Result of AGM

RNS Number : 8855R

NB Distressed Debt Invest. Fd. Ltd

19 June 2018

 

19 June 2018

NB Distressed Debt Investment Fund Limited

(the "Company")

Results of Annual General Meeting

At the Annual General Meeting (the "AGM") of the Company held at 12:30 p.m. today all resolutions set out in the AGM Notice sent to shareholders were duly passed.

Details of the proxy voting results which should be read alongside the Notice sent to shareholders on 23 April 2018 are noted below.  A vote withheld is not a vote in law and has not been counted in the votes for and against a resolution.

Ordinary Resolutions	For	Against	Withheld
1	101,330,592	29,918,536	0
2	131,249,128	0	0
3	131,249,128	0	0
4	131,249,128	0	0
5	131,249,128	0	0
6	131,249,128	0	0
7	131,249,128	0	0
8	131,249,128	0	0
9	131,249,128	0	0
10	116,446,028	14,803,100	0

The Company received a significant number of votes against Resolution 1 at the AGM in relation to the receipt and consideration of the Company's Annual Report. The Board understands that the recommendation to vote against the specific Resolution came from PIRC and was due to the Company's income distribution policy not being put to a shareholder vote by way of a separate resolution at the AGM.  The Board notes that ISS recommended a vote in favour.

The Board advises that the prospectus dated 28 January 2014 stated that "It is not anticipated that income on the portfolio will be material and therefore any dividends may be on an ad-hoc basis".  The Company also provided a detailed explanation of its income distribution policy in its Annual Accounts.

The Board will engage with shareholders in order to understand their views in relation to the specific resolution. With respect to future AGMs, the Board intends to put its income distribution policy to a shareholder vote by way of a separate resolution which it hopes will address any shareholder concerns.

- ENDS -

Neither the contents of the Company's website (www.nbddif.com) nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Enquiries:

Carey Group, Company Secretary

Sara Bourne      

[phone]

 

END

 

 

RAGUKVARWRANAAR