Editing BlackRock Sustainable American Income Trust
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In FY21, BRSA’s revenue earnings were 4.06p per share, which was a 38.9% decline compared with 6.65p per share in FY20. However, this needs to be put into context, as historically around 2.00p per share of the trust’s income was generated from writing options, which ceased with the change in strategy at the end of July 2021. Four quarterly interim dividends of 2.00p per share were paid in FY21. At the end of FY21 the trust had a c £0.5m revenue reserve and a further c £117.5m in other distributable reserves. Following shareholder approval at the 22 March 2022 AGM, BRSA’s c £44.9m share premium account was cancelled and converted into an additional distributable reserve. The trust’s total c £162.9m distributable reserves are equivalent to around 25x the last annual dividend payment. Based on its current share price, BRSA offers a 4.0% dividend yield. | In FY21, BRSA’s revenue earnings were 4.06p per share, which was a 38.9% decline compared with 6.65p per share in FY20. However, this needs to be put into context, as historically around 2.00p per share of the trust’s income was generated from writing options, which ceased with the change in strategy at the end of July 2021. Four quarterly interim dividends of 2.00p per share were paid in FY21. At the end of FY21 the trust had a c £0.5m revenue reserve and a further c £117.5m in other distributable reserves. Following shareholder approval at the 22 March 2022 AGM, BRSA’s c £44.9m share premium account was cancelled and converted into an additional distributable reserve. The trust’s total c £162.9m distributable reserves are equivalent to around 25x the last annual dividend payment. Based on its current share price, BRSA offers a 4.0% dividend yield. | ||
'''Exhibit 11: Dividend history since FY16''' | '''Exhibit 11: Dividend history since FY16''' | ||
[[File:Exhibit 11.png|600px]] | |||
== Valuation: Broadly trading around a 5% discount == | == Valuation: Broadly trading around a 5% discount == |