Keybridge draws down the shutters
Keybridge Capital will limit, and may cease looking for, new investments and after paying down debt will look to return capital to investors.Keybridge invests in and provides loans to assets including property, aviation, shipping and infrastructure, with the quarterly update also released yesterday stating the company currently had 32 investments, with an average investment size of $13 million.The firm said that while it had the support of its four bank funders and secure credit lines to June 2011, the discount in the share price (of 28 cents) to net assets (of $1.52 per share) was unsatisfactory. Irene Lee, chair of the firm's board, said in remarks prepared for the firm's AGM that a return of capital would be "optimal … but is not practically available" due to the debt profile.