Publication of Circular and Notice of EGM

RNS Number : 8894A

NB Global Floating Rate Income Fund

25 February 2014

 



25 February 2014

NB Global Floating Rate Income Fund Limited

Notice of Extraordinary General Meeting and publication of Circular

NB Global Floating Rate Income Fund Limited (the "Company") will today publish a circular (the "Circular") containing a notice of Extraordinary General Meeting ("EGM") at which the shareholder approval will be sought for the following resolutions.

·     To approve a Continuation Resolution relating to the continuation of the Company's business as a closed-ended investment company as required by the Company's Articles of Incorporation.

·     To approve a minor amendment to the Company's Articles of Incorporation to reduce the minimum number of Directors required to form a committee to which the Board may delegate its powers.

The EGM  will be held at 1100 hours on 19 March 2014 at BNP Paribas House, St. Julian's Avenue, St. Peter Port, Guernsey, GY1 1WA.

Continuation resolution

Article 51 of the Company's Articles requires the Directors to convene an extraordinary general meeting on or before the third anniversary of the IPO Admission Date and to propose an ordinary resolution that the Company continues its business as a closed-ended investment company.

If the vote is passed, the Directors are required to convene an extraordinary general meeting to propose a future continuation resolution on or before 20 April 2017 (being the sixth anniversary of the IPO Admission Date) and annually thereafter.

If the Continuation Resolution is not passed at the EGM, the Directors are required to put proposals to the Shareholders for the restructuring or reorganisation of the Company, which may include the winding up of the Company.

Amendment to the articles

In addition, the Board proposes to amend Article 30.7 of the Company's Articles to reduce the minimum number of Directors required to constitute a quorate committee of the Board from two non-UK resident Directors to one non-UK resident Director. This amendment would provide the Board with more flexibility in the way in which it is able to conduct the business delegated to a board committee and reflect a position which is more in-line with market practice for Guernsey-incorporated main market listed investment companies.

Full details of the resolutions are set out in the Circular a copy of which will shortly be available for inspection at the National Storage Mechanism which is located at www.morningstar.co.uk/uk/nsm and on the Company's website at www.nbgfrif.com.

Expected Timetable

Latest time and date for receipt of forms of proxy for the EGM	1100 hours on 17 March 2014
Extraordinary General Meeting	1100 hours on 19 March 2014

For further information, please contact:

Neuberger Berman Europe                        [phone]

Damian Holland

Tom Douie

Anji Stewart

Oriel Securities                                            [phone]

Mark Bloomfield

Neil Winward

Tara Morrison

Dexion Capital                                              [phone]                         

Ravi Anand

Katie Standley

Words and expressions that are defined in the Circular shall have the same meanings where they are used in this announcement, except where the context requires otherwise.

 

END

 

 

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