THE EASTERN EUROPEAN TRUST PLC
Interim Management Statement - 3 months to 31 October 2012
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 2012 to 31 October 2012, 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 primarily 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 -0.1% 4.0% 6.0% 20.3% 72.7%
(undiluted)
Share Price -1.2% 5.6% 4.2% 19.7% 74.6%
MSCI EM Europe 10/40 0.3% 4.6% 4.8% 17.4% 64.7%
(TR)
* 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. Net asset value and share price performance include the
reinvestment of the subscription shares, assuming that the 2010,
2011 and 2012 subscription shares were sold and the proceeds
reinvested on the first day of trading.
Ten Largest Equity Holdings at 31 October
2012
Company Country of risk Total market
value
%
Sberbank Russia 9.2
Gazprom Russia 9.0
Turkiye Garanti Bankasi Turkey 5.6
LUKoil Russia 5.3
OTP Bank Hungary 4.4
Surgutneftegaz Russia 3.3
Komercni Czech Republic 3.0
Mail Ru Russia 2.7
Gedeon Richter Hungary 2.6
Turkcell Iletism Hizmet Turkey 2.6
Financial position and performance as at 31 October 2012
Gross Assets (including current year revenue) £124.9m Net asset
value per share-capital only
277.56p
(undiluted)
Net asset value per share-cum income 282.90p
(undiluted) (1)
Share Price 253.50p
2012 Subscription share price 6.00p
Ordinary Shares in Issue (2) 42,638,291
Gross market exposure (3) 109.7%
Discount to NAV (4) 10.4%
1. Includes year to date net revenue equal to 5.34p per
share.
2. Excluding 6,000,000 shares held in treasury.
3. Long positions plus short positions as a percentage of net
assets.
4. Discount (share price to cum income NAV).
Material Events & Transactions
Half Yearly Financial Report
The Company announced its half yearly financial results for the
six months ended 31 July 2012 on
21 September 2012.
2012 Subscription Shares
The first opportunity for shareholders to convert their 2012
subscription shares took place at the beginning of October 2012, when 8,472 subscription shares were
converted into ordinary shares on 8 October
2012.
The Company announced on 30 November that the second opportunity
for shareholders to convert their 2012 subscription shares would
take place on 2 January 2013.
Periodic Tender Offers
The Company announced on 7 November
2012 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 1% to Formula Asset
Value (NAV less the costs of the tender offer). The record date for
participation in the tender offer will be the close of business on
21 December 2012. The tender offer
calculation date will be 21 January
2013 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.
Share buybacks
The Company announced that the following shares have been
repurchased for cancellation:-
Date Number of shares purchased for
cancellation
28.09.12 45,000
05.10.12 30,000
12.10.12 28,000
08.11.12 80,000
16.11.12 50,000
23.11.12 66,700
Net Asset Value
The Company announces its NAV on a daily basis, which can be
accessed via http: //www.estplc.co.uk, under the "News" tab.
The unaudited net asset value for The Eastern European Trust PLC
at close of business on 4 December
2012 was:
279.4p per share (pence sterling) - Capital only
284.6p per share (pence sterling) - Cum income
There were no other material events or transactions during the
three months to 31 October 2012 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
2012 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:
A B Powley BlackRock Investment Management (UK) Limited, Company
Secretary Tel: 020 7743 5610
5 December 2012