Interim Management Statement
BLACKROCK NORTH AMERICAN INCOME TRUST PLC
Interim Management Statement - 3 months to 31 July 2013
To the members of BlackRock North American Income Trust plc
This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency Rules.
It should not be relied on by any other party for any other reason.
This interim management statement relates to the period from 1 May 2013 to 31
July 2013, and contains information that covers this period, and up to the date
of publication of this interim management statement.
The Company will invest predominantly in a diversified portfolio of equity
securities quoted in the U.S., with a focus on companies that pay and grow
their dividends. The Company may invest through an active options overlay
strategy utilising predominantly covered call options and may also hold other
securities from time-to-time including, inter alia, convertible securities,
fixed interest securities, preference shares, non-convertible preferred stock,
and depositary receipts.
Financial position as at 31 July 2013
Gross assets (£m) £99.04m
Net asset value per share (capital only) 116.22p
Net asset value per share (including income) 117.23p
Ordinary share price 118.38p
Ordinary shares in issue 84,488,500
Options overwrite 17.48%
Actual gearing 0.0%
Premium to NAV (1) 1.0%
Net yield (2) 1.69%
Target yield (3) 4.00%
1. based on Net Asset Value per share (including income)
2. based on dividends of 1p per share each declared on 14 February 2013 and 14
May 2013
3. based on issue price of 100p
Performance
Cumulative Performance (%):
Since
One Three launch on
Month Months 24 October
2012
Net asset value +4.2% +6.0% +21.5%
Share price +3.4% +4.4% +20.5%
Russell 1000 Value Index +4.3% +10.0% +31.1%
Sources: BlackRock and DataStream
All performance figures are in sterling terms including income reinvested.
Country Analysis at 31 July 2013 Total Assets (%)
USA 92.6
Canada 2.7
Australia 1.6
Netherlands 1.4
France 1.4
United Kingdom 1.3
Peru 0.2
Net current liabilities -1.2
100.00
Sector Analysis at 31 July 2013 Total Assets (%)
Financials 21.2
Energy 14.0
Industrials 13.3
Consumer Staples 12.3
Consumer Discretionary 9.6
Health Care 9.1
Materials 7.0
Utilities 6.7
Information Technology 4.5
Telecommunication Services 3.5
Net current liabilities -1.2
100.00
Ten Largest Investments at 31 July 2013 (in alphabetical order)
Company Country of Risk
Ace USA
Chevron USA
Comcast USA
Exxon Mobil USA
General Electric USA
Home Depot USA
JPMorgan Chase USA
Merck USA
Pfizer USA
Wells Fargo USA
Material Events & Transactions
Share issues
As reported in the Chairman's Statement in the Company's Half Yearly Financial
Report for the period ended 30 April 2013, the Company had issued 11,175,000
shares since launch. Since 30 April 2013, the Company has issued further shares
on the following dates, and there are now 84,488,500 shares in issue.
Date Number of
shares issued
10.06.13 1,400,000
14.06.13 500,000
20.06.13 400,000
21.06.13 1,013,500
24.06.13 400,000
25.06.13 450,000
01.07.13 150,000
05.07.13 200,000
08.07.13 350,000
11.07.13 150,000
17.07.13 500,000
23.07.13 2,600,000
30.07.13 200,000
Blocklisting application
The Company announced on 11 June 2013 that an application had been made to the
UK Listing Authority and the London Stock Exchange for a further blocklisting
of 6,837,500 Ordinary Shares of one pence each pursuant to the General
Corporate Purposes Scheme. The shares will, when issued, rank pari passu with
the existing shares of the Company.
Half Yearly Financial Report
The Company announced its half yearly financial results for the period from
incorporation to 30 April 2013 on 13 June 2013.
Publication of Supplementary Prospectus
It was announced on 13 June 2013 that the Company had published a Supplementary
Prospectus in connection with the Placing Programme. This document is a
regulatory requirement under the Prospectus Rules following the publication of
the Company's half yearly financial report for the period ended 30 April 2013
and the appointment of Ms Alice Ryder as a Director of the Company on 12 June
2013. This document was approved for publication by the Financial Conduct
Authority.
Appointment of Director
It was announced on 13 June 2013 that the Company had appointed Ms Alice Ryder
as an independent non-executive director of the Company with effect from 12
June 2013.
Dividend declaration
It was announced on 14 May 2013 that the second quarterly interim dividend in
respect of the year to 31 October 2013 of 1.00p per ordinary share had been
declared by the Directors, payable on 2 July 2013 to holders of ordinary shares
on the register at the close of business on 24 May 2013 (ex-dividend date was
22 May 2013). It was announced on 6 August 2013 that the third quarterly
dividend in respect of the year to 31 October 2013 of 1.00p per ordinary share
had been declared by the Directors, payable on 2 October 2013 to holders of
ordinary shares on the register at the close of business on 16 August 2013
(ex-dividend date was 14 August 2013).
Placing Programme and Equity Issue
It was announced on 12 August 2013 that the Company would be putting forward
shareholder proposals for a new placing programme. The Company is also
considering the issue of C Shares, which will include a pre-emptive element, to
meet demand for new and existing investors.
Net Asset Value
The Company announces its NAV on a daily basis, which can be accessed via
www.blackrock.co.uk/brna, under the "News" tab.
The unaudited net asset value for BlackRock North American Income Trust plc at
close of business on 23 August 2013 was:
Capital only 110.44p
Including current year income 110.79p (ex-dividend)
Material events and transactions
The Board is not aware of any other significant events or transactions, except
as disclosed herein, occurring between 31 July 2013 and the date of publication
of this interim management statement which would have a material impact on the
financial position of the Company.
Contact details:
Caroline Driscoll
Company Secretary
BlackRock Investment Management (UK) Limited
Tel: 020 7743 2427
27 August 2013
ENDS
Please note that more detailed performance information is available on the
Manager's website: www.blackrock.co.uk/brna. Neither the contents of the
Manager's website nor the contents of any website accessible from hyperlinks on
the Manager's website (or any other website) is incorporated into, or forms
part of, this announcement.