REG - ICG-Longbow Senior - Portfolio Update & Board Changes

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

30/01/2025 18:15

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RNS Number : 3610V  ICG-Longbow Snr Sec UK Prop DebtInv  30 January 2025

ICG Longbow LEI: 2138008BKBH3OP2CA764

30 January 2025

 

 

ICG-Longbow Senior Secured UK Property Debt Investments Limited

 

(the "Company")

Portfolio Update and Board Changes

Portfolio Update

The Company continues to make progress in exiting its three final investments
in what remain challenging market conditions.

 

Since issuance of the Company's interim report and accounts in October 2024,
the asset securing the Affinity loan has been placed under offer for sale
following a competitive bidding process, and the Company continues to see
buyer interest for the Southport hotel asset, however the exit of this
position is taking longer than anticipated.

 

The Company, its fellow lenders and the operating partner continue to work
together to restabilise the portfolio securing the RoyaleLife loan under the
new Regency Living brand, with home sales having restarted in earnest in the
fourth quarter of 2024.  An exit of this portfolio is anticipated when the
conditions are right for sale.

 

Board Changes

The board has sought to control the cost base of the Company as assets have
shrunk.  As noted above, some progress is being made in relation to the
remaining three loans and, accordingly, the board has agreed that it is an
appropriate time to reduce the size of the board.

 

Stuart Beevor, who has served as Director and Fiona Le Poidevin, who has
served as a Director and Chair of the Audit and Risk Committee, will retire
from the Board of the Company with effect from 31 January 2025.

 

Jack Perry and Paul Meader will remain as Directors.

 

The Company also announces the following changes to the roles and
responsibilities of some Directors with effect from 31 January 2025, in
accordance with listing rule 6.4.6 (2) & (3):

 

Paul Meader will be appointed as Chair of the Audit and Risk Committee with
effect from 31 January 2025 following Fiona Le Poidevin's retirement.

 

The Company extends its thanks to Stuart and Fiona for their hard work and
wise counsel during their tenures.

 

  For further information, please contact:

 Ocorian Administration (Guernsey) Limited:
 Louise Manklow                                                                       +44 (0)14 8174 2742

 Cavendish:
 James King                                                                           +44 (0)20 7397 1910

 Daniel Balabanoff                                                                    +44 (0)20 7397 1909

 ICG Real Estate:

 David Mortimer                                                                       +44 (0)20 3545 138

 

Further information on the Company can be found on its website at
http://www.lbow.co.uk/ (http://www.lbow.co.uk/)

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