TIDMNBMI
RNS Number : 6790G
NB Global Monthly Income Fund Ltd
17 November 2022
17 November 2022
NB Global Monthly Income Fund Limited ("NBMI")
Dividend Policy Update
The Board of NB Global Monthly Income Fund ("NBMI") is pleased
to announce a further increase to the Target Distribution [1] for
the remainder of 2022 to a rate of 8.10% of Net Asset Value per
annum [2] (net of fees and expenses) which equates to a target
monthly distribution for the remainder of 2022 of GBP0.0054 per
share paid monthly, equating to GBP0.06493 per share, per
annum.
The increased Target Distribution is equivalent to a 8.63% yield
on Monday's closing share price of 75.8 pence [3] and represents a
6.51% increase on the Target Distribution proposed on 03 October
2022. The new Target Distribution will, for the remainder of the
year, represent a level which is 38% higher than the total
dividends paid in 2021.
The interim dividend of GBP0.0054 per Sterling ordinary share
for the period 1 November 2022 to 30 November 2022 will be payable
on 9 December 2022 to ordinary shareholders on the register as at
close of business on 25 November 2022.
The dividend timetable is set out below:
Ex-dividend date 24 November 2022
Dividend record date 25 November 2022
-----------------
Ordinary Shareholders dividend payment date 9 December 2022
-----------------
Rationale for Dividend Increase:
-- Since the start of this year, the current yield of the
portfolio has increased from 6.3% to 9.9% as of 31 October 2022.
The increase in portfolio yield can be attributed in part to the
sharp rise in interbank funding rates upon which the majority of
the assets in the portfolio are linked. Examples of these rates and
how they have increased are illustrated below:
31 December 2021 31 October 2022
-------------------
1 month USD Libor 0.1% 3.81%
----------------- ----------------
3 month USD Libor 0.2% 4.46%
----------------- ----------------
-- In the coming months, the Investment Manager anticipates the
current yield of the portfolio will continue to increase as the
Libor and SOFR fixings of the underlying floating rate assets reset
progressively to these higher levels.
-- This is the fifth occasion this calendar year the Board has
increased the Target Distribution. As noted on previous occasions,
the improvement in current yield is less a function of actions by
the portfolio managers or a change in the overall risk profile of
the fund, but rather primarily as described above associated with
the shift higher in yields, particularly for USD denominated assets
which represent over 80% of the portfolio.
-- As of 31 October 2022, the portfolio Yield to Maturity was 13.11%.
2022 Dividend Payment Dates
As previously confirmed, 2022 dividends will be paid on or
around the 10th business day of the following month in arrears. The
full schedule of record, ex-dividend, and payment dates for 2022 is
available at www.nbgmif.com under 'Fund Analysis'.
The Board would like to take the opportunity to remind our
shareholders that the Company became an "offshore fund" for the
purposes of the UK's offshore fund tax rules. The Company applied
to HMRC to treat the Company as a "reporting fund" for these
purposes, details of which can be found in the EGM circular dated
17 August 2020 available at www.nbgmif.com . Shareholders who are
in any doubt as to their tax position should consult an independent
professional adviser.
As notified in previous announcements, dividends declared by the
Company are no longer being paid by cheque and will only be paid to
shareholders electronically. Dividend confirmations are available
on the Link Share Portal, at www.signalshares.com .
For further information, please contact:
Neuberger Berman Europe Limited (Manager)
Elizabeth Papadopoulos +44 (0) 20 3214 9078
Numis Securities Limited (Broker)
Hugh Jonathan
Matt Goss +44 (0) 20 7260 1000
Sanne Fund Services (Guernsey) Limited
(Company Secretary)
Matt Falla
Gemma Woods +44 (0) 1481 737 600
KL Communications (PR)
Charles Gorman
Will Sanderson +44 (0) 20 7995 6673
About NBMI
The Company is a registered closed-ended investment company
incorporated in Guernsey. It is managed by Neuberger Berman Europe
Limited, which has delegated certain of its responsibilities and
functions to the AIFM, Neuberger Berman Investment Advisers LLC,
both of which are indirect wholly owned subsidiaries of Neuberger
Berman Group LLC.
Neuberger 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 2,400 professionals.
For seven consecutive years, Neuberger Berman 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). In 2020, the PRI named Neuberger Berman a Leader, a
designation awarded to fewer than 1% of investment firms for
excellence in Environmental, Social and Governance (ESG) practices.
The PRI also awarded Neuberger Berman an A+ in every eligible
category for our approach to ESG integration across asset classes.
The firm manages $437 billion in client assets as of December 31,
2021. For more information, please visit our website at www.nb.com
.
LEI: 549300P4FSBHZFALLG04
[1] This is only a target distribution and may not be achieved.
Actual distributions will be monitored against the Target
Distribution. The Target Distribution will be reviewed at least
annually (at the end of each financial year) and any amendment to
the target will be announced via RNS as required.
[2] As of 14 November 2022
[3] As of 14 November 2022
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END
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