Capital Distribution

RNS Number : 7027W

NB Distressed Debt Invest. Fd. Ltd

03 August 2018

 

3 August 2018

NB Distressed Debt Investment Fund Limited

Capital Distributions of £8.5 million for NBDG and $3 million for NBDX Shares

The Board of NB Distressed Debt Investment Fund Limited (the "Company") is pleased to announce further capital distributions for the New Global ("NBDG") and Extended Life ("NBDX") Share Classes.

Over the course of the last three months, the Company's investments have generated cash in various ways: distributions from private equity positions, repayment of principal on private debt, dividends from equity positions, interest income from credit investments, and exits. The cash from this portfolio activity continues to fund distributions to shareholders.

NBDG

The Company has resolved to return a total (before expenses) of £8.5 million to NBDG shareholders (equivalent to approximately £0.0931 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to £1.0098 per NBDG share (being the last published NAV per NBDG share prior to this announcement). The amount applied to the partial redemption of NBDG shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately £6,500.

NBDX

The Company has further resolved to return a total (before expenses) of $3.0 million to NBDX shareholders (equivalent to approximately $0.0190 per NBDX share) by way of a compulsory partial redemption of NBDX shares at a price equal to $1.0684 per NBDX share (being the last published NAV per NBDX share prior to this announcement). The amount applied to the partial redemption of NBDX shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately $8,000.

Shareholder information

The redemption of both the NBDG and NBDX shares (the "Redemptions") will be effected pro rata to holdings of NBDG and NBDX shares on the NBDG and NBDX registers at the close of business on 17 August 2018 (the "Redemption Date"), being the record date for the Redemptions. Approximately 9.21 per cent. of the NBDG issued share capital and approximately 1.77 per cent. of the NBDX issued share capital will be redeemed on the Redemption Date. Fractions of shares produced by the NBDG Redemption Ratio or the NBDX 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 31 August 2018. 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 NBDG 91,296,389 and 158,099,991 NBDX shares in issue. All of the NBDG & NBDX 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 GG00BG5NCB06 for the NBDG shares and GG00BG5NC983 for the NBDX shares (the "Old ISINs") will expire. The new ISIN number GG00BG0QZQ04 for the NBDG shares and GG00BG0QZP96 for the NBDX shares (the "New ISINs") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions after 20 August 2018. For the period up to and including the Redemption Date, shares will be traded under the Old ISINs 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 ISINs. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISINs.

LEI: YRFO7WKOU3V511VFX790

For further information, please contact:

Neustria Partners Nick Henderson Robert Bailhache Charles Gorman	[phone]
Stifel Nicolaus Europe Limited Neil Winward Mark Bloomfield Gaudi Le Roux	[phone]
Winterflood Investment Trusts Joe Winkley Neil Langford	[phone]

 

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