NB Global Monthly Income Fund Ltd Return of Capital (0651R)

TIDMNBMI

RNS Number : 0651R

NB Global Monthly Income Fund Ltd

27 February 2023

27 February 2023

NB GLOBAL MONTHLY INCOME FUND LIMITED

(the "Company")

(LSE: NBMI, LEI: 549300P4FSBHZFALLG04)

Return of Capital by a Partial Compulsory Redemption of Shares

The Company (Legal Entity Identifier: 549300P4FSBHZFALLG04) advises that it intends to distribute to Shareholders an aggregate amount of GBP35 million (the "Distribution") by way of a partial compulsory redemption of Shares in the capital of the Company (the "Compulsory Redemption") on 13 March 2023 (the "Compulsory Redemption Date").

Pursuant to the Compulsory Redemption, the Company will redeem 19.49% of existing Shares of Shareholders on the register of members as at close of business on 13 March 2023 (the "Redemption Record Date"). The Redemption will be effected at 81.00 pence per Share (the "Compulsory Redemption Price"), which is equal to the Company's net asset value per share on 23 February 2023. 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 Redemption Record Date, but have not settled, will be included in the 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. The table below provides an overview of the Company's portfolio composition as of 23 February 2023, including applicable asset rating, time to maturity and the approximate percentage of total portfolio market value that each asset comprises [1] :

Asset Class Breakdown as of 23 February 2023 [2] :

The following table further shows a percentage breakdown of the market value as of 23 February 2023 of the Company's portfolio by currency, including a pro forma overview assuming the Distribution is made from existing cash balances on 23 February 2023 [3] :

Terms of the Redemption

It is estimated that all proceeds of the 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 "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 Redemption Record Date and the existing ISIN number GG00B3KX4Q34 (the "Old ISIN") will be disabled.

A new ISIN number GG00BP0XL116 (the "New ISIN"), in respect of the remaining Shares which have not been redeemed, will be enabled and available for transactions on 14 March 2023 . CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.

Shareholders should note that the Board retains absolute discretion as to the execution, extent and timing of any further 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   13 March 2023 
  Date 
 Compulsory Redemption Date     13 March 2023 
                               -------------- 
 Ex-Date                        14 March 2023 
                               -------------- 
 Date that the New ISIN is      14 March 2023 
  enabled 
                               -------------- 
 Estimated latest date for      31 March 2023 
  the Redemption Payment Date 
                               -------------- 
 

For further information, please contact:

 
Neuberger Berman Europe Limited (Manager) 
 Elizabeth Papadopoulos                     [phone] 
Numis Securities Limited (Broker) 
 Hugh Jonathan 
 Matt Goss                                  [phone] 
KL Communications (PR) 
 Charles Gorman                             [phone] 
Sanne Fund Services (Guernsey) Limited 
 (Company Secretary) 
 Matt Falla 
 Gemma Woods                                [phone] 
 

[1] Excludes cash, FX and equity positions.

[2] Excludes cash, FX and equity positions.

[3] Excludes equity positions.

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February 27, 2023 02:00 ET (07:00 GMT)