NBMI Nb Global Monthly Income Fund Limited

TIDMNBMI

RNS Number : 5332S

NB Global Monthly Income Fund Ltd

06 November 2023

06 November 2023

NB GLOBAL MONTHLY INCOME FUND LIMITED

(the "Company")

(LSE: NBMI, LEI: 549300P4FSBHZFALLG04)

Move to liquidation accounting under US GAAP

The Company's Investment Policy was changed in January 2023 to pursue a Managed Wind-down strategy. Under US Generally Accepted Accounting Principles ("US GAAP") (the basis on which the Company accounts), a move to a Managed Wind-down strategy results in the need for the Company to prepare its annual audited financial statements under a liquidation basis of accounting. Therefore, this basis of accounting will be used for the financial statements of the year ending 31 December 2023.

US GAAP liquidation accounting requires the Company to accrue, in the financial year that a liquidation strategy is announced, all future ongoing operating fees and expenses that the Company might bear prior to actual liquidation. This accrual includes but is not limited to the Company's best estimate of all forward looking:

 
 
        *    Investment management and services fees 
 *    Administration and professional fees 
 
 *    Directors' fees 
 
 *    Liquidation fees 
 
 

As such and for the avoidance of doubt, this accrual includes all the estimated fees and expenses for the following financial year (2024) by the end of which the Company expects to be liquidated.

The Company's assessment of this accrual is approximately $900,000 (US dollars), 1.3% of the 2 November NAV. This accrual has been reflected in the 3 November NAV, announced today. The Board and Management will continue to reassess the accrual and adjust it as necessary as the Company progresses toward final liquidation, using best efforts to minimise costs.

For further information, please contact:

 
Neuberger Berman Europe Limited (Manager) 
 Elizabeth Papadopoulos                     +44 (0) 20 3214 9078 
Deutsche Numis (Broker) 
 Hugh Jonathan 
 Matt Goss                                  +44 (0) 20 7260 1000 
Sanne Fund Services (Guernsey) Limited 
 (Company Secretary) 
 Matt Falla 
 Gemma Berry                                +44 (0) 20 3530 3600 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFLELDLRIIV

(END) Dow Jones Newswires

November 06, 2023 10:19 ET (15:19 GMT)

Nb Global Monthly Income (LSE:NBMI)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024

Nb Global Monthly Income (LSE:NBMI)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024