Replacement - Partial Compulsory Redemption

NB Global Monthly Income Fund Ltd

08 May 2024

 

8 May 2024

NB GLOBAL MONTHLY INCOME FUND LIMITED

(the "Company")

(LSE: NBMI, LEI: 549300P4FSBHZFALLG04)

The following replaces the announcement released at 15:11 on 7 May 2024 under RNS Number 4745N. The Expected Timetable table previously stated 'The Compulsory Redemption Record Date of 7 May 2024 and Ex-Date of 21 May 2024'  This has been updated to state 'The Compulsory Redemption Record Date of 21 May 2024 and Ex-Date of 22 May 2024'  All other details of the announcement remain unchanged.  

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

Revised schedule for 2024 Annual General Meeting of the Company

The Company (Legal Entity Identifier: 549300P4FSBHZFALLG04) advises that it intends to distribute to Shareholders an aggregate amount of approximately £4.5 million (the "Distribution") by way of a compulsory redemption of Shares in the capital of the Company (the "Compulsory Redemption") on 21 May 2024  (the "Compulsory Redemption Date").

Pursuant to the Compulsory Redemption, the Company will redeem approximately 48.71% of existing Shares of Shareholders on the register of members as at close of business on 21 May 2024  (the "Compulsory Redemption Record Date"). The Compulsory Redemption will be effected at £0.7087 pence per Share (the "Compulsory Redemption Price"), which is equal to the Company's net asset value per share on 2 May 2024.  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.

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 GG00BNNJMX19 (the "Old ISIN") will be disabled.

The new ISIN number GG00BQT33Y66 (the "New ISIN"), in respect of the remaining Shares which have not been redeemed, will be enabled and available for transactions on 22 May 2024.  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	21 May 2024
Compulsory Redemption Date	21 May 2024
Ex-Date	22 May 2024
Date that the New ISIN is enabled	22 May 2024
Estimated latest date for the Redemption Payment Date	7 June 2024

Following this new redemption, the Company will have made seven redemptions, amounting to  £171.5 million and equivalent to approximately 95.05% NAV as of 27 January 2023.  Taking this into account, the Board are now contemplating the best way forward to reduce the Company's operating costs until the completion of the liquidation of its portfolio and preparing to seek Shareholders' approval to appoint a liquidator.

Revised Schedule for 2024 Annual General Meeting of the Company

The Company has decided not to hold its 2024 Annual General Meeting ("AGM") on 31 May 2024 but will instead shortly issue a circular and notice of AGM to take place at a later date, at which recommended proposals and related shareholder resolutions will also be presented for the appointment of a liquidator and related actions in connection with the voluntary winding-up of the Company.

For further information, please contact:

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

 

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