Return of Capital by Partial Compulsory Redemption

NB Global Monthly Income Fund Ltd

24 August 2023

 

24 August 2023

NB GLOBAL MONTHLY INCOME FUND LIMITED

(the "Company")

(LSE: NBMI, LEI: 549300P4FSBHZFALLG04)

Return of Capital by way of a Partial Compulsory Redemption of Shares

The Company (Legal Entity Identifier: 549300P4FSBHZFALLG04) advises that it intends to distribute to Shareholders an aggregate amount of £20 million (the "Distribution") by way of a partial compulsory redemption of Shares in the capital of the Company (the "Compulsory Redemption") on 26 September 2023 (the "Compulsory Redemption Date").

Pursuant to the Compulsory Redemption, the Company will redeem approximately 26.12% of existing Shares of Shareholders on the register of members as at close of business on 11 September 2023 (the "Compulsory Redemption Record Date"). The Compulsory Redemption will be effected at 79.31 pence per Share (the "Compulsory Redemption Price"), which is equal to the Company's net asset value per share on 22 August 2023.  No fractions of Shares will be redeemed and the number of Shares to be redeemed for each Shareholder will be rounded down to the nearest whole number of Shares, as appropriate. Any Shares which have traded on or before the Compulsory Redemption Record Date, but have not settled, will be included in the Compulsory Redemption.

Background

Following the passing of the Shareholder resolutions tabled at the Company's Extraordinary General Meeting held on 27 January 2023, the Company's investment objective is to realise all existing assets in the Company's portfolio in an orderly manner. The Company is pursuing its investment objective by effecting an orderly realisation of its assets and making timely returns of capital to Shareholders, by way of several capital distributions. Any cash received by the Company as part of the realisation process, but prior to its distribution to Shareholders, will be held by the Company as cash on deposit and/or as cash equivalents.

In the period from 27 January 2023 to-date there have been three compulsory redemptions amounting to in excess of £100 million distributed to Shareholders. This fourth compulsory redemption of  £20 million, will mean that the Company will have distributed approximately 66.7% of the NAV as of 27 January 2023.

The tables below provide an overview of the Company's portfolio composition as of 31 July 2023, including currency breakdown, asset type and the time to maturity for each asset rating.

http://www.rns-pdf.londonstockexchange.com/rns/2688K_1-2023-8-23.pdf

Terms of the Redemption

It is estimated that all proceeds of the Compulsory Redemption will be effected either through CREST (in the case of Shares held in uncertificated form) or paid by cheque (in the case of Shares held in certificated form) in pounds Sterling within fourteen business days of the Compulsory Redemption Date, or as soon as practicable thereafter (the "Compulsory Redemption Payment Date"). The amount to be applied in the partial redemption of Shares comprises monies from the Company's existing cash balances.

The existing Shares will be disabled in CREST after close of business on the Compulsory Redemption Record Date and the existing ISIN number GG00BQWPBN46 (the "Old ISIN") will be disabled.

A new ISIN number GG00BLPNMH13 (the "New ISIN"), in respect of the remaining Shares which have not been redeemed, will be enabled and available for transactions on 12 September 2023.  CREST will automatically transform any open transactions as at the Compulsory Redemption Date into the New ISIN. 

Shareholders should note that the Board retains absolute discretion as to the execution, extent and timing of any returns of capital.

All Shares that are redeemed will be cancelled with effect from the Compulsory Redemption Date. Accordingly, once redeemed, Shares will be incapable of transfer.

Expected timetable:

Compulsory Redemption Record Date	11 September 2023
Compulsory Redemption Date	11 September 2023
Ex-Date	12 September 2023
Date that the New ISIN is enabled	12 September 2023
Estimated latest date for the Redemption Payment Date	26 September 2023

For further information, please contact:

Neuberger Berman Europe Limited (Manager) Elizabeth Papadopoulos	[phone]
Numis Securities Limited (Broker) Hugh Jonathan Matt Goss	[phone]
Sanne Fund Services (Guernsey) Limited (Company Secretary) Matt Falla Gemma Berry	[phone]

 

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