25th Nov 2022 14:32
NB Global Monthly Income Fund Ltd - invests in traditional credit, such as bonds and loans, and in alternative credit, such as distressed credit, collateralised loan obligations, mezzanine debt, and club loan transactions - On Monday says it plans to wind down company as net asset value is likely to fall below GBP150 million due to December cash exit. "As previously announced in September 2020 when the semi-annual cash exit facility was introduced, the board stated that it intended to propose a wind-down of the company should its net asset value drop beneath GBP150 million in the future," NB Global explains. Further, the company decides against implementing a semi-annual cash exit facility in December, as that would let the NAV fall below GBP150 million.
Referring to the planned wind-down, NB says: "Under the proposals, the board anticipates that the company's assets would be realised in an orderly manner and that the company would make capital distributions to shareholders during the wind-down period as and when sufficient cash is realised to make it economically expedient to make a distribution."
The firm adds that it will seek shareholder approval at an extraordinary meeting in late January.
Current stock price: 74.40 pence, down 0.3% on Friday
12-month change: down 16%
By Tom Budszus; [email protected]
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