NB Global Monthly Income Fund Ltd Results of Cash Exit Facility Offer/Future Tenders (6033R)
07 Luglio 2022 - 8:00AM
UK Regulatory
TIDMNBMI
RNS Number : 6033R
NB Global Monthly Income Fund Ltd
07 July 2022
7 July 2022
NB Global Monthly Income Fund Limited
(the "Company")
Results of Cash Exit Facility Offer and future tenders
The Company announced on 1 June 2022 the implementation of the
first tender offer under the cash exit facility described in the
shareholder circular published by the Company on 17 August 2020 and
approved by Shareholders at the EGM of the Company held on 8
September 2020. Following this, the Company published to
Shareholders on 16 June 2022, a circular containing details of the
first tender offer under the Cash Exit Facility (the "Cash Exit
Offer").
Following the closing of the Cash Exit Offer, the Company now
confirms the results of the Cash Exit Offer.
Terms used and not defined in this announcement shall have the
meaning given to them in the circular to shareholders published by
the Company on 16 May 2022 (the "Circular").
Results of Cash Exit Offer
Under the Cash Exit Offer, Shareholders were entitled to elect
to have up to 25 per cent. of their Shares held at the Record Date
(30 June 2022) redeemed by the Company.
Elections to participate in the Cash Exit Offer were validly
received with respect to 25,500,417 Shares, equivalent to 10.32 per
cent. of the 247,185,038 Shares in issue (excluding 76,083,114
treasury shares).
All such shares will be redeemed in full under the Cash Exit
Offer.
The Redemption Price is 81.29p per Share, representing the
Company's published Net Asset Value per Share as of 5 July 2022,
less 2 per cent.
Redemption of Securities and Total Voting Rights
25,500,417 Shares will be redeemed by the Company effective 6
July 2022. Accordingly, the Company's issued share capital with
effect from 7 July 2022 will be 297,767,735 Shares, with 76,083,114
Shares held in treasury.
Therefore, excluding 76,083,114 Shares held in treasury, the
total number of voting rights in the Company from 7 July 2022 will
be 221,684,621. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interests in the Company under the FCA's Disclosure and
Transparency Rules.
As of close of business on 6 July 2022, the Investment Manager
has successfully traded and secured pricing on assets at or close
to NAV representing approximately 75% of the cash proceeds required
to satisfy the redemption of Shares under the Cash Exit Offer. The
Investment Manager believes that following settlement of these
trades the Company will remain firmly on track to meet its expected
payment instalment timetable.
December 2022 Cash Exit Facility Offer
In light of shareholder feedback received by the Company, should
the Board exercise its discretion to offer Shareholders a partial
cash exit opportunity by way of redemption offer in December 2022,
the Board would modify the terms of such redemption offer such that
Shareholders would be entitled to elect to have up to 25 per cent.
of their Shares held at the record date ("Basic Entitlement")
redeemed as well as being entitled to request that Shares in excess
of their Basic Entitlement also be redeemed. Such excess requests
would be satisfied to the extent that other Shareholders request
redemption of Shares in respect of less than the entirety of their
Basic Entitlement, pro rata to the amount in excess of the Basic
Entitlement which each relevant Shareholder has requested to
redeem, rounded down to the nearest whole number of Shares.
Expected Redemption Timetable
As detailed in the Circular, the expected timetable for
redemption of the proceeds of the Cash Exit Offer is as
follows:
CASH EXIT FACILITY OFFER
Estimated asset realisation period for 7 July - 17 August 2022
assets with higher settlement liquidity*
Estimated asset realisation period for 7 July - 9 November 2022
assets with lower settlement liquidity*
Estimated date of payment of the first 1 September 2022
instalment of the Redemption Proceeds**
Estimated date of payment of the second 23 November 2022
instalment of the Redemption Proceeds**
*Absent any unforeseen circumstances and subject to general
market conditions, it is currently estimated that the Registrar
will be in receipt of the proceeds for the first instalment
of the Redemption Proceeds within 30 Business Days of the Cash
Exit Redemption Date and will be in receipt of the proceeds
for the second instalment of the Redemption Proceeds within
90 Business Days of the Cash Exit Redemption Date.
**Certificated Shareholders will be paid by cheque despatched
at the latest known address as indicated on the Shareholders'
register. Uncertificated Shareholders will be paid via CREST.
Payments will be made w ithin 10 Business Days of the Registrar
receiving the proceeds of the Company's assets realised pursuant
to the Cash Exit Facility Offer.
Enquiries:
Neuberger Berman Europe Limited (Manager)
Elizabeth Papadopoulos +44 (0) 20 3214 9078
Numis Securities Limited (Broker)
Hugh Jonathan
Matt Goss +44 (0) 20 7260 1000
KL Communications (PR)
Charles Gorman +44 (0) 20 7995 6673
Sanne Fund Services (Guernsey) Limited
(Company Secretary)
Matt Falla/Gemma Woods +44 (0) 1481 737 600
LEI: 549300P4FSBHZFALLG04
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