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IN BRIEF: NB Global Monthly to pay GBP23 million in share redemption

20th Feb 2024 15:18

NB Global Monthly Income Fund Ltd - invests in traditional credit, such as bonds and loans, and in alternative credit, such as distressed credit and mezzanine - Shares rise as company plans to distribute approximately GBP23.0 million in total among investors, through partial compulsory redemption of shares on March 4. Says it will redeem around 69.1% of existing shares, at 79.04 pence each. This is equal to its net asset value per share on Friday.

NB Global moved to liquidation accounting under US generally accepted accounting principles, as part of its wind-down strategy. Says it 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". NB Global says that from January 27, 2023 to date it has conducted five redemptions to distribute over GBP143 million.

Current stock price: 75.00 pence, up 8.2% on Tuesday afternoon

12-month change: up 1.1%

By Emma Curzon, Alliance News reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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