Capital Distribution

RNS Number : 1346F

NB Distressed Debt Invest. Fd. Ltd

22 April 2014

 



22 April 2014

NB Distressed Debt Investment Fund Limited

Capital Distribution of $15 million for NBDD share class

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce a further capital distribution for the Ordinary Share Class ("NBDD"). The Company has resolved to return a total (before expenses) of $15 million to NBDD shareholders (equivalent to approximately $0.1481 per NBDD share) by way of a compulsory partial redemption of NBDD shares at a price equal to $1.2397 per NBDD share (being the last published NAV per NBDD share prior to this announcement).

The amount applied to the partial redemption of NBDD shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

The redemption of NBDD shares (the "Redemption") will be effected pro rata to holdings of NBDD shares on the NBDD register at the close of business on 2 May 2014 (the "Redemption Date"), being the record date for the Redemption.  Approximately 11.95 per cent. of the NBDD issued share capital (that is 11.95 NBDD shares for every 100 held (the "NBDD Redemption Ratio")) will be redeemed on the Redemption Date.  Fractions of shares produced by the NBDD Redemption Ratio will not be redeemed and so the number of shares of the relevant class to be redeemed from each shareholder will be rounded down to the nearest whole number of shares.

Payments of redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 16 May 2014. It is requested that certificated shareholders send all of their share certificates to the Company's Registrar. Any share certificates for the balance of the holding will be distributed to shareholders with their redemption monies.

The Company currently has 101,252,892 NBDD shares in issue.  All of the NBDD shares redeemed on the Redemption Date will be cancelled.

The shares will be disabled in CREST on the Redemption Date and the existing ISIN number GG00BJ05NQ40 for the NBDD shares (the "Old ISIN") will expire.  The new ISIN number GG00BLT1SN95 for the NBDD shares (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 2 May 2014.  For the period up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.

For further information, please contact:

Neuberger Berman Europe Limited Damian Holland Anji Stewart	[phone]
Oriel Securities Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]
Winterflood Investment Trusts Joe Winkley Neil Langford	[phone]

 

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