Nb Distressed Debt Inves... Investors - NBDD

Nb Distressed Debt Inves... Investors - NBDD

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Nb Distressed Debt Investment Fund Limited NBDD London Ordinary Share GG00BDFZ6F78 ORD NPV
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 0.72 08:00:00
Open Price Low Price High Price Close Price Previous Close
0.72 0.72 0.72 0.72 0.72
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Top Investor Posts

jonwig: Europe is ripe for a surge of leveraged buyout restructurings as banks sell their worst-performing loans to "distress investors" eager to take over the borrowers. http://www.ft.com/cms/s/0/0322d550-6f0b-11e3-9ac9-00144feabdc0.html?siteedition=uk#axzz2oVvnxKdu NBDD have already announced a new share class to target this.
jonwig: Portfolio update - further investment extension which looks promising: The Board of NBDDIF, after discussions with the Investment Manager, believes that opportunities in the distressed market remain compelling and that an extension to the investment period should enable the company to access attractive investment opportunities after the current investment period expires. On 23 January 2013, the Board announced, following consultation with its major shareholders, its intention to propose an extension to the company's investment period (the "Proposed Extension".) The existing investment period is due to expire in June 2013 and it is intended that a proposal be made to ordinary shareholders in the company ("Shareholders") to extend the investment period by 21 months to 31 March 2015. Those investors who wish to remain invested on the basis of the current investment period will be given the opportunity to do so. Having consulted with its major shareholders, the Board is confident that a majority of the Shareholders will support the Proposed Extension. It is intended that the share class subject to the extended investment period will be subject to a new capital return policy, new discount policy and increased preferred return. For further information on these and other aspects on the Proposed Extension, please see the company's release of January 23rd 2013. Further details of the proposal will be provided in a prospectus and circular to Shareholders expected to be issued in March 2013, with a class meeting of Shareholders expected to be held in April 2013.
jonwig: OK, good stuff ... maybe! Key bit, I think: The existing investment period is due to expire in June 2013 and it is intended that a proposal be made to ordinary shareholders in the Company ("Shareholders") to extend the investment period by 21 months to 31 March 2015. It is intended that a new share class will be introduced with one class remaining subject to the current investment period and the other being subject to the extended investment period. Those investors who wish to remain invested on the basis of the current investment period will, therefore be given the opportunity to do so. The Board can confirm that no further extensions to the investment period will be proposed to shareholders in the future. This suggests to me that the new shares will be different "C shares?" and that existing holders will be able to participate - ie. open offer or something. Will that exclude ordinary PIs? (It has happened - a minimum subs level.) Anyway, existing holders won't be diluted, seems to be the reading.
jonwig: Citywire: NB Distressed Debt has a relatively accute focus, delivering returns for investors by snapping up distressed senior and senior secured debt of 'good companies with bad balance sheets', where the businesses are backed by tangible assets like power stations or planes. Looking solely at the fund's discount, NB Distressed Debt might not appear a stand out pick. It trades at a 6.3% discount to net asset value, which is not wide in absolute terms. In its favour, however, is the manager's active strategy of accumulating debt positions and working closely with companies to repair their balance sheets. Jeffries feels that with its discount of just about 6%, there is significant value embedded in the trust. Combined with decent visibility of its holdings this makes NB Distressed Debt a compelling buy. http://citywire.co.uk/wealth-manager/jeffries-gems-seven-investment-trusts-for-2013/a649733?ref=wealth-manager-latest-news-list#i=2
jonwig: http://www.nbddif.com/ The NB Distressed Debt Investment Fund Limited, a Guernsey Incorporated closed-ended Investment Company, aims to capture the "once-in-a-generation" opportunity in distressed debt. The Fund will invest in 40 to 50 holdings diversified across distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets. The portfolio is managed by the Distressed Debt team within one of the largest and most experienced credit teams in the industry. Limited life fund Targeting total returns of 20% per annum Quoted on the London Stock Exchange Daily NAV publication Invests in debt backed by hard assets to reduce risk 2010-11: Year 1: Cash fully deployed in 3 to 9 months 2011-12: Year 2–3: Cash, principal payment and sale proceeds reinvested 2013-16: Year 4–6: Profits distributed to investors Extended Life shares (to 2015), NBDX:
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