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5 Oct 2022 07:00
NB Private Equity Partners Announces Share Buyback ProgrammeTHE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
NB Private Equity Partners Announces Share Buyback Programme
5 October 2022
NB Private Equity Partners Limited (the “Company” or “NBPE”) announces it has entered into a new share buyback agreement with Jefferies International Limited (“Jefferies”). This will allow Jefferies at its discretion, based on criteria set by the board, to repurchase NBPE Class A Shares on behalf of NBPE based on multiple factors, including the absolute level of discount, NBPE’s discount compared with a peer group as well as broader equity market movements, among other factors. The board believes that under the criteria it has set, any share buybacks will be an attractive use of NBPE’s capital in the current market environment. Share buybacks will be immediately accretive to net asset value to the benefit of shareholders.
Purchases of Class A Shares may be made only in accordance with the authority granted by Shareholders at the Company's Annual General Meeting on 14 June 2022. Under the FCA Listing Rules, the maximum price per Share for any Share Purchase may not exceed the higher of (i) 105% of the average market value of the Shares over the five business days before the day on which the purchase is made; (ii) the higher of the price of the last independent trade and the highest independent bid at the time of the purchase for any number of the Shares on the trading venues where the purchase is carried out; and (iii) such other price as may be permitted by Article 3(2) of Commission Delegated Regulation (EU) 2016/1052 (“Buy-back and Stabilisation Regulation”) (to the extent applicable) and the UK Listing Rules published by the UK Financial Conduct Authority.
A buy-back of Class A Shares pursuant to the buyback policy on any trading day may represent a significant proportion of the daily trading volume in the Class A Shares on the Premium Segment of the Main Market of the London Stock Exchange plc and could exceed the 25% limit of the average daily trading volume in the preceding 20 business days as referred to in the Buyback and Stabilisation Regulation.
Any purchase of Class A Shares by the Company will be notified by an announcement through a Regulatory Information Service by no later than 7.30 a.m. on the following business day. Class A Shares repurchased by the Company will be cancelled.
Shareholders should note that the purchase of Class A Shares by the Company is based on a number of factors and subject to the satisfaction of certain conditions set out in the buyback policy. Accordingly, no expectation or reliance should be placed on Jefferies exercising such discretion on any one or more occasions.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.comLuke DampierCharlotte Francis
About NB Private Equity Partners LimitedNBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.LEI number: 213800UJH93NH8IOFQ77
About Neuberger BermanNeuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $418 billion in client assets as of June 30, 2022. For more information, please visit our website at www.nb.com.