NB Global Monthly Income Fund Ltd Proposed Managed Wind-Down of the Company (9766G)

TIDMNBMI

RNS Number : 9766G

NB Global Monthly Income Fund Ltd

21 November 2022

NB Global Monthly Income Fund Limited

(the "Company")

Proposed Managed Wind-Down of the Company and Return of Capital to Shareholders

NB Global Monthly Income Fund Limited announces that following a review of the Company's strategy and future prospects, the Board has decided not to implement the Company's semi-annual cash exit facility in December 2022 (the "December Cash Exit") but instead to put forward proposals for approval by Shareholders to place the Company into a managed wind-down (the "Proposals").

As previously announced in September 2020 when the semi-annual cash exit facility was introduced, the Board stated that it intended to propose a wind-down of the Company should its net asset value ("NAV") drop beneath GBP150m in the future. As at 17 November 2022, the Company's NAV was GBP178.6m and the Board anticipated that the likely participation in the December Cash Exit offer would result in the Company's NAV falling below the GBP150m threshold. That probable outcome, combined with the Company's persistent share price discount to NAV per share and recent feedback from Shareholders, has led the Board to believe that it is in the best interests of the Company and its Shareholders as a whole that the Company be placed into a managed wind-down.

Under the Proposals, the Board anticipates that the Company's assets would be realised in an orderly manner and that the Company would make capital distributions to Shareholders during the wind-down period as and when sufficient cash is realised to make it economically expedient to make a distribution.

After Shareholders approved the revised investment policy in September 2020, the Company's portfolio consists of both liquid and less liquid assets that will take varied time periods to sell down in an orderly manner in order to maintain Shareholder value. Based on current and anticipated market conditions, it is expected that the process of realising the most illiquid assets in the Company's portfolio could require a period of up to 24 months. There is, however, no guarantee that assets will be realised within a particular time frame.

Capital distributions will always be made at the Board's discretion. Further analysis on the liquidity of the portfolio and the expected timings of capital distributions to Shareholders will be provided in due course.

It is intended that the listing of the Company's shares would be maintained during the wind-down period until the extent of the realisation process is such that it is appropriate to put forward proposals to Shareholders to place the Company into formal liquidation.

The Company intends to publish a circular by the end of this year setting out the full details of the Proposals and convening an extraordinary general meeting in late January 2023 at which shareholder approval for the Proposals will be sought.

This announcement contains inside information for the purposes of Article 7 of the UK version of the Market Abuse Regulation (EU) no.596/2014, which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

For further information, please contact:

 
Neuberger Berman Europe Limited (Manager) 
 Elizabeth Papadopoulos                     +44 (0) 20 3214 9078 
Numis Securities Limited (Broker) 
 Hugh Jonathan 
 Matt Goss                                  +44 (0) 20 7260 1000 
KL Communications (PR) 
 Charles Gorman                             +44 (0) 20 7995 6673 
Sanne Fund Services (Guernsey) Limited 
 (Company Secretary) 
 Matt Falla/Gemma Woods                     +44 (0) 1481 737 600

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