29 June 2010
NB Private Equity Partners Limited ("NBPE") today announces the renewal of its
liquidity enhancement contract (the "Agreement").
Under the terms of the Agreement, NBPE has granted to The Royal Bank of Scotland
N.V. ("RBS") sole discretion, in the name and account of NBPE, to effect
(subject to all applicable legal and regulatory requirements and within certain
agreed parameters) repurchases and sales out of treasury of its class A ordinary
shares ("Shares") on Euronext Amsterdam by NYSE Euronext, the regulated market
of Euronext Amsterdam N.V. ("Euronext Amsterdam").
NBPE's policy in relation to liquidity enhancement is intended to enhance and
strengthen the liquidity in the trading of Shares on Euronext Amsterdam. Shares
repurchased by NBPE will either be cancelled or held in treasury (provided that
NBPE shall not at any time hold Shares in treasury representing more than 10.0%
of its issued Shares). Shares will not be sold out of treasury at a price which
is lower than the last published net asset value per Share.
The maximum aggregate number of Shares which may be repurchased in accordance
with the Agreement (inclusive of any Shares repurchased prior to the date of
this announcement) is 6,776,250, representing 12.5% of the total number of
Shares in issue.
The Agreement shall remain in force until 28 June 2011 subject to extension at
the election of NBPE. However, the Agreement may be terminated at any time by
either NBPE or RBS.
Since the inception of the original liquidity enhancement contract in July 2008
through to 31 May 2010, NBPE has repurchased an aggregate 3,150,408 Shares, or
5.8% of the total Shares in issue.
NBPE will make daily notifications as necessary in relation to the repurchase
and sale of Shares. In addition, NBPE will continue to provide regular updates
regarding Share repurchases in each Monthly Report, which shall be available on
its website atwww.nbprivateequitypartners.com.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Financial Dynamics +44 20 7269 7114
About NB Private Equity Partners Limited
NBPE is a closed-end private equity fund of funds investment company with Class
A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist
Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to
trading on the Specialist Fund Market of the London Stock Exchange and the Daily
Official List of the Channel Islands Stock Exchange. NBPE holds a diversified
portfolio of private equity fund investments and direct co-investments selected
by the NB Alternatives group of Neuberger Berman, diversified across private
equity asset class, geography, industry, vintage year and sponsor.
This press release appears as a matter of record only and does not constitute an
offer to sell or a solicitation of an offer to purchase any security.
NBPE is established as a closed-end investment company domiciled in Guernsey.
All investments are subject to risk. Past performance is no guarantee of future
returns. The value of investments may fluctuate. Results achieved in the past
are no guarantee of future results. This document is not intended to constitute
legal, tax or accounting advice or investment recommendations. Prospective
investors are advised to seek expert legal, financial, tax and other
professional advice before making any investment decision. Statements contained
in this document that are not historical facts are based on current
expectations, estimates, projections, opinions and beliefs of NBPE's investment
manager. Such statements involve known and unknown risks, uncertainties and
other factors, and undue reliance should not be placed thereon. Additionally,
this document contains "forward-looking statements." Actual events or results or
the actual performance of NBPE may differ materially from those reflected or
contemplated in such targets or forward-looking statements.
NBPE has received the necessary consent of the Guernsey Financial Services
Commission and the States of Guernsey Policy Council. NBPE is registered with
the Dutch Authority for the Financial Markets as a collective investment scheme
which may offer participations in The Netherlands pursuant to article 2:66 of
the Financial Markets Supervision Act (Wet op het financial toezicht).
RBS is acting for NBPE and no one else in connection with the repurchase and
sale out of treasury of the Shares and will not be responsible to anyone other
than NBPE for providing the protections afforded to clients of RBS or for
providing advice in relation to such repurchases or sales, or to the matters
referred to in this announcement.
NB Private Equity Partners Announces Renewal of Liquidity Enhancement Contract:
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Source: NB Private Equity Partners Limited via Thomson Reuters ONE