Nb Distressed Debt Inves... Share Discussion Threads

[gbill11] 25/8/2016 18:40

Any comment on today's results?

[tiltonboy] 22/8/2016 22:08

They are on the list, bidding for stock everyday, but none has come out. Disappointing that they haven't nudged the price better to tempt sellers.

[skyship] 22/8/2016 19:27

2 Aug 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 19 Aug 2016:

Extended Life Share USD 1.0052
Ordinary Share USD 1.1460
New Global Share GBP 0.8395
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Discount back up to 16%! Wonder what instructions Stifel were given for the close period. Presumably "Sit on your hands & do nothing!"

[digger61] 22/8/2016 13:13

Maybe a Venture Capital Trust? Pop over the the Motley Fool there is an excellent VCT forum.

[tiltonboy] 17/8/2016 09:08

I'm at 12% cash, and equally struggling to find fresh ideas. I have also got a Structured Product and JIGI turning into cash in the next three months, which will take me up to 20% liquid, if I don't buy anything.

Really need a new idea!

[skyship] 17/8/2016 08:36

Yes, know what you mean! Having taken a few turns elsewhere I find myself 20% liquid and pretty devoid of any new ideas. Portfolio becoming seriously compressed...

[tiltonboy] 17/8/2016 08:05

I'm (un)happy enough with NBDG thanks!

[skyship] 17/8/2016 07:56

16 Aug 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 15 Aug 2016:

Extended Life Share USD 0.9978
Ordinary Share USD 1.1434
New Global Share GBP 0.8332

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Off to take a look at NBDD....value there too surely. Any views Tilts?

[skyship] 12/8/2016 18:42

....and back up to 82.82! I suspect yesterday's figure may have been an amateurish miscalculation...

Have a good weekend all (if anyone here!) and remember to watch the Perseides meteorite shower - peak veiewing tonight in the NE sky.

[skyship] 12/8/2016 12:40

NAV here seriously disappointing - FAIR rose 10%+ last month!

[tiltonboy] 12/8/2016 10:37

...and back down to 81.32p

[tiltonboy] 11/8/2016 08:08

NAV now 83p.

[davebowler] 01/8/2016 11:47

Liberum 29 Jul;

Distressed Debt

NB Distressed Debt Investment Fund (NBDD, HOLD; NBDX, BUY; NBDG, HOLD)
Inflection point

Event
NBDDIF's three share classes experienced a NAV recovery in Q2 2016 after almost two years of price weakness in the distressed sector. Market sentiment has recovered from a low in February 2016 in line with other credit markets.

NAV returns for the three share classes in Q2 2016 were NBDD +3.0%, NBDX +5.0% and NBDG +13.7%. NBDG benefited from FX gains as it is the only share class which is denominated in Sterling. The HFRI Distressed Index returned 4.9% over the same period.


NBDD's NAV performance was driven by credit improvements in building and development investments, improvement in energy prices and the announcement of the sale of an aircraft investment. NBDD had returned 87% of capital by the end of Q2 2016. One exit was completed in the quarter. NBDD has completed 31 exits for a net gain of $26m (19% IRR).

NBDX's 5% NAV uplift was driven by the same assets as NBDG and also further gains from a residential condominium investment and a lodging and casino investment. NBDX had returned 36% of capital by the end of Q2 2016 and completed 37 disposals in total for a net gain of $72m (20% IRR).

The key driver of NBDG's 13.7% NAV return was FX gains as the company does not hedge FX exposure (85% of the portfolio is in non-GBP assets). 79% of NBDG's NAV was invested in distressed assets with the remainder in cash (investment period expires in March 2017). NBDG has exited seven investments to date (net gains of £2.8m or 36% IRR).

Liberum view
Q2's NAV recovery is a welcome respite for NBDDIF shareholders following the steady NAV decline since June 2014. The share classes have generally under-performed distressed debt indices in that period and in our view will need to generate NAV growth over a sustained period to materially improve the current share rating (NBDD -7.8%, NBDX -5.2%, NBDG -14.2% discount to NAV).

[skyship] 26/7/2016 07:34

Over recent days the NAV has been steadying at c. the 82p level; and the share price at c. the 70p level. Discount c. 15%:
================================

25 Jul 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 22 Jul 2016:

Extended Life Share USD 1.0061
Ordinary Share USD 1.1482
New Global Share GBP 0.8237

[skyship] 14/7/2016 12:04

Excellent...should be 70p quite shortly then...

[tiltonboy] 14/7/2016 08:59

They are bidding for stock, but not finding any. I think WINS are short, and there are no sellers around.

Could move the bid up to tempt sellers!

[skyship] 14/7/2016 08:31

We are in a "Close" period, but we still have a Buyback policy in place - so why are Stifel not doing something about it!!!

[skyship] 09/7/2016 18:41

Digger - cheap as chips on an absurd 20% NAV discount. The recent NAV rise may be 100% currency inspired, but no reason to think that is going to reverse anytime soon.

With the end of the investment period now just 9months away, we should at some stage see the share price begin to reflect the reality of near-term portfolio sales and paybacks - all as per the timescale with NBDD.

A recovery of par over a 4yr timescale would deliver 11.4%pa - but that surely has to be considered a miserably conservative target.

[digger61] 09/7/2016 15:52

SKYSHIP...would you still be a buyer at the present price?

ps cool handle!

[skyship] 07/7/2016 21:17

NAV/Share as at 06 Jul 2016 - New Global Share: GBP 0.8230

[skyship] 06/7/2016 21:18

06 Jul 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 05 Jul 2016:

Extended Life Share USD 0.9983
Ordinary Share USD 1.1424
New Global Share GBP 0.8175

[skyship] 05/7/2016 14:11

We've had a welcome bounce back up to 65p....but the NAV continues to draw inspiration from the falling £, so the discount is still at 19.5%:

04 Jul 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 01 Jul 2016:

Extended Life Share USD 0.9991
Ordinary Share USD 1.1430
New Global Share GBP 0.8077

[skyship] 01/7/2016 10:44

Tilts - absolutely. We still have c9months of Investment Period; but surely it would be difficult for them to find anything with the upside and the security of their own stock.

As an example, if they were just to recover par in 4yrs from now, the return from 63p is a GRY of 15.8%pa!

[courant] 01/7/2016 09:52

Yeah, I also topped up yesterday. The upside from here is quite large and what with the high USD exposure, this provides some protection from GBP/EUR issues - seems good risk/reward compared to equities at the minute.