ICG-Longbow Snr Sec UK Prop DebtInv Orderly Realisation and Return of Capital (0218E)
03 Novembre 2020 - 8:00AM
UK Regulatory
TIDMLBOW
RNS Number : 0218E
ICG-Longbow Snr Sec UK Prop DebtInv
03 November 2020
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 contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
3 November 2020
ICG-Longbow Senior Secured UK Property Debt Investments Limited
(the Company)
Orderly realisation and return of capital to shareholders
Following a review of the Company's strategy and in line with
the recommendation of the investment adviser, ICG Real Estate, the
Board has decided to recommend to shareholders that the investment
objective and policy of the Company are amended so that the Board
can pursue a strategy of orderly realisation and the return of
capital over time to shareholders.
The underlying performance of the portfolio has proved resilient
and defensive through the pandemic, with no impairments, enabling
the Company to deliver a fully covered dividend to shareholders in
September 2020. The Board's focus is, however, on continuing to
maximise shareholder value and it therefore believes that given the
current economic backdrop and re-rating of the sector, an orderly
realisation is the most prudent option.
In reaching this decision, the Board took account of a number of
factors including the prevailing discount to net asset value on the
shares, the market capitalisation and liquidity of the shares,
feedback received from shareholders and the expected maturity
profile of the investment portfolio. Further information on the
portfolio including the maturity profile can be found on the
Company's website: https://www.lbow.co.uk/ .
The orderly realisation strategy would not result in the
liquidation of the Company in the immediate future or require the
Company to dispose of assets within a defined time frame. The
proposed new strategy, if approved, would be implemented in such a
manner that would seek to maximise value to shareholders. The
Company's listing would be maintained during the orderly
realisation.
The Board intends, subject to the United Kingdom Financial
Conduct Authority first approving the proposed amendments to the
investment objective and policy, to publish a circular to
shareholders to convene an extraordinary general meeting at which
it will seek approval from shareholders to amend the Company's
investment objective and policy, the Articles of Incorporation and
approve any related matters necessary to facilitate an orderly
realisation. It is the Board's intention to maintain the current
target level of dividend, whilst the Company remains substantially
invested, should the proposals be approved by shareholders (this is
a target only and does not constitute a profit forecast).
A schedule of questions and answers concerning this proposal
will be posted on the Company's website later this week.
For further information, please contact:
Ocorian Administration (Guernsey) Limited:
Rosemary Osborne-Burns +44 (0)14 8174 2742
Cenkos Securities plc:
Will Rogers +44 (0)20 7397 1920
Rob Naylor +44 (0)20 7397 1922
Will Talkington +44 (0)20 7397 1910
Maitland/AMO Limited: icg-maitland@maitland.co.uk
Sam Turvey +44 (0) 7827 836 246
Finlay Donaldson +44 (0) 7341 788 066
ICG Real Estate :
Olivia Montgomery + 44 (0)20 3545 1543
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END
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November 03, 2020 02:00 ET (07:00 GMT)
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