ICFG Limited (ICFG): InvesCore dividend deferral
This situation live
ICFG ICFG Limited
20 Apr 2026 · Payment deferred; lender consents pending · −17% until the next step
InvesCore expects that the dividend will be paid no later than 31 July 2026 and will proceed with payment as soon as the required consents from the relevant lenders have been obtained.
23 Apr 2026 · Covenant breaches disclosed; lender engagement continuing · +16% until the next step
The Company is continuing its engagement with relevant lenders in respect of covenant compliance and will provide further updates as appropriate.
30 Apr 2026 · FY25 covenant breaches; lender talks ongoing · −14% until the next step
The Company and InvesCore have been, and continue to be, in active engagement with all relevant lenders regarding the terms of the Facility Agreements.
10 Jul 2026 · First lender waiver received; other lenders in talks · +0% until the next step
The Group remains actively engaged with all relevant lenders regarding the terms of the facility agreements and matters relating to the Covenant Breaches, and continues to work constructively with its
23 Jul 2026 · Waiver talks with other lenders continue · +132% until the next step
Early delinquency indicators showed improvement during the period, with InvesCore's past due loan rate reducing to 13.5% as at June 2026 (FY25: 17.0%)
15 Sep 2026 · Covenant breaches ongoing; one waiver only · +41% since
Certain financial covenant breaches arising from the asset quality pressures experienced in FY25 remained ongoing during the Period, as detailed in Note 2.4 to the condensed consolidated financial sta
InvesCore dividend deferral
Covenant breaches ongoing; one waiver only
Next: waiver outcome from remaining lenders; no date stated
Every step · 6
- 20 Apr 2026 Payment deferred; lender consents pending – InvesCore expects that the dividend will be paid no later than 31 July 2026 and will proceed with payment as soon as the required consents from the relevant... ↗
- 23 Apr 2026 Covenant breaches disclosed; lender engagement continuing – The Company is continuing its engagement with relevant lenders in respect of covenant compliance and will provide further updates as appropriate. ↗
- 30 Apr 2026 FY25 covenant breaches; lender talks ongoing – The Company and InvesCore have been, and continue to be, in active engagement with all relevant lenders regarding the terms of the Facility Agreements. ↗
- 10 Jul 2026 First lender waiver received; other lenders in talks – The Group remains actively engaged with all relevant lenders regarding the terms of the facility agreements and matters relating to the Covenant Breaches,... ↗
- 23 Jul 2026 Waiver talks with other lenders continue – Early delinquency indicators showed improvement during the period, with InvesCore's past due loan rate reducing to 13.5% as at June 2026 (FY25: 17.0%) ↗
- 15 Sep 2026 Covenant breaches ongoing; one waiver only – Certain financial covenant breaches arising from the asset quality pressures experienced in FY25 remained ongoing during the Period, as detailed in Note 2.4... ↗
What is happening
ICFG Limited: InvesCore dividend deferral – Covenant breaches ongoing; one waiver only. ['Covenant breaches ongoing; one waiver only']
- In short
- 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.
- Announced
- 20 Apr 2026 · Payment deferred; lender consents pending
- Latest
- 15 Sep 2026 · Covenant breaches ongoing; one waiver only
- Future drawdowns
- Waiver extends to any future drawdowns under the existing facility agreement
- Remaining lenders
- Talks continue; no terms or dates stated
- PDL ratio
- 13.5% at 30 June 2026, from 17.0% at 31 Dec 2025
- NPL ratio
- 10.2% at 30 June 2026, from 9.5% at 31 Dec 2025
- Waiver
- One lender, about 13.3% of affected exposure, to 31 August 2027 (10 July 2026)
- Loan portfolio
- US$ 321.1 million at 30 June 2026
- Covenant status
- Breaches from FY25 asset quality pressures remained ongoing during H1-26 (Note 2.4)
- Funding
- Helicap facility increased from USD 25m to up to USD 40m after period end
What comes next
waiver outcome from remaining lenders; no date stated.
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