North American Income Trust (The) Introduction of Conditional Tender
June 14 2024 - 5:56AM
RNS Regulatory News
RNS Number : 5285S
North American Income Trust (The)
14 June 2024
NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN
WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICITON WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THE JURISDICITON.
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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