24th Sep 2014 10:44
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd Wednesday said its net asset value rose by 3.6%, including dividends paid, in the first half of its financial year.
In a statement, the company said its net asset value increased to GBP107.1 million, or 98.94 pence per share, at the end of July, from GBP103.4 million, or 98.79p per share, at the end of January.
It made a GBP3.2 million pretax profit in the period, a swing from a GBP270,882 pretax loss in the corresponding period last year.
"All of the loans are performing in line with business plans and in compliance with covenants. In addition, we have seen a general improvement across the loan portfolio in the loan to value ratio, while interest cover ratios have remained largely static," Chairman Jack Perry said in a statement.
"Since the end of the period, we have had small amounts of capital repaid in accordance with the terms of the loan agreements. However, all the repayments have included the receipt of prepayment protections and fees so any redeployment of these small amounts of existing capital should be value-enhancing compared to our original plans. We are actively looking at possibilities for redeploying this capital, and I look forward to being able to report to you further on this in due course," Perry added.
The company's objective is to construct a portfolio of good quality, defensive, senior debt investments secured by first ranking fixed charges predominantly against UK commercial property investments.
It will pay a 1.5p per share second interim dividend, which follows the declaration of a 1.5p first interim dividend earlier this year.
By Samuel Agini; [email protected]; @samuelagini
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