NBNK extends do-or-die investment deadline

NBNK Investments was let off the hook on Thursday, as its board extended its do-or-die investment deadline.

The AIM-listed financial investment company announced that, following the share subscription and tender offer implemented on 11 January 2013, it had continued to seek "appropriate acquisitions in line with its investing policy".

NBNK's board had also previously stated that, should there have been no acquisition by 11 January 2016, the directors would review its position and consider the appropriateness of returning unused funds to shareholders and winding up the firm.

"The current position is that the company is engaged in discussions with target companies which, if one or more of the targets is acquired, would fulfil the company's investing policy", the board said in its announcement.

The directors said that the possibility for an acquisition that would fulfil the company's investing policy remained realistic, and so it was in the best interests of shareholders for negotiations to continue.

"With that in mind, the company's board has resolved to extend until 11 April 2016 the point at which the directors will consider if it is appropriate to return unused funds to shareholders, and/or wind up the company", the board concluded.

NBNK's board promised to update the market on any changes to this situation.