In QuotedData’s morning briefing 26 April 2024:

• NB Distressed Debt has published its annual results for the year ended 31 December 2023. As a reminder, each share class is in its harvest period and there is now very little left of the fund. Perhaps reflecting this, there is not the usual depth of information that might otherwise be expected. The board says that it continues to seek to balance the pace of exits and the value achieved for shareholders as it returns capital to shareholders. During 2023, progress was made on the realisation of assets. Following the receipt of proceeds from the realisation of a lodging & casinos investment, the board resolved on 17 April 2023 to make capital distributions of $0.1356 and £0.0698 per share in respect of the NBDX and NBDG classes respectively. These distributions were made by a compulsory pro rata redemption of shares held as at 2 May 2023 with payment being made on 17 May 2023. On 16 June 2023, the board announced a further capital distribution of $0.0651 per extended life share, again from the realisation of a lodging & casinos investment, which was paid on 13 July 2023. On 21 August 2023, the board announced a further capital distribution of $0.0786 per extended life share, from a return of capital distribution of a financial intermediaries investment, which was paid on 25 September 2023. The ordinary class of shares is expected to be the first to commence the final wind-up process in the coming year, followed by the extended share class and then the new global share class. The extended and global classes will continue to distribute until their net assets are reduced to approximately $37.3m and £8.4m respectively. In certain cases, the cash associated with these share classes will need to remain in underlying corporate vehicles while tax and other matters relating to those vehicles are concluded. For regulatory reasons, the final 10% of the total return (NAV plus cumulative distributions) in respect of any class of participating shares in the company will be returned to shareholders with a final compulsory redemption of all of the outstanding shares of that class.

We also have:

• GCP Infrastructure has sold loan notes at a premium to NAV
• JPMorgan EMEA Securities sees some assets blocked in VTB dispute
• abrdn European Logistics Income NAV hit by higher interest rates