LONDON (Alliance News) - BlackRock North American Income Trust PLC on Wednesday said it has decided to implement a semi-annual tender offer in January 2016, while it has agreed a revision to fees paid to its investment manager.
The news follows a shareholder consultation in April, and the trust is aiming to prevent its shares from trading at a significant discount to net asset value. Over the six months to October 31 the average discount to net asset value was 8.7% on the basis of including income.
The discount ranged from 2.3% to 11.2% in that time. The current discount is at 9.3%, the trust said.
Meanwhile, the trust said it had a proposal from its manager, BlackRock Fund Managers, to which it agreed regarding fees.
The agreement means that the management fee due to the manager will be 0.75% of the trust's net assets.
"Where the company invests in other investment or cash funds managed by BlackRock, any underlying fee is rebated," the trust said.
Shares in the trust closed up 1.3% at 114.50 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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