ICG Longbow has published its interim report covering the six months ended 31 July 2015. They say that over the period the NAV increased modestly to 100.12p. The shares traded in a range of 101.25p to 106.25p, they are currently 106p, maintaining a small premium to NAV throughout. The Company paid a first interim dividend of 1.5p for the quarter ended 30 April 2015 and, on 23 September 2015, approved a second interim dividend in respect of the quarter ended 31 July 2015 of a further 1.5p, bringing dividends paid and payable for the six months to 3.0p.
There were no changes to the portfolio which performed in line with expectations. They have 11 loans with an aggregate principal balance of £104m, a weighted average interest coupon of 7.40%, a weighted average gross investment Internal Rate of Return of 8.49%, a weighted average Loan to Value ratio of 57.1% (a bit lower than the figure at 31 January 2015 of 60.1%) and a weighted average Interest Coverage Ratio of 162%. The weighted average residual term was 3.3 years, of which by average 2.1 years remains income protected.
LBOW : ICG Longbow performing according to expectations