NB Distressed Debt Invest. Fd. Ltd Capital Distribution (1579Q)
June 17 2020 - 2:00AM
UK Regulatory
TIDMNBDD TIDMNBDX TIDMNBDG
RNS Number : 1579Q
NB Distressed Debt Invest. Fd. Ltd
17 June 2020
17 June 2020
NB Distressed Debt Investment Fund Limited
Capital Distributions of $10.5 million for NBDX
and GBP10.5 million for NBDG Shares
The Board of NB Distressed Debt Investment Fund Limited (the
"Company") is pleased to announce $10.5 million in further capital
distributions for the Extended Life ("NBDX") and GBP10.5 million
for the New Global ("NBDG") Share Classes. These capital
distributions are further to the $7.5 million and GBP7.5 million
capital distributions for NBDX and NBDG respectively, announced on
6 May 2020.
The further distributions announced today result from the
successful completion of the sale of the Company's public
shareholdings, as disclosed in the First Quarter 2020 Portfolio
Update, as well as cash generated from other portfolio activity
sources (redemption of a private equity investment due to the sale
of a company).
NBDX
The Company has resolved to make a capital distribution
totalling (before expenses) $10.5 million to NBDX shareholders
(equivalent to approximately $0.1074 per NBDX share) by way of a
compulsory partial redemption of NBDX shares at a price equal to
$0.7009 per NBDX share (being the last published NAV per NBDX share
prior to this announcement). The amount applied to the partial
redemption of NBDX shares will be after the deduction of costs and
expenses of this partial redemption, expected to be approximately
$8,000.
NBDG
The Company has resolved to make a capital distribution
totalling (before expenses) GBP10.5 million to NBDG shareholders
(equivalent to approximately GBP0.1762 per NBDG share) by way of a
compulsory partial redemption of NBDG shares at a price equal to
GBP0.6387 per NBDG share (being the last published NAV per NBDG
share prior to this announcement). The amount applied to the
partial redemption of NBDG shares will be after the deduction of
costs and expenses of this partial redemption, expected to be
approximately GBP6,500.
Shareholder information
The redemption of both the NBDX and NBDG shares (the
"Redemptions") will be effected pro rata to holdings of NBDX and
NBDG shares on the NBDX and NBDG registers at the close of business
on 30 June 2020 (the "Redemption Date"), being the record date for
the Redemptions. Approximately 15.33 per cent. of the NBDX issued
share capital and approximately 27.59 per cent. of the NBDG issued
share capital will be redeemed on the Redemption Date. Fractions of
shares produced by the NBDX Redemption ratio or the NBDG Redemption
ratio will not be redeemed and so the number of shares of the
relevant class to be redeemed from each shareholder will be rounded
down to the nearest whole number of shares.
Payments of redemption monies are expected to be effected either
through CREST (in the case of shares held in uncertificated form)
or by cheque (in the case of shares held in certificated form) by
10 July 2020. Any certificates currently in circulation will be
superseded by a new certificate which will be distributed to
shareholders by 10 July 2020.
The Company currently has 15,382,770 NBDD, 97,514,343 NBDX and
59,434,377 NBDG shares in issue. * All of the NBDX & NBDG
shares redeemed on the Redemption Date will be cancelled.
The shares will be disabled in CREST on the Redemption Date and
the existing ISIN number GG00BMBL6D05 for the NBDX shares and
GG00BMBL6F29 for the NBDG shares (the "Old ISINs") will expire. The
new ISIN GG00BMY71631 for the NBDX shares and GG00BMY71748 for the
NBDG shares (the "New ISINs") in respect of the remaining shares
which have not been redeemed will be enabled and available for
transactions after 30 June 2020. For the period up to and including
the Redemption Date, shares will be traded under the Old ISINs and
as such, a purchaser of such shares may have a market claim for a
proportion of the redemption proceeds following the activation of
the New ISINs. CREST will automatically transfer any open
transactions as at the Redemption Date to the New ISINs.
*As at 16 June 2020
LEI: YRFO7WKOU3V511VFX790
For further information, please contact:
KL Communications +44 (0) 20 3995 6673
Charles Gorman nbdd@kl-communications.com
Stifel Nicolaus Europe Limited
Mark Bloomfield +44 (0) 20 7710 7600
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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