NB Global Monthly Income Fund - NBMI

Cheers Neil strange I haven’t got the message but got the email

If you want to take them up on the offer I’ll send you the link to fill out the form, you’ll need to decide and let by 4pm on June 28th.

Nah I am building them up so want to keep them

1 Like

I think you summarised well

Redemption offers are common and i think a 2% discount on NAV is common practice as they argue that there are costs involved with administration of the offer which they dont want to pass on to those that dont redeem.

Are fund not allowed to do share buyback programs?

Same here

I’m thinking about opening a position in NBMI too. I figure I can use the monthly income to cover all my investment fees.

On the surface, there’s a lot to like. It trades at a discount and has grown its dividend. Long-term share price return is a little lacklustre, but it’s positive and it doesn’t use gearing unlike some of its competitors.

I may split the allocation 50:50 between NBMI and SMIF, the only other monthly payer in this sector.


Investment trusts can buy back shares yes

Hi @NeilB I can’t share more light on this specific redemption as I don’t know the background.

Share redemptions are not unusual. Some companies issue redeemable shares. The exact rules under which these shares are redeemed is normally written into the articles of association. For example, these shares can be redeemed at some fixed pre-agreed date or some fixed schedule (e.g. once a year) on a date agreed via a board resolution.

One reason such shares exist is to allow investors, such as the original venture capitalists, a simple exit strategy (of course distributable funds need to exist for this to be viable).

Another reason for redemption shares with certain types of investment trusts is that the share manager can meet demand without issuing new shares (i.e. no dilution).

Cant seem to find smif on here wanted to do some research on it. Any way you can direct me to it

1 Like

I’m afraid SMIF’s not on FT yet, so I may buy it elsewhere. You can vote for it to be added here:

1 Like

Just increased my holdings in these by 150% hoping it will be paying a nice amount into my retirement fund.

1 Like

What is the mail from ft about unable to buy more of these??? Just get a good amount and it gets stopped.

The cash exit facility as mentioned earlier in this thread is happening today so I guess things suspended temporarily until all concluded?

Edit - ok, I didn’t see my Freetrade message until just now. Bit annoying as i had just started building up my investment. Not many UK monthly UK divi payers.

Exactly I just massively increased my holding

Can you post a copy of the message please?

1 Like

Urgh, looks like other trusts – such as TFIF – may have been pulled too.

Unfortunately, I may now transfer my Isa and Sipp to a full-service broker because niggling issues like this just keep mounting up.


I think thats fair enough. All these retrospective compliance issues make me concerned for my SIPP

1 Like

Fair enough as in they have banned me from buying more?
It won’t stop here next they will make us sell them.
It appears Hargreaves Lansdowne were not compliant in allowing me to buy them in the first place.