BlackRock North American Income Trust has announced that it has reached an agreement on a revised fee basis with the trust’s manager. From 1 November 2015, the management fee will be 0.75% of the Company’s net assets. Where the Company invests in other investment or cash funds managed by BlackRock, any underlying fee is rebated.
Following shareholder consultation and consistent with its new discount policy the trust’s has announced that its board, chaired by Simon Miller (pictured), has decided not to implement a semi-annual tender offer in January 2016. This follows a similar decision not to implement a tender offer in July 2015. Over the six months to 31 October 2015, the average discount to net asset value on a cum income basis was 8.7% and ranged from a discount of 2.3% to 11.2%. The current discount on a cum income basis is 9.3%.
The trust has also announced that the fourth quarterly interim dividend, in respect of the financial year ending 31 October 2015, has been declared at 1.10p per share. The dividend is payable on 5 January 2016 to holders of ordinary shares on the register at the close of business on 20 November 2015 (ex-dividend date is 19 November 2015).
BlackRock North American Income Fee reduction and tender offer : BRNA