Results of Cash Exit Facility Offer/Future Tenders

RNS Number : 6033R

NB Global Monthly Income Fund Ltd

07 July 2022

 

7 July 2022

NB Global Monthly Income Fund Limited

(the "Company")

Results of Cash Exit Facility Offer and future tenders

The Company announced on 1 June 2022 the implementation of the first tender offer under the cash exit facility described in the shareholder circular published by the Company on 17 August 2020 and approved by Shareholders at the EGM of the Company held on 8 September 2020. Following this, the Company published to Shareholders on 16 June 2022, a circular containing details of the first tender offer under the Cash Exit Facility (the "Cash Exit Offer").

Following the closing of the Cash Exit Offer, the Company now confirms the results of the Cash Exit Offer.

Terms used and not defined in this announcement shall have the meaning given to them in the circular to shareholders published by the Company on 16 May 2022 (the "Circular").

Results of Cash Exit Offer

Under the Cash Exit Offer, Shareholders were entitled to elect to have up to 25 per cent. of their Shares held at the Record Date (30 June 2022) redeemed by the Company.

Elections to participate in the Cash Exit Offer were validly received with respect to 25,500,417 Shares, equivalent to 10.32 per cent. of the 247,185,038 Shares in issue (excluding 76,083,114 treasury shares).

All such shares will be redeemed in full under the Cash Exit Offer.

The Redemption Price is 81.29p per Share, representing the Company's published Net Asset Value per Share as of 5 July 2022, less 2 per cent.

Redemption of Securities and Total Voting Rights

25,500,417 Shares will be redeemed by the Company effective 6 July 2022. Accordingly, the Company's issued share capital with effect from 7 July 2022 will be 297,767,735 Shares, with 76,083,114 Shares held in treasury.

Therefore, excluding 76,083,114 Shares held in treasury, the total number of voting rights in the Company from 7 July 2022 will be 221,684,621. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in the Company under the FCA's Disclosure and Transparency Rules.

As of close of business on 6 July 2022, the Investment Manager has successfully traded and secured pricing on assets at or close to NAV representing approximately 75% of the cash proceeds required to satisfy the redemption of Shares under the Cash Exit Offer. The Investment Manager believes that following settlement of these trades the Company will remain firmly on track to meet its expected payment instalment timetable.

December 2022 Cash Exit Facility Offer

In light of shareholder feedback received by the Company, should the Board exercise its discretion to offer Shareholders a partial cash exit opportunity by way of redemption offer in December 2022, the Board would modify the terms of such redemption offer such that Shareholders would be entitled to elect to have up to 25 per cent. of their Shares held at the record date ("Basic Entitlement") redeemed as well as being entitled to request that Shares in excess of their Basic Entitlement also be redeemed. Such excess requests would be satisfied to the extent that other Shareholders request redemption of Shares in respect of less than the entirety of their Basic Entitlement, pro rata to the amount in excess of the Basic Entitlement which each relevant Shareholder has requested to redeem, rounded down to the nearest whole number of Shares.

Expected Redemption Timetable

As detailed in the Circular, the expected timetable for redemption of the proceeds of the Cash Exit Offer is as follows:

CASH EXIT FACILITY OFFER
Estimated asset realisation period for assets with higher settlement liquidity*	7 July - 17 August 2022
Estimated asset realisation period for assets with lower settlement liquidity*	7 July - 9 November 2022
Estimated date of payment of the first instalment of the Redemption Proceeds**	1 September 2022
Estimated date of payment of the second instalment of the Redemption Proceeds**	23 November 2022
*Absent any unforeseen circumstances and subject to general market conditions, it is currently estimated that the Registrar will be in receipt of the proceeds for the first instalment of the Redemption Proceeds within 30 Business Days of the Cash Exit Redemption Date and will be in receipt of the proceeds for the second instalment of the Redemption Proceeds within 90 Business Days of the Cash Exit Redemption Date. **Certificated Shareholders will be paid by cheque despatched at the latest known address as indicated on the Shareholders' register. Uncertificated Shareholders will be paid via CREST. Payments will be made w ithin 10 Business Days of the Registrar receiving the proceeds of the Company's assets realised pursuant to the Cash Exit Facility Offer.

Enquiries:

Neuberger Berman Europe Limited (Manager) Elizabeth Papadopoulos	[phone]
Numis Securities Limited (Broker) Hugh Jonathan Matt Goss	[phone]
KL Communications (PR) Charles Gorman	[phone]
Sanne Fund Services (Guernsey) Limited (Company Secretary) Matt Falla/Gemma Woods	[phone]

LEI: 549300P4FSBHZFALLG04  

 

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