Fund facts
Current share price
Access the latest prices and charts.Incorporation
North American Banks Fund Limited (the “Company”) was incorporated in Guernsey, Channel Islands on 5 May 2005 and
commenced operations on 10 June 2005. The rights of shareholders may differ from the rights of shareholders in a UK incorporated company.Principal activity
The principal activity of the Company is to carry out business as an investment company. The Company is listed on AIM.Investing policy
North American Banks Fund Limited's investing policy is to achieve long-term capital growth, superior to that available
in the market as a whole.The Company intends to achieve the above objective through investment in unquoted start-up banks, which intend to offer banking services to small and medium sized enterprises. The banks will be based in certain regions of the United States, for example Georgia, Florida, Texas, California and the South Carolina coast, where favourable economic, demographic and market factors are expected to contribute to the growth of the banks.
Issued share capital
At 31 December 2009 there were 3,800,000 Ordinary Shares in issue. No shares are held in treasury. Significant shareholdings
As at 31 December 2009
| Beneficial owner | % of the issued share capital held |
|
| Arbuthnot Securities Limited | 3.30 | |
| The Bank of New York (Nominees) Limited | 18.00 | |
| BNY (OCS) Nominees Limited | 7.25 | |
| HSBC Global Custody Nominee (UK) Limited | 5.22 | |
| Mellon Nominees (UK) Limited | 9.08 | |
| Morstan Nominees Limited | 10.53 | |
| Nortrust Nominees Limited | 4.61 | |
| Pershing Keen Nominees Limited | 9.81 | |
| Roy Nominees Limited | 2.38 | |
| The South Financial Group Inc | 5.00 | |
36.0% of shares are deemed not to be in public hands.
Directors’ interests
| Director | Number of Ordinary Shares |
Percentage (%) |
| Robin Monro-Davies | 50,000 | 1.32 |
| James Baxter | 20,000 | 0.53 |
Directors’ responsibilities
The Directors are responsible for the determination of the Company's investing policy and have overall responsibility for the Company’s day-to-day activities. The Company has, however, entered into the Investment Management Agreement with North Atlantic Value LLP under which North Atlantic Value LLP has been appointed as investment manager to manage the Company’s portfolio and to provide various management services to the Company, subject to the overriding supervision of the Directors.
The value of an investment and the income from it can go down as well as up and investors may not get back the amount invested. This may be partly the result of exchange rate fluctuations in investments which have an exposure to foreign currencies. You should be aware that past performance is no guarantee of future performance.