NB Global Monthly Income Fund (NBMI) has announced its annual report for the year ended 31 December 2023. For the year, the NAV total return on ordinary shares was 5.86%, during the same period the total share price return was 7.14%. The company has been in managed wind down since January 2023. Over this period, to 31 December 2023 there were five compulsory redemptions amounting to £143.9m being distributed to shareholders. This was equivalent to approximately 79.8% of fund NAV as of 27 January 2023 which exceeded the previously stated target of having distributed 75% of that NAV in cash by the year-end. On 20 February 2024, the board announced its intention to distribute a further £23 million to shareholders. This compulsory redemption was made on 5 March 2024 and means that the company has now distributed approximately 92.55% of the NAV as of 27 January 2023.
The remaining NAV of approximately $12.4m consists of $5.6m of cash, $1.5m sales awaiting settlement and $6.1m in ten discrete investments less $0.8m of liabilities as at 15 April 2024. The remaining investments have very limited liquidity and the board cannot accurately determine when or how much they can be realised for. The board is conscious that the ongoing costs of maintaining a listed vehicle is prohibitive for anything other than a short period of time. For this reason the board is considering its options including putting forward for shareholder approval resolutions to delist the company from the LSE and place the company in the hands of a liquidator.
NBMI : NB Global Monthly Income Fund distributes over 90% of assets