Covenant Compliance and Lender Waiver Update

ICFG Limited

10 July 2026

 

10 July 2026

ICFG LIMITED

("ICFG", the "Company" or together with its subsidiaries, the "Group")

Covenant Compliance and Lender Waiver Update

ICFG Limited (LON: ICFG), the international financial services group, is pleased to provide an update in relation to InvesCore NBFI JSC's breach of certain financial covenant requirements (the "Covenant Breaches") and the associated lender engagements, as previously disclosed in the Company's announcement dated 30 April 2026 and in its audited financial statements for the year ended 31 December 2025.

The Group has received a waiver from one of its lenders in respect of the cross-default provisions arising from the Covenant Breaches until 31 August 2027. The waiver relates to outstanding borrowings of approximately US$23.3 million as at 30 June 2026 (31 December 2025: US$9.6 million), representing approximately 13.3% of the total lender exposure affected by the Covenant Breaches as at 31 December 2025, and extends to any future drawdowns under the existing facility agreement.

The Company notes that InvesCore continues to maintain a strong liquidity position, with cash and cash equivalents of approximately MNT 158.6 billion (c. US$44.3 million) and a loan portfolio of approximately MNT 1,151 billion (c. US$321.2 million) as at 30 June 2026.

The Group remains actively engaged with all relevant lenders regarding the terms of the facility agreements and matters relating to the Covenant Breaches, and continues to work constructively with its lenders. Further updates will be provided to the market as and when appropriate.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

For further information, please contact: 

ICFG Limited  Enkhmaral Batkhuyag, CEO  [e-mail]

Strand Hanson Limited (Financial Adviser)  Rory Murphy / Abigail Wennington [phone]  SP Angel Corporate Finance LLP (Broker)   Stuart Gledhill  [phone]

 

END