ICFG Limited
ICFG · Main Market · Financial Services · mcap £78m · 41.0p 2 open situations →
Open · 2
InvesCore dividend deferral
Led to FY25 audit delay and suspension – Audited accounts published; suspension lift sought
InvesCore's dividend was deferred on 20 April 2026 pending lender consents after covenant breaches. On 10 July 2026 one lender waived cross-default provisions to 31 August 2027, covering about 13.3% of affected exposure. The 15 September interims confirm the breaches remained ongoing in H1-26 and the Helicap facility was raised to up to USD 40m after period end. No wider waiver is reported.
- Future drawdowns
- Waiver extends to any future drawdowns under the existing facility agreement 10 Jul 2026 ↗
- Remaining lenders
- Talks continue; no terms or dates stated 15 Sep 2026 ↗
- PDL ratio
- 13.5% at 30 June 2026, from 17.0% at 31 Dec 2025 15 Sep 2026 ↗
- NPL ratio
- 10.2% at 30 June 2026, from 9.5% at 31 Dec 2025 15 Sep 2026 ↗
- Waiver
- One lender, about 13.3% of affected exposure, to 31 August 2027 (10 July 2026) 15 Sep 2026 ↗
- Loan portfolio
- US$ 321.1 million at 30 June 2026 23 Jul 2026 ↗
Next: waiver outcome from remaining lenders; no date stated
- 15 Sep 2026 Covenant breaches ongoing; one waiver only
- 23 Jul 2026 Waiver talks with other lenders continue
- 10 Jul 2026 First lender waiver received; other lenders in talks
- 30 Apr 2026 FY25 covenant breaches; lender talks ongoing
FY25 audit delay and suspension
Follows from InvesCore dividend deferral – Covenant breaches ongoing; one waiver only
The FY25 audit was delayed (announced 20 April 2026) and H1-2025 interims were corrected, cutting the reverse takeover expense from USD 154.9m to about USD 16.0m. InvesCore's audited accounts followed on 30 April, the shares were suspended on 1 May, and audited SIBJ results came on 27 May. On 25 June 2026 ICFG published its audited FY25 annual report and said it will apply to the FCA to restore listing and trading.
- Earlier restatement
- H1-2025 reverse takeover expense cut from USD 154.9m to about USD 16.0m 25 Jun 2026 ↗
- Reason
- Delay in completing and publishing audited accounts for year ended 31 December 2025 1 May 2026 ↗
- Auditor
- Ernst & Young 25 Jun 2026 ↗
- Restatement
- H1-2025 reverse takeover expense cut from USD 154.9m to about USD 16.0m 1 May 2026 ↗
- SIBJ audit
- Audited FY25 SIBJ results announced 27 May 2026; profit MNT 95.8 billion, +12% 27 May 2026 ↗
- InvesCore audit
- InvesCore FY25 audited accounts published 30 April 2026; profit MNT 101 billion, +21% 27 May 2026 ↗
Next: FCA decision on restoring listing and trading of shares
- 25 Jun 2026 Audited accounts published; suspension lift sought
- 27 May 2026 Subsidiary audits done; ICFG accounts due June
- 1 May 2026 Suspended from 1 May 2026; accounts outstanding
- 30 Apr 2026 InvesCore audited; ICFG accounts still outstanding
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