In QuotedData’s morning briefing 26 September 2023:
- ICG Longbow (LBOW) says it has appointed a receiver over the property securing its Affinity loan. This gives it more control over the sale of this property. Rent is still being collected, covering the interest owed to the fund. Elsewhere in the portfolio, the sale of a hotel that underpinned another problem loan has fallen through, and the fund’s RoyaleLife loan – where the borrower is in administration – has seen administrators appointed across the wider borrowing group structure. In light of deteriorating property and debt market conditions during the six month period to 31 July 2023, the investment manager and board are reviewing the carrying values of all remaining assets. There are interim results, which should be released on 2 October, which will include an NAV update to reflect all of this.
- ThomasLloyd’s (TLEI) shareholders backed the existing board 58:42 in its fight with the manager. The manager’s proposed directors were all rejected and the existing ones keep their jobs.
- British Land (BLND) has announced that Meta (Facebook) has paid it £149m to surrender its lease at 1 Triton Square – one of the two buildings it has leased at British Land’s Regent’s Place in London. The decision reflects the shift in office occupation with firms scaling back space as more employees work from home. British Land says that this will result in an earnings per share dilution of around 0.6p for the six months to March 2024, which should be offset by better collection of historic COVID arrears than anticipated.
We also have results from Tufton Oceanic Assets, a transaction by Taylor Maritime Investments, and a planned wind down for Symphony International