Not for release, publication or distribution in or into the United States, Canada, Australia or Japan BlackRock Latin American Investment Trust plc Tender offer Performance has been strong in the financial year ending 31 December 2012 with the Company achieving an NAV return, with income reinvested, of 11.2% , compared to a return of 8.9% on the benchmark index (based on US$ cum income unaudited figures with debt at fair value for the year ending 31 December 2012). The Board monitors the share price, trading volume, gearing levels and prevailing discount/premium on a regular basis and has resolved, subject to market conditions, to take such steps as are necessary to protect the Company's share rating. The share price discount to NAV in the twelve months to 31 December 2012 averaged 7.85% (US$ cum income NAV with debt at fair value) and 9.84% in the six month period ending 31 December 2012. The estimated discount on the same basis as at the close of business on 16 January 2013 was 7.94%. In view of the fact that the share price does not adequately reflect the underlying asset value of the Company, the Board has decided to implement a tender offer for up to 5% of the shares in issue (excluding treasury shares) with a calculation date of 2 April 2013. The tender price will be 98 per cent of the cum income NAV with debt at fair value. The record date for shareholders for this tender offer is the close of business on 16 January 2013. This tender follows the repurchase for cancellation of 15,948 of the 3.5% convertible bonds 2015 announced on 12 December 2012, approximately 20% of the outstanding issue. The Directors do not intend to tender their shares. The Board intends to post a circular to shareholders in late February containing details of the tender offer and the procedure for tendering shares. For further information, please contact: Peter Burnell - 01434 632 292 BlackRock Latin American Investment Trust plc Simon White - 020 7743 3000 BlackRock Investment Management (UK) Limited Will Rogers - 020 7397 1920 Cenkos Securities END -0- Jan/17/2013 15:08 GMT
BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC: Tender Offer
Press spacebar to pause and continue. Press esc to stop.