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LONDON - BlackRock (NYSE:BLK) American Income Trust plc (LSE:BRIG) has announced the outcome of its tender offer, which closed undersubscribed with 16.15% of its issued share capital tendered. The offer aimed to buy back up to 20% of its ordinary shares, excluding treasury shares.
The tender, part of the company’s capital return strategy, resulted in 10,910,252 ordinary shares being tendered by the record date of April 17, 2025. Since the tender offer was undersubscribed, no scale back will be necessary. Shareholders who tendered shares up to or less than their basic entitlement will have all their shares purchased, and those who tendered more will have their basic entitlement plus any excess application bought in full.
The shares acquired through the tender offer will be held in treasury. Cavendish Capital Markets Limited conducted the purchase on behalf of the trust. The tender price was set at 98% of the cum-income Net Asset Value (NAV) per ordinary share as of the close of business on the calculation date, April 17, 2025, adjusted for estimated portfolio realization costs. This price was confirmed to be 192.0501 pence per share.
Payment for the tendered shares will be made in Sterling, with cheques for certificated shareholders dispatched and electronic payments for uncertificated shareholders through CREST expected on April 29, 2025. New ordinary share certificates will also be sent out to certificated shareholders on the same date.
This announcement is based on a press release statement issued by BlackRock American Income Trust plc.
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