Capital Distribution - Replacement

RNS Number : 9827H

NB Distressed Debt Invest. Fd. Ltd

13 June 2017

 

NB Distressed Debt Investment Fund Limited (the "Company")

Capital Distribution of $16.5 million for NBDX share class - Replacement

The following amendment has been made to the 'Capital Distribution' announcement released on 13 June 2017 at 07:00.

"The new ISIN number GB00BF2B4Y73 for the NBDX shares (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions on 26 June 2017." has been amended to "The new ISIN number GG00BF2B4Y78 for the NBDX shares (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions on 26 June 2017."

All other details remain unchanged.

The full amended text is shown below.

13 June 2017

NB Distressed Debt Investment Fund Limited

Capital Distribution of $16.5 million for NBDX share class

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce a further capital distribution for the Extended Life Share Class ("NBDX").

The Company has resolved to return a total (before expenses) of $16.5 million to NBDX shareholders (equivalent to approximately $0.0807 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $1.0160 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.

Over the course of the last three months, the Company's investments have generated cash in various ways.  The Company received cash generated from distributions on private equity positions, repayment of principal on private debt, and current interest income from investments.  Cash from portfolio activity, as described above, continues to fund distributions to shareholders.

The redemption of the NBDX shares (the "Redemption") will be effected pro rata to holdings of NDBX shares on the NBDX register at the close of business on 23 June 2017 (the "Redemption Date"), being the record date for the Redemptions. Approximately 7.94 per cent. of the NBDX issued share capital will be redeemed on the Redemption Date.  Fractions of shares produced by the NBDX 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 2017. It is requested that certificated shareholders send all of their share certificates to the Company's Registrar. Any share certificates for the balance of the holding will be distributed to shareholders with their redemption monies.

The Company currently has 204,283,692 NBDX shares in issue.  All of the NBDX 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 GG00BYP25X61 for the NBDX shares (the "Old ISIN") will expire. The new ISIN number GG00BF2B4Y78 for the NBDX shares (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions on 26 June 2017.  For the period up to and including the Redemption Date, shares will be traded under the Old ISIN 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 ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.

For further information, please contact:

Neustria Partners Nick Henderson Robert Bailhache Charles Gorman	[phone]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]
Winterflood Investment Trusts Joe Winkley Neil Langford	[phone]

 

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