NB Private Equity Partners Announces Share Buyback Programme
In This Article:
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 Share Buyback Programme
5 October 2022
NB Private Equity Partners Limited (the “Company” or “NBPE”) announces it has entered into a new share buyback agreement with Jefferies International Limited (“Jefferies”). This will allow Jefferies at its discretion, based on criteria set by the board, 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 a peer group as well as broader equity market movements, among other factors. The board believes that under the criteria it has set, any share buybacks will be an attractive use of NBPE’s capital in the current market environment. Share buybacks will be immediately accretive to net asset value to the benefit of shareholders.
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 14 June 2022. Under the FCA Listing Rules, the maximum price per Share for any Share Purchase may not exceed the higher of (i) 105% of the average market value of the Shares over the five business days before the day on which the purchase is made; (ii) the higher of the price of the last independent trade and the highest independent bid at the time of the purchase for any number of the Shares on the trading venues where the purchase is carried out; and (iii) such other price as may be permitted by Article 3(2) of Commission Delegated Regulation (EU) 2016/1052 (“Buy-back and Stabilisation Regulation”) (to the extent applicable) and the UK Listing Rules published by the UK Financial Conduct Authority.
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 Premium Segment of the Main Market of the London Stock Exchange plc and could exceed the 25% limit of the average daily trading volume in the preceding 20 business days as referred to in the Buyback and Stabilisation Regulation.
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.