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ICG Longbow wind down approved

ICG Longbow wind down approved – ICG Longbow Senior Secured UK Property Debt Investments has published the results of its extraordinary general meeting, which was held today.

Shareholders approved the new investment objective and the new investment policy and the manager will now pursue a strategy of orderly realisation and the return of capital over time to shareholders.

However, there was a substantial vote against these proposals – the vote went 76.2% in favour and 23.8% against. The board said that it ” notes the votes against the ordinary resolution, which equated to 23.80% of the total shares voted by proxy. The Board, through the Chairman, investment manager (ICG Alternative Investment Limited) and broker (Cenkos Securities plc), has been in continuous dialogue with major shareholders, including the significant dissenting shareholder whose votes represented nearly all of the dissenting vote against the ordinary resolution. The Board was aware of the dissenting shareholder’s views prior to the publication of the circular convening the Extraordinary General Meeting, but with other shareholder feedback indicating overwhelming support for the ordinary resolution, as subsequently demonstrated by the 76.20% vote in favour of the total shares voted, took the decision to proceed with publication of the circular to put the ordinary resolution to shareholder vote. The dissenting shareholder wanted the Company to continue with its then current investment objective and investment policy and to be managed by the existing investment manager. The Board will continue to engage with shareholders following the introduction of the Company’s new investment objective and investment policy and strategy which are now effective.”

LBOW : ICG Longbow wind down approved

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