NB Private Equity Partners Announces its Second 2017 Semi-Annual Dividend
20 July 2017
Second 2017 Semi-Annual Dividend
NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today declared the second 2017 semi-annual dividend payment on the Company`s class A Ordinary Shares ("Shares") of $0.25 per Share, to be paid on 31 August 2017.1 The total dividend for 2017 is therefore $0.50 per Share. On an annualised basis, this dividend payment represents a dividend yield of 3.1% based on the estimated May 2017 NAV of $16.04 and 3.8% based on the London Stock Exchange closing price of £10.16 ($13.27 at GBP/USD exchange rate of $1.306) on 17 July 2017.
As part of its long-term policy of paying regular dividends, NBPE intends to make semi-annual payments to its shareholders. As of 31 May 2017, the dividend is 57% covered by the run rate cash yield from the income investments in the portfolio and approximately 4x covered based on total 2017 YTD cash distributions of approximately $104 million. NBPE continues to see a steady flow of new equity and income investment opportunities as well as strong distribution activity from investment realisations.2
Change to Default Dividend Currency Election
Following the Company`s listing on the Premium Segment of the Main Market of the London Stock Exchange and the redenomination of the Company`s trading currency into Sterling, an election for a Sterling dividend payment will no longer be necessary and shareholders who wish to continue to receive their dividend in Sterling need to take no additional action and will receive Sterling at the prevailing rate. However, shareholders who wish to receive dividends in US Dollars will need to make the appropriate election on forms which will be available on NBPE`s website in the coming days. If you`re electing for the dividend re-investment plan you should note that the shares will now be purchased in GBP so any residue balance or partial cash dividend will be paid in Sterling, though as per the terms and conditions, dividend re-investment plan elections continue to be evergreen and pending termination or withdrawal from the plan, residuals will be carried forward and added to future dividends. There will be no changes to the reporting currency or the currency in which NBPE declares dividends (which will remain US Dollars).
Dividend Timetable
| Distribution amount: | $0.25 cents per Share |
| Ex-dividend date: | 27 July 2017 |
| Dividend record date: | 28 July 2017 |
| Final day for Currency Election: | 4 August 2017 |
| Final day for Dividend Re-investment Plan Election3: | 11 August 2017 |
| Payment date: | 31 August 2017 |
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This dividend as well as future dividends shall be conditional on the passing of the solvency test under Guernsey law. The Board of Directors will continue to evaluate the Company`s financial position, annual dividend amounts and the timing of future dividends. Future dividend payments will be announced by NBPE after the Board of Directors have completed such evaluation.
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The above distribution guidance regarding investment portfolio performance is not a profit forecast. There can be no assurance that this distribution level will be sustained or that the Company will make any distributions whatsoever. The times and dates in this announcement are expected times and dates only and are subject to change. Any such changes will be notified to shareholders through a regulatory information service.
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Anyone acting for the account or benefit of a U.S. person who elects to receive additional shares through the dividend re-investment plan would need to sign a Qualified Purchaser certification, which is available from the Company`s Investor Relations upon request by contacting +1 214 647 9593 or IR_NBPE@nb.com.