BLACKROCK NORTH AMERICAN INCOME TRUST PLC: Statement re Publication of Circular 14 January 2013 Publication of Circular to convene a General Meeting BlackRock North American Income Trust plc (the "Company") has today published a circular (the "Circular") to convene a General Meeting to propose resolutions to seek further authorities to allot new ordinary shares of one pence each in the capital of the Company ("Shares") at a premium to net asset value and to disapply pre-emption rights in respect of the issue of such Shares. At its launch in October 2012, the Company raised gross proceeds of £65 million. To date a further 4,550,000 Shares have been issued at a premium to Net Asset Value per Share pursuant to the share allotment authorities previously granted to the Directors. Notwithstanding the issue of Shares since launch, the Shares have continued to trade at a premium to their Net Asset Value. As at the close of business on 10 January 2013 (being the latest practicable date prior to the publication of this announcement) the Shares were trading at a 3.3 per cent. premium to Net Asset Value and since launch have traded at an average premium to Net Asset Value of 4.4 per cent. The existing share allotment authorities (granted to the Directors at the time of the Company's launch) enable the Company to issue up to a maximum of 6.5 million Shares for cash on a non-pre-emptive basis, representing 10 per cent. of the Company's issued share capital as at the Company's launch. As at 10 January 2013 (being the latest practicable date prior to the publication of this document), the Company is able to issue a further 1,950,000 Shares before exhausting the existing Share allotment authorities. In the light of the continuing demand for the Shares and having regard to the benefits of enlarging the Company, the Directors have resolved to convene the General Meeting in order to seek Shareholder authority to issue further Shares on a non-pre-emptive basis. The Circular sets out the Company's intention to call a General Meeting of Shareholders to be held at 11.30 a.m. on 8 February 2012 to consider and approve (1) an ordinary resolution to give the Directors the authority to allot up to 17,387,500 new Shares (equal to approximately 25 per cent. of the issued share capital as at the date of this announcement); and (2) a special resolution to give the Directors the authority to allot such Shares for cash on a non-pre-emptive basis. The circular will shortly be available for inspection at the National Storage Mechanism which is located at www.morningstar.co.uk/uk/nsm and also on the Company's website which is located at http://www.blackrock.co.uk/literature/shareholder-letters/blackrock-north-american-investment-trust-proposal-circular.pdf. The Directors will actively consider opportunities to grow the Company through a placing programme and the Directors have resolved to publish a new prospectus shortly after the General Meeting in order to obtain admission to the Official List of any Shares issued by way of such placing programme pursuant to the authorities conferred by the Resolutions. Expected timetable: Latest time and date for receipt of Forms of Direction 11.30 a.m. on 23 January 2013 Latest time and date for receipt of Forms of Proxy 11.30 a.m. on 6 February 2013 General Meeting 11.30 a.m. on 8 February 2013 Save for expressions defined in this announcement, words and expressions defined in the Circular shall have the same meaning in this announcement. For further information, please contact: BlackRock Investment Management (UK) Limited Barbara Powley 020 7743 5610 Cenkos Securities Sapna Shah 020 7397 1922 END -0- Jan/14/2013 15:18 GMT
BLACKROCK NORTH AMERICAN INCOME TRUST PLC: Statement re Publication of Circular
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