NBPE Nb Private Equity Partners Limited

 
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 
 
   NBPE Announces the First 2019 Semi-annual Dividend and Update on 
Strategic Actions 
 
   8 January 2019 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company") today 
announces: 
 
 
   -- A first 2019 dividend of $0.28 per share 
 
   -- Entry into new share buyback agreement, to be managed by Jefferies 
      International 
 
   -- The sale of 14 of its legacy third-party private equity funds totalling 
      $19.4 million of proceeds, taking ongoing fund investments to below 5% of 
      private equity fair value 
 
 
   First 2019 Dividend 
 
   NBPE today declares its first 2019 semi-annual dividend payment on the 
Company's Ordinary Shares of $0.28 per Ordinary Share, to be paid on 28 
February 2019. On an annualised basis, this dividend payment represents 
a dividend yield of 4.3% based on the London Stock Exchange closing 
price of GBP10.20 ($12.98 at GBP/USD exchange rate of $1.273) on 4 
January 2019. In line with its long term dividend policy of targeting an 
annualised dividend yield of 3.0% or greater on NAV, this payment 
represents a yield on 30 November 2018 estimated NAV, of 3.1%. 
 
   While the Company declares dividends in US Dollars, Shareholders will 
receive Sterling at the prevailing rate at the time of currency 
conversion, unless an election to receive dividends in US Dollars is 
made on forms which are available on NBPE's website prior to the 
currency election date listed below. If an investor has previously 
elected to receive US Dollars, that election will be used unless 
changed. Investors may also participate in a dividend re-investment plan 
(forms for which are available on NBPE's website) if they wish to 
increase their shareholdings as against receiving dividends. 
 
 
 
 
Distribution amount:                                 $0.28 cents per Share 
===================================================  ===================== 
Ex-dividend date:                                    31 January 2019 
===================================================  ===================== 
Dividend record date:                                1 February 2019 
===================================================  ===================== 
Final day for Currency Election:                     1 February 2019 
===================================================  ===================== 
Final day for Dividend Re-investment Plan Election:  8 February 2019 
===================================================  ===================== 
Payment date:                                        28 February 2019 
===================================================  ===================== 
 
 
   Entry into New Share Buyback Agreement 
 
   NBPE has a long history of returning capital to shareholders. Since it 
began paying dividends in 2013, NBPE has returned $140 million to 
shareholders (not including the first 2019 dividend detailed above). In 
addition, between November 2010 and October 2012, NBPE repurchased 
2,269,028 Class A Shares. These Class A Shares were repurchased at a 
weighted average discount to NAV of 32% and a total cost of $16.5 
million. From July 2008 to May 2009, under the liquidity enhancement 
program, NBPE repurchased 3,150,408 Class A Shares at a weighted average 
discount to NAV of 69% and a total cost of $9.2 million. Class A Shares 
repurchased under the liquidity enhancement program are held in 
treasury. Over the course of the buybacks, total NAV per share accretion 
was $0.71 per share. 
 
   Continuing this principle, the board of directors of NBPE has approved a 
new share buyback policy.  In addition, a new share buyback agreement 
with Jefferies International Limited ("Jefferies") has been finalised 
and signed. These actions will allow Jefferies at its discretion to 
repurchase NBPE Class A Shares on behalf of NBPE based on multiple 
factors in the buyback policy, 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 Guernsey 
law, the Disclosure Guidance and Transparency Rules and the authority 
granted by Shareholders at the Company's Annual General Meeting on 5 
November 2018.  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 the Directors exercising 
such discretion on any one or more occasions. 
 
   Sale of Legacy Fund Positions 
 
   As announced on 3 September 2018, NBPE has been engaged in a review and 
sales process of its legacy fund interests. The sales process was 
focused on maximising value to NBPE shareholders measured through both 
absolute value and the opportunity cost of holding vs. selling. All fund 
investments were analysed and a decision was made on a case by case 
basis as to the best way to maximise value. Following this process, NBPE 
formally engaged a leading secondary private equity broker to explore 
the sale of the portion of its third party legacy fund positions which 
it is believed were most favourable to divest. Today we are pleased to 
announce the sale of 14 of NBPE's legacy fund interests. In aggregate, 
the 14 fund interests were sold at 86% of their reported 30 June 2018 
net asset value, and the sale will generate a total of approximately 
$19.4 million of proceeds on a cash flow adjusted basis. At closing, 
NBPE received proceeds of approximately $9.7 million, with the remaining 
50% of the proceeds subject to a 12 month deferral. The sales value of 
these funds is reflected in the most recent NAV update, as of 30 
November 2018 and hence there is not expected to be any further NAV 
adjustment from these sales in the 31 December NAV statements. 
 
   We are pleased with the outcome of this process, the continuing 
reduction in the size of the funds portfolio and the fact that over 95% 
of the portfolio is now in direct investments. Based on the November 
monthly NAV update, adjusted for the sale of the 14 legacy funds, NBPE's 
reported fair value in remaining funds was $49.7 million, representing 
approximately 5% of the adjusted total private equity fair value. This 
compares to the 31st December 2017 reported fair value in legacy funds 
of $107.6 million (11% of private equity fair value). 
 
   Following the sale, NBPE has 19 remaining legacy fund interests (of 
which the largest five represent 73% of the total legacy fund fair 
value) which we expect to continue to liquidate over the next 12 -- 24 
months. 
 
   For further information, please contact: 
 
   NBPE Investor Relations          +1 214 647 9593 
 
 
 
   KL Communications               +44 (0) 20 3603 2803 
 
   Charles Gorman                        nbpe@kl-communications.com 
https://www.globenewswire.com/Tracker?data=QRqnsfGgftANsQ1XyhQrWLlqE8rUbvBPCkxV1avXEJuvS-vEHBJmCxfT7P37wmLyKo8Hca42Opavj-Jr3uoL3y1nOr6uiAnWw91JiV0tun_ZpcMRjrB3dLMXrAVqJULH 
 
 
   ABOUT NB PRIVATE EQUITY PARTNERS LIMITED 
 
   NBPE is a closed-end private equity investment company with class A 
ordinary shares admitted to trading on the Premium Segment of the Main 
Market of the London Stock Exchange. NBPE has 2022 and 2024 ZDP Shares 
admitted to trading on the Specialist Fund Segment of the Main Market of 
the London Stock Exchange. NBPE holds a diversified portfolio of direct 
equity investments, direct income 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. 
 
   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 and hedge funds--on behalf of institutions, 
advisors and individual investors globally. With offices in 20 countries, 
Neuberger Berman's team is more than 2,000 professionals. For four 
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). Tenured, stable and 
long-term in focus, the firm fosters an investment culture of 
fundamental research and independent thinking. It manages $315 billion 

in client assets as of September 30, 2018. For more information, please 
visit our website at 
https://www.globenewswire.com/Tracker?data=KzxHt2b1L4tnZvfHtySvsn-06CfStJmkEiH32vMaM4SgnISJw-PIHY3dVjjyp_YM4cWKaF5Q8CtL3GbqHzxzlw== 
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. 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. 
 
 
 
 
 
 

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January 08, 2019 02:00 ET (07:00 GMT)

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