Capital Distribution

RNS Number : 7671U

NB Distressed Debt Invest. Fd. Ltd

27 October 2017

 

27 October 2017

NB Distressed Debt Investment Fund Limited

Capital Distribution of $3 million for NBDD share class and $4.25 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 both the Ordinary Share Class ("NBDD") and Extended Life Share Class ("NBDX").

The Company has resolved to return a total (before expenses) of $3 million to NBDD shareholders (equivalent to approximately $0.1022 per NBDD share) by way of a compulsory partial redemption of NBDD shares at a price equal to $1.1323 per NBDD share (being the last published NAV per NBDD share prior to this announcement). The amount applied to the partial redemption of NBDD shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

The Company has further resolved to return a total (before expenses) of $4.25 million to NBDX shareholders (equivalent to approximately $0.0240 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $1.0677 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, dividends on equity positions, exits, and current interest income from investments.  Cash from portfolio activity, as described above, continues to fund distributions to shareholders.

The redemption of both the NBDD and NBDX shares (the "Redemptions") will be effected pro rata to holdings of NBDD and NBDX shares on the NBDD and NBDX registers at the close of business on 13 November 2017 (the "Redemption Date"), being the record date for the Redemptions. Approximately 9.00 per cent. of the NBDD issued share capital and approximately 2.24 per cent. of the NBDX issued share capital will be redeemed on the Redemption Date.  Fractions of shares produced by the NBDD Redemption Ratio or 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 28 November 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 29,356,773 NBDD shares and 177,340,927 NBDX shares in issue.  All of the NBDD 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 GG00BYVZ1647 for the NBDD shares and GG00BF2N2B64 for the NBDX shares (the "Old ISINs") will expire.  The new ISIN number GG00BF52R043 for the NBDD shares and GG00BF52QZ26 for the NBDX shares (the "New ISINs") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 13 November 2017.  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.

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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