Capital Distribution

RNS Number : 6241I

NB Distressed Debt Invest. Fd. Ltd

12 August 2019

 

12 August 2019

NB Distressed Debt Investment Fund Limited

Capital Distributions of $5 million for NBDX

and £2.5 million for NBDG Shares

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce $5 million in further capital distributions for the Extended Life ("NBDX") and £2.5 million for the New Global ("NBDG") Share Classes.

Over the course of the past few months, the Company's investments have generated cash in various ways: distributions from private equity positions, repayment of principal on private debt, dividends from equity positions and interest income from credit investments. The cash from this portfolio activity continues to fund distributions to shareholders.

Further details of Q2 2019 portfolio performance for each share class will be provided in the quarterly factsheets, to be published shortly.

NBDX

The Company has resolved to make a capital distribution totalling (before expenses) $5 million to NBDX shareholders (equivalent to approximately $0.0378 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $0.9213 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) £2.5 million to NBDG shareholders (equivalent to approximately £0.0332 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to £0.8800 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 £6,500.

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 27 August 2019 (the "Redemption Date"), being the record date for the Redemptions. Approximately 4.09 per cent. of the NBDX issued share capital and approximately 3.77 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 September 2019. 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 15,382,770 NBDD, 132,090,522 NBDX and 75,201,400 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 GG00BDFZ6C48 for the NBDX shares and GG00BDFZ6D54 for the NBDG shares (the "Old ISINs") will expire. The new ISIN GG00BFZ5JL85 for the NBDX shares and GG00BFZ5JM92 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 28 August 2019. 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 9 August 2019

LEI: YRFO7WKOU3V511VFX790

For further information, please contact:

KL Communications Charles Gorman	[phone] [e-mail]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]

 

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