Return of Capital and NAV

ICG-Longbow Snr Sec UK Prop DebtInv

11 August 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR 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 record date	21-Aug-23
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 their shares in certificated form	1-Sep-23
Redemption payment made through CREST to shareholders who hold their shares in uncertificated form	1-Sep-23

All redemption payments will be paid gross of tax.  

For further information, please contact:

Ocorian Administration (Guernsey) Limited Louise Manklow [phone] Cenkos Securities: Will Talkington Daniel Balabanoff    [phone] [phone] ICG Real Estate David Mortimer  [phone]

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

ICG Longbow LEI: 2138008BKBH3OP2CA764

 

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