Capital Distribution

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 £10.5 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 £10.5 million for the New Global ("NBDG") Share Classes. These capital distributions are further to the $7.5 million and £7.5 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) £10.5 million to NBDG shareholders (equivalent to approximately £0.1762 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to £0.6387 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 £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 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 Charles Gorman	[phone] [e-mail]
Stifel Nicolaus Europe Limited Mark Bloomfield	[phone]

 

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