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
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%
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%
* 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
Net asset value per share-cum income 282.90p
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
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.
The Company announced that the following shares have been repurchased for
Date Number of shares purchased for
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
A B Powley
BlackRock Investment Management (UK) Limited, Company Secretary
Tel: 020 7743 5610
5 December 2012
-0- Dec/05/2012 16:36 GMT
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