24th Apr 2018 13:51
LONDON (Alliance News) - ICG-Longbow Senior Secured UK Property Debt Investments Ltd said on Tuesday it has upped its dividend for its recently ended financial year, following a change in the company's investment parameters which affected net asset value.
The investment company reported net asset value per share as at January 31 of 100.80 pence, down from 103.80p, due to ICG-Longbow's loan portfolio being repositioned in line with new investment parameters, leaving the company to use retained earnings from prepayment fees to maintain its full-year dividend of 6.00 pence per share.
With the addition of a special dividend of 2.25p, the total dividend for the year was 8.25p per share, up from 6.00p the year before.
Under the new investment parameters, an equity buffer of at least 15% of the property security value will be required to protect against any reduction in capital values.
Net asset value rose to GBP118.0 million from GBP112.3 million the year before.
ICG-Longbow's share price as at the end of January was 102.50 pence, reflecting a premium to net asset value of 1.7%.
Shares in ICG-Longbow Senior were up 0.8% at 103.34 pence on Tuesday.
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