Share Buyback Update - Extended Life Shares

RNS Number : 0339J

NB Distressed Debt Invest. Fd. Ltd

15 December 2015

 



15 December 2015

NB Distressed Debt Investment Fund Limited

NBDX share buyback update

In implementing its discount control policy for the Extended Life Shares, NB Distressed Debt Investment Fund Limited (the "Company") has repurchased 2,453,766 Extended Life Shares since 23 January 2015 which has seen the discount narrow from approximately 10.6% to 6.5%.

The discount control policy in relation to the Extended Life Shares states that the Board is committed to seeking to limit the level of discount to Net Asset Value per Extended Life Share at which those shares trade. If the Extended Life Shares trade at a price which represents a discount of more than 5 per cent. to the most recently published net asset value per Extended Life Share, the Company intends, subject to normal market conditions and available cash resources, to repurchase Extended Life Shares with a view to reducing the discount.

In light of ongoing challenging market conditions in the distressed debt sector and the existing capital distribution in progress, the board of the Company (the "Board") is reviewing its buyback programme, during which time the Company does not intend to undertake further market purchases of Extended Life Shares until further notice. The Board will continue to review the buyback programme as market conditions develop.  

For the avoidance of doubt, the Company will continue to distribute net proceeds from the realisation of the Company's investments attributable to the Extended Life Shares at such times and in such amounts as the Board shall determine. Such distributions will be made to Extended Life Shareholders pro rata to their respective holdings of Extended Life Shares. During 2015, the Company returned approximately $65m to Extended Life Shareholders through such returns of capital.

For further information, please contact:

Carey Group Sara Bourne Claire McSwiggan	01481 737245
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	020 7710 7600
Winterflood Investment Trusts Joe Winkley Neil Langford	020 3100 0000

 

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