Interim Management Statement
December 03 2010 - 12:07PM
UK Regulatory
TIDMEST TIDMESTS
THE EASTERN EUROPEAN TRUST PLC
Interim Management Statement - 3 months to 31 October 2010
To the members of The Eastern European Trust PLC
This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure & Transparency Rules. It
should not be relied on by any other party for any other reason.
This interim management statement relates to the period from 1 August 2010 to
31 October 2010, and contains information that covers this period, and up to
the date of publication of this interim management statement. Please note more
detailed performance information is available on the Manager's website
http://www.blackrock.co.uk/Individualinvestors/FundCentre/InvestmentTrustPricing/index.htm
The Company's objective is to achieve long-term capital growth by investing in
companies that do business in Eastern Europe, Russia, other Commonwealth of
Independent States countries and Turkey.
Stock Performance
One Three One Three *Since
Month Months Year Years 30.04.09
Net Asset Value 4.5% 10.2% 38.0% -20.9% 98.3%
Share Price 8.3% 13.4% 43.4% -17.4% 109.1%
MSCI EM Europe 10/40 (TR) 3.4% 9.6% 27.2% -4.5% 78.5%
* BlackRock took over the investment management of the Company with effect from
1 May 2009.
All performance figures are in sterling terms on a total return basis.
Ten Largest Equity Holdings at 31 October 2010(in alphabetical order)
Bank Pekao
CEZ
Gazprom
Lukoil
MMC Norilsk Nickel
Novatek
Rosneft
Sberbank
Turkiye Garanti
Vimpel Communications
Financial position and performance as at 31 October 2010
Gross Assets (GBPm) 165.4
Net asset value per share-capital only 326.19p
Net asset value per share-cum income^ 327.96p
Share Price 307.00p
Ordinary Shares in Issue^^ 49,626,886
Actual Gearing 1.6%
Discount to NAV^^^ 5.9%
Average Discount over the Period 7.3%
^ Includes year to date net revenue equal to 1.77p per share.
^^ Excluding 4,664,367 shares held in treasury.
^^^ Discount (share price to capital only NAV).
Material Events & Transactions
Half Yearly Financial Report
The Company announced its half yearly financial results for the six months
ended 31 July 2010 on 22 September 2010.
Subscription Shares
The first opportunity for shareholders to convert their subscription shares
took place at the end of September 2010, when 603,513 subscription shares were
converted into ordinary shares on 7 October 2010.
The Company announced on 26 November that the second opportunity for
shareholders to convert their subscription shares would take place at the end
of December 2010.
Periodic Tender Offer
The Company announced on 12 November 2010 that it would be exercising its
discretion and offering a periodic tender for up to 7.5% of the Company's
shares in issue (excluding treasury shares) at a discount of 2% to Formula
Asset Value (NAV less the costs of the tender offer). The record date for
participation in the tender offer was the close of business on 24 July 2010.
The tender offer calculation date will be 24 January 2011 and a circular
setting out the full terms and conditions of the tender offer will be sent to
shareholders not less than 30 clear calendar days before the calculation date.
There were no other material events or transactions during the three months to
31 October 2010 nor was the Company involved in any material transactions
during the period other than the purchase and sale of securities undertaken in
the normal course of its business.
The Board is not aware of any other material events or transactions occurring
between 31 October 2010 and the date of publication of this interim management
statement which would have a material impact on the financial position of the
Company. Latest information is available by typing,
http://www.blackrock.co.uk/Individualinvestors/FundCentre/InvestmentTrustPricing/index.htm
on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).
Contact details:
Kerry Higgins
BlackRock Investment Management (UK) Limited, Company Secretary
Tel: 020 7743 1089
3 December 2010
END
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