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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 £150 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 £150 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 £150 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%
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