Introduction of Conditional Tender
14/06/2024 10:56
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RNS Number : 5285S North American Income Trust (The) 14 June 2024
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14 June 2024
The North American Income Trust Plc
Introduction of Conditional Tender
The Board of The North American Income Trust plc (the "Company") announced on
21 May 2024 that it is mindful of the discount to Net Asset Value at which the
Company's shares trade and reiterated its commitment to continue to implement
share buybacks with a view to narrowing the discount and enhancing Net Asset
Value per share for ongoing shareholders.
The Board remains committed to taking appropriate action to ensure that the
Company's shares do not trade at a significant discount to their prevailing
NAV and in light of the Company's forthcoming continuation vote and the fact
that it has agreed heads of terms to appoint Janus Henderson Fund Management
UK Limited ("JHI") as its new AIFM and Investment Manager the Board believes
that it is appropriate to seek to reduce discount volatility over the
medium-term.
In the event that the continuation vote at the Company's AGM is passed, the
Board has decided to implement a conditional tender mechanism covering the
period to 30 September 2027 (the 'Calculation Date'), being approximately
three years from the expected date at which JHI will assume responsibility for
the management of the Company's portfolio.
Under the conditional tender mechanism, the Company will implement a tender
offer for up to 15% of the shares in issue (excluding treasury shares)
provided that one of the following conditions has been met:
(i) over the three-year period up to and including the Calculation Date, the
NAV total return of the Company has not exceeded the total return of the
S&P High Yield Dividend Aristocrats Index; or
(ii) over the six-month period prior to the Calculation Date the average
discount to the cum-income NAV at which the Company's ordinary shares have
traded is greater than 7%.
Any tender implemented as a result of these proposals will be executed at a
tender price reflecting a 2% discount to the Company's cum-income NAV (less
tender offer costs).
Enquiries/Contact
The North American Income Trust Plc Contact via Winterflood Securities
Dame Susan Rice, Chairman
Winterflood Securities +44(0) 20 3100 0000
Joe Winkley
Neil Morgan
Haris Khawaja
Legal Entity Identifier: 5493007GCUW7G2BKY360
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