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NB Distressed Debt Investment Fund Ltd - Guernsey-incorporated closed-ended fund invests in distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets and on North America and Europe - As at June 30, ordinary shares have net asset value of 0.95 US cents per share, up from 0.84 cents at the end of 2020.
Extended life shares report a 22% rise in NAV to 0.95 cents from 0.78 cents at the end of December, while the global class's NAV increases 5.2% over the six months to 0.81 cents from 0.77 cents.
Total net asset value rises 23% over the period to USD124.9 million from USD101.5 million.
"As reported in the annual report the final distributions from each share class have been delayed. The Ordinary class of shares will be the first to commence the final wind up process later this year, followed by the Extended share class and then the New Global share class," said Chair John Hallam.
"As is normally the case with investment companies, as opposed to those with commercial undertakings, this does not currently have any material impact on the company's ability to continue as a going concern or to remain viable. However, the whole process must be managed in a way that ensures compliance with UK regulations. The Extended and Global classes will continue to distribute until their net assets are reduced to approximately USD34.4 million and GBP8.1 million respectively," Hallam added.
Current stock price: Ordinary USD0.73, Extended Life USD0.59, Global 36.00p,
Year-to-date change: Ordinary up 1.4%, Extended Life up 25%, Global down 23%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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