Nb Distressed Debt Inves... Share Discussion Threads

[tiltonboy] 06/6/2018 22:08

Must be some positive portfolio news, considering the NAV is up to 98.38p

[skyship] 14/5/2018 12:19

Cashed in a few @ 84p as the $ may now be rather overbought

[redhill9] 11/5/2018 11:09

The RNS continues with information on relevent dates, so 7.48% of shares held at 25 May cancelled at 94.67p per share, payable by 12 June:

The redemption of the NBDD, NBDX and NBDG shares (the "Redemptions") will be applied pro rata to holdings of NBDD, NBDX and NBDG shares on the NBDD, NBDX and NBDG registers at the close of business on 25 May 2018 (the "Redemption Date"), being the record date for the Redemptions. Approximately 12.42 per cent. of the NBDD issued share capital, approximately 8.76 per cent. of the NBDX issued share capital and approximately 7.48 per cent. of the NBDG issued share capital will be redeemed on the Redemption Date. Fractions of shares produced by the NBDD or NBDX or NBDG 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 12 June 2018.

[skyship] 11/5/2018 07:51

NBDG was created in March 2014 in order to capture the growing opportunity in distressed debt globally. Its investment period ended on 31 March 2017, following which the harvest period commenced and the investment manager is currently working to restructure, reorganise, and realise exits for each investment to maximise the value of the portfolio for shareholders.

The Company has resolved to make the first capital distribution for NBDG by returning a total of GBP7 million (before expenses) to NBDG shareholders (equivalent to approximately GBP0.0709 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to GBP0.9467 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 GBP6,500.
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The investment manager currently expects to distribute 50-55% of remaining NAV to shareholders in 2018, 35-40% in 2019, and the remainder in 2020. It will review and, where appropriate, update these ranges and expectations in the quarterly factsheets.

[tiltonboy] 18/4/2018 10:20

Looks like we might get our first small exit in the near future. Only 5% of NAV, but let's have the money back!

...plus three other assets potentially in the sales process.

[redhill9] 10/4/2018 11:54

I don't mind how late in 2018 they leave it as long as they make distributions no lower than last published NAV in line with the timescale they published.

[skyship] 10/4/2018 09:21

Hmm - valid comment.

[tiltonboy] 10/4/2018 08:21

Don't bet against it!

[skyship] 10/4/2018 08:19

The Qtly Portfolio Update due c21st April - that was the date last year.

Let's hope we might see some liquidation progress - can't all be crammed into the last Qtr surely!?

[skyship] 21/3/2018 15:36

An intriguing trade this afternoon - 180k bought @ 82p - 2p over the offer price!

[skyship] 12/3/2018 14:38

Epi - I believe that figure relates to positions they've sold out of and cut their losses. Obviously not the whole portfolio as the current NAV is still c92p.

[epistrophy] 12/3/2018 11:36

Just a daft question, possibly, about the factsheet.

It says things like: "To date, the return on investment represents a 0.69x multiple on invested capital."

So is that a 69% return on investment? Or a 31% loss?

[skyship] 06/3/2018 08:58

A flicker of interest as the bid price rises to 77p. The NAV now declared at 92.16p, so the discount at 78p rises to 15.36%

[hindsight] 03/3/2018 17:54

Thank you Skyship

[skyship] 03/3/2018 17:38

Take the base case of 129% (118p)....deduct a 10% contingency (rather high perhaps); then deduct costs at 5%....and the net realised could be 101p.

[hindsight] 03/3/2018 16:55

Just to check what my belief here was. Could someone confirm the manager thinks the asset return will be 82.8p (90%) to 152.72p (166%) before costs ?

92p (100%) being the Nav

The Investment Manager currently estimates the range of the aggregated realisable value for the investments in the portfolio is between 90% and 166% of the 2017 year-end market values of these investments, with a base case of 129%.

[hindsight] 03/3/2018 16:50

To them making a job for themselves with a gold plated pension is similar to anyone else starting a career or a buisiness. But only the latter is value add to this world

[skyship] 02/3/2018 17:11

Should also have stated, take a look at any of the nonsensical and meaningless new PRiiPs KIDs statements forced upon us by box-ticking bureaucrats in the EC as part of MIFID2. The performance estimates are total twaddle!

[actofwill] 02/3/2018 15:47

Thanks SKYSHIP for those references

[redhill9] 02/3/2018 15:30

Skyship, hope you're right! I'd settle for them distributing the current NAV within stated target timescales, anything beyond that would seem like a bonus to me.

[skyship] 02/3/2018 15:13

AOW - I suggest to reassure yourself you might consider visiting the NEWS statements from the liquidating PE trusts HPEQ & NRI. They too had to write in these terms as they are projecting sales value possibilities - not certainties. With those two trusts they consistently beat targets. I don't necessarily expect such a good outcome here; but still confident that we will see 100p+

[actofwill] 02/3/2018 14:24

hindsight and others:

Does anyone here believe that paragraph?

[hindsight] 02/3/2018 13:12

Thanks you for clarifying that Redhill9

Think safe to say market doesnt believe paragraph below anyway

The Investment Manager uses economic, industry and issuer specific data to estimate the gross realisable value in downside, base case and upside scenarios for each investment in the portfolio. The Investment Manager currently estimates the range of the aggregated realisable value for the investments in the portfolio is between 90% and 166% of the 2017 year-end market values of these investments, with a base case of 129%. Shareholders should, however, note that: (i) the realisable values of the investments are calculated on a gross basis and, in particular, do not reflect the Investment Manager's management fee and investment-related expenses; and (ii) this range of aggregate realisable values is an estimate only, and there is no guarantee that the value actually realised will be within this range. Further details on the risks relating to "forward looking information" are set out at the end of this factsheet.