REG - NB Global Mthly Inc. - Partial Compulsory Redemption of Shares

NB Global Monthly Income FundAnnouncement

07/05/2024 15:15

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RNS Number : 4745N  NB Global Monthly Income Fund Ltd  07 May 2024

7 May 2024

 

NB GLOBAL MONTHLY INCOME FUND LIMITED

(the "Company")

 

(LSE: NBMI, LEI: 549300P4FSBHZFALLG04)

 

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                      7 May 2024
 Compulsory Redemption Date                             21 May 2024
 Ex-Date                                                21 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)                   +44 (0) 20 3214 9078

 Elizabeth Papadopoulos

 Deutsche Numis (Broker)                                     +44 (0) 20 7260 1000

 Hugh Jonathan

 Matt Goss

 Sanne Fund Services (Guernsey) Limited (Company Secretary)  +44 (0) 20 3530 3600

 Matt Falla

 Nicole Barnes

 

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