Bank of Scotland InternationalRoyal Bank Place1 Glategny EsplanadeSt Peter PortGuernseyGY1 4BQ
and Operational Risk CommitteePatrick Firth (Chairman) Stuart Beevor Paul Meader Investment Risk Heritage HallPO Box 225Le Marchant Street
CommitteePaul Meader (Chairman) Stuart BeevorJames ChristieMark HuntleyDavid Mortimer Management St. Peter Port
Engagement CommitteeJack Perry (Chairman) Patrick Firth Paul Meader Nomination CommitteeJack Perry Guernsey
(Chairman) Stuart Beevor Patrick Firth Mark Huntley Paul Meader Registered officeHeritage HallPO Box GY1 4HY Luxembourg AdministratorMAS International6c Rue Gabriel LippmannMunsbachLuxembourgL-5365 RegistrarCapita Registrars (Guernsey) LimitedMont Crevelt HouseBulwer AvenueSt SampsonGuernseyGY2 4JN Corporate Broker and Financial AdviserCenkos Securities plc 6-8 Tokenhouse YardLondonEC2R 7AS
225Le Marchant StreetSt Peter PortGuernseyGY1 4HY IdentifiersISIN:GG00B8C23S81Sedol: B8C23S8Ticker: LBOWWebsite:www.lbow.co.uk
cautionary statement
The Chairman's Statement and Investment Adviser's Report have been prepared
solely to provide additional information for shareholders to assess the
Company's strategies and the potential for those strategies to succeed. These
should not be relied on by any other party or for any other purpose.
The Chairman's Statement and Investment Adviser's Report may include
statements that are, or may be deemed to be, "forward-looking statements".
These forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "may", "will" or "should" or, in each
case, their negative or other variations or comparable terminology.
These forward-looking statements include all matters that are not historical
facts. They appear in a number of places throughout this document and include
statements regarding the intentions, beliefs or current expectations of the
Directors and the Investment Adviser, concerning, amongst other things, the
investment objectives and investment policy, financing strategies, investment
performance, results of operations, financial condition, liquidity, prospects,
and distribution policy of the Company and the markets in which it invests.
By their nature, forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may or may not
occur in the future. Forward-looking statements are not guarantees of future
performance.
The Company's actual investment performance, results of operations, financial
condition, liquidity, distribution policy and the development of its financing
strategies may differ materially from the impression created by the
forward-looking statements contained in this document.
Subject to their legal and regulatory obligations, the Directors and the
Investment Adviser expressly disclaim any obligations to update or revise any
forward-looking statement contained herein to reflect any change in
expectations with regard thereto or any change in events, conditions or
circumstances on which any statement is based.
ICG-Longbow Senior Secured UK Property Debt Investments Limited
Heritage Hall, PO Box 225,
Le Marchant Street, St Peter Port, Guernsey,
GY1 4HY, Channel Islands.
T +44 (0) 1481 716000
F +44 (0) 1481 730617
Further information available online:
www.lbow.co.uk
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on ICG Longbow Senior Secured UK Property Debt Investments
See all newsREG - ICG-Longbow Senior - Half-year Report
AnnouncementREG - ICG-Longbow Senior - Holding(s) in Company
AnnouncementREG - ICG-Longbow Senior - Return of Capital and NAV
AnnouncementREG - ICG-Longbow Senior Morgan Stanley - Holding(s) in Company
AnnouncementREG - ICG-Longbow Senior - Results of Annual General Meeting
Announcement