REG - ICG-Longbow Senior - Return of Capital and NAV

ICG Longbow Senior Secured UK Property Debt InvestmentsAnnouncement

11/08/2023 07:00

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RNS Number : 0063J  ICG-Longbow Snr Sec UK Prop DebtInv  11 August 2023

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JAPAN.

This announcement is released by   ICG-Longbow Senior Secured UK Property
Debt Investments Limited   and contains inside information for the purposes
of the UK version of the Market Abuse Regulation (EC No. 594/2014).

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.

The Company will also provide an update in respect of each loan with the
release of its Interim Report & Accounts.

It is expected that the timetable for the return of capital will be as
follows:

 Ex-date                                                                         17-Aug-23

 Record date for shareholders on the register to receive B shares                18-Aug-23

 121,302,779 B shares issued pro-rata to shareholders on the register as at the  21-Aug-23
 record date

 121,302,779 B shares redeemed at 7.40 pence per share and cancelled             25-Aug-23

 Cheques in relation to the redemption payment sent to shareholders that hold    1-Sep-23
 their shares in certificated form

 Redemption payment made through CREST to shareholders who hold their shares in  1-Sep-23
 uncertificated form

All redemption payments will be paid gross of tax.

 For further information, please contact:
 Ocorian Administration (Guernsey) Limited
 Louise Manklow           +44 (0)14 8174 2742

 Cenkos Securities:
 Will Talkington          +44 (0)20 7397 1910

 Daniel Balabanoff        +44 (0)20 7397 1909

 ICG Real Estate

 David Mortimer           +44 (0)20 3201 7532

 

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

ICG Longbow LEI: 2138008BKBH3OP2CA764

 

 

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