THE EASTERN EUROPEAN TRUST PLC: Interim Management Statement
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.
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
% 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).
A B Powley BlackRock Investment Management (UK) Limited, Company Secretary Tel: 020 7743 5610
5 December 2012
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