Half Yearly Report

RNS Number : 1742P

ICG-Longbow Snr Sec UK Prop DebtInv

30 September 2013

 



ICG-LONGBOW SENIOR SECURED UK PROPERTY DEBT INVESTMENTS LIMITED

Half Year results

Unaudited Condensed Consolidated Interim Financial Statements For the period from 29 November 2012 (date of incorporation) to 31 July 2013

HIGHLIGHTS

Operational Highlights

-     Two investments by 31^st July 2013 investing £32.3 million of capital, with a further £5.8 million conditionally committed.

-     One further investment completed since 31st July 2013 bring total capital invested to £50.3 million (49.1%) and £56.2 million including an undrawn conditional commitment (54%), with strong underlying diversity of income and an average day-one loan to value exposure of 59.7%.

-     Strong investment pipeline of five transactions in documentation or undergoing detailed due diligence (£52 million in aggregate), with continuing borrower demand.

Financial Highlights

The loss for the eight months (0.26 pence per share) is in line with expectations and reflects the investment rate during the investment period of the Company.

The Net Asset Value (NAV) at 31 July 2013 was 97.74 pence per share (98.00 pence per share following the IPO).

Chairman Jack Perry said: "We are pleased with the progress made to date and the quality of investments originated by Longbow Real Estate Capital LLP.  After a slower than anticipated rate of investment initially, the pace of capital deployment has picked up significantly.  Given the current investment pipeline, we look forward to the next three months when we expect to be fully invested and begin the payment of dividends of circa 6% per year in line with our objective."

Dividend

No dividend declared for the period to 31^st July 2013, but Company remains on track to achieve its annual dividend target with effect from 31^st January 2014.

The Company expects to declare its first dividend in respect of the period ended 31^st October 2013

http://www.rns-pdf.londonstockexchange.com/rns/1742P_-2013-9-27.pdf 

Enquiries

Maitland Consultancy Limited

Rebecca Mitchell                                                                                                 0207 379 5151

 

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