25 January 2016
NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today declared the first 2016 semi-annual dividend payment on the Company's class A Ordinary Shares ("Shares") of $0.25 per Share, to be paid on 29 February 2016.1
On an annualized basis, this dividend payment represents a dividend yield of 3.5% based on the estimated December 2015 NAV and 5.1% based on the Euronext closing price of $9.86 on 21 January 2016.
As part of its long-term policy of paying regular dividends, NBPE intends to pay semi-annual dividends to its shareholders from the cash yield it receives from its income investments. The dividend is fully covered by the run rate cash yield from the income investments in the portfolio.2 NBPE continues to see a steady flow of new investment opportunities and believes this cash interest coverage of the dividend can be maintained over time.
NBPE's total return on NAV per Share amounted to 5.0% and NAV per Share increased 0.9% for the year ended 31 December 2015, based on the estimated monthly NAV. NBPE continues to execute its strategy of making new equity co-investments and income investments in attractive private equity backed companies. Based on the estimated December 2015 NAV, direct investments total $635 million and represent 91% of NAV, which includes a total of $287 million, or 41% of NAV, invested in income investments.
Dividend Timetable
| Distribution amount per Share: | $0.25 cents per Share |
| Ex-dividend date: | 4 February 2016 |
| Dividend record date: | 5 February 2016 |
| Final day for Currency Election: | 5 February 2016 |
| Final day for DRIP Election3: | 5 February 2016 |
| Payment date: | 29 February 2016 |
- 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.
- The above distribution guidance regarding investment portfolio performance is a target only and not a profit forecast. There can be no assurance that this target 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.
- 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.
THE 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
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Neustria Partners +44 (0)20 3021 2583
Nick Henderson Nick.Henderson@neustriapartners.com
Robert Bailhache Robert.Bailhache@neustriapartners.com
Charles Gorman Charles.Gorman@neustriapartners.com
ABOUT NB PRIVATE EQUITY PARTNERS LIMITED
NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited. NBPE holds a diversified portfolio of direct income investments, equity investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.
ABOUT NEUBERGER BERMAN
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman's team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $237 billion in client assets as of 30 September 2015. For more information, please visit our website at www.nb.com.
This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.
NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.