ICG Longbow Senior Secured Property Debt has announced results for the 12 months ended 31 January 2024. The company is in the process of a managed wind down.
During the year, the company returned £15.7m to shareholders, equating to 12.9p per share. This makes 44.9p or £54.46m since the wind down began.
The company is now seeking to realise its investments through formal enforcement actions on all of its remaining loans with the appointment of receivers or administrators over the properties or borrowers in each case.
Since 31 July 2023, the company has increased its expected credit loss provisions by £11.16m to £32.48m. This brings the total provisions made during the year to 31 January 2024 to £28.54m. This comprises:
- £6.31m in respect of the Southport loan, increasing the total provision to £8.60m.
- £15.54m in respect of the RoyaleLife loan, increasing the total provision to £17.18m.
- £6.68m in respect of the Affinity loan, increasing the total provision to £6.70m.
Excluding any adjustment for expected credit losses, the total loan book stands at £66.12m as at 31 January 2024. After the adjustments this is £33.64m and the NAV per share is 29.86p.
The board has agreed with the manager that the manager’s fee will reduce to 0.5% of NAV from 1% previously.
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