NB Private Equity Partners Limited Nb Private Equity: Extension Of Share Buyback Agreement
06 January 2020 - 6:00PM
UK Regulatory
TIDMNBPE
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
NB Private Equity Partners Announces Extension of Share Buyback
Agreement
6 January 2020
NB Private Equity Partners Limited (the "Company" or "NBPE") announces
an extension of its share buyback agreement with Jefferies International
Limited ("Jefferies"). This will allow Jefferies at its discretion,
based on criteria set by the board, to continue to repurchase NBPE Class
A Shares on behalf of NBPE based on multiple factors, including the
absolute level of discount, NBPE's discount compared with peers and
broader equity market movements, among other factors. The board believes
that under the criteria it has set, any share buybacks will be an
optimal use of NBPE's capital for the benefit of shareholders, as well
as being immediately accretive to net asset value.
Purchases of Class A Shares may be made only in accordance with the
authority granted by Shareholders at the Company's Annual General
Meeting on 23 September 2019. Under the FCA Listing Rules, the maximum
price that may be paid by the Company on the repurchase of any Class A
Shares pursuant to a general authority is 105 per cent. of the average
of the middle market quotations for the Class A Shares for the five
business days immediately preceding the date of purchase or, if higher,
that stipulated by regulatory technical standards adopted by the
European Commission pursuant to Article 5(6) of the Market Abuse
Regulation (EU) No. 596/2014.
A buy-back of Class A Shares pursuant to the buyback policy on any
trading day may represent a significant proportion of the daily trading
volume in the Class A Shares on the Main Market of the London Stock
Exchange plc (and could exceed the 25% limit of the average daily
trading volume of the preceding 20 business days as referred to in the
Commission Delegated Regulation (EU) No. 2016/1052 on buy-back
programmes).
Any purchase of Class A Shares by the Company will be notified by an
announcement through a Regulatory Information Service by no later than
7.30 a.m. on the following business day. Class A Shares repurchased by
the Company will be cancelled.
Shareholders should note that the purchase of Class A Shares by the
Company is based on a number of factors and subject to the satisfaction
of certain conditions set out in the buyback policy. Accordingly, no
expectation or reliance should be placed on Jefferies exercising such
discretion on any one or more occasions.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=BiziZOnF-tBFPWQD6xPeET96gKaN2GWI-OrtlsEcniJEZtVn6TnnUkryrR4dz5XIC-P1-F_kaaJvA_iSUhyYu7jpH1oQBcBbfQHkQWziLj3bBghQNNpYO_LqWF9Sh0OP
nbpe@kl-communications.com
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market
leading private equity firms globally. NB Alternatives Advisers LLC (the
"Investment Manager"), an indirect wholly owned subsidiary of Neuberger
Berman Group LLC, is responsible for sourcing, execution and management
of NBPE. The vast majority of direct investments are made with no
management fee / no carried interest payable to third-party GPs,
offering greater fee efficiency than other listed private equity
companies. NBPE seeks capital appreciation through growth in net asset
value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
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 23 countries, Neuberger Berman's diverse team has 2,100
professionals. For six consecutive years, the company 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). The firm
was awarded an A+ in every category in the latest 2019 PRI report for
our approach to ESG integration across asset classes. The firm manages
$339 billion in client assets as of September 30, 2019. For more
information, please visit our website at www.nb.com.
(END) Dow Jones Newswires
January 06, 2020 02:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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