BLACKROCK GREATER EUROPE INVESTMENT TRUST PLC: Interim Management Statement
BLACKROCK GREATER EUROPE INVESTMENT TRUST PLC: Interim Management Statement BLACKROCK GREATER EUROPE INVESTMENT TRUST PLC
Interim Management Statement - 3 months to 30 November 2012
To the members of BlackRock Greater Europe Investment 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 September 2012 to 30 November 2012, and contains information that covers this period, and up to the date of publication of this interim management statement.
The Company invests in a combination of large, mid and small capitalisation European companies, together with some investment in the developing markets of Europe. The portfolio is managed by Vincent Devlin & Samuel Vecht of BlackRock Investment Management (UK) Limited.
Cumulative Performance (%):
One Three One Three From
Month Months Year Years Launch Net Asset Value* (Undiluted) 4.9% 8.9% 19.8% 24.9% 134.4% Net Asset Value* (Diluted) 5.5% 9.2% 19.9% 25.0% 134.5% Share Price* 2.9% 10.3% 14.9% 24.2% 123.9% FTSE World Europe ex UK 3.8% 7.8% 13.8% 7.0% 81.9%
* Net asset value and share price performance includes the Subscription Share reinvestment, assuming the Subscription Share entitlement per share was sold and the proceeds reinvested on the first day of trading.
All performance figures are in sterling terms on a total return basis.
Ten Largest Equity Holdings at 30 November 2012 (in alphabetical order)
BASF Cie Financière Richemont Continental Novo Nordisk Roche Ryanair Schneider Electric Swiss Re Volkswagen Zurich Insurance
Financial position and performance as at 30 November 2012
Total Assets (including income) £251.2m Short term borrowings £10.9m
Net asset value per share (undiluted and including income) 198.73p Net asset value per share (diluted for Treasury Shares and including income) 198.73p Share Price 188.75p Ordinary Shares in Issue* 120,947,078
Actual Gearing 4.5% Discount to NAV (including income) 5.0% Discount to NAV (including income and diluted for Treasury Shares) 5.0% Average Discount over the Period - Diluted 4.0% Average Discount over the Period - Undiluted 4.6%
* Excluding 4,760,637 shares held in treasury
Material Events & Transactions
Following the final opportunity for holders of Subscription Shares to subscribe for Ordinary Shares, 1,153,955 Ordinary Shares were subscribed for on 8 November 2012. Following the adjourned Class Meeting of Subscription Shareholders held on 30 November 2012, all outstanding Subscription Shares were redesignated as Deferred Shares. The listing of the Deferred Shares was cancelled with effect from 08.00 a.m. on 3 December 2012.
Following the semi-annual tender offer on 30 November 2012, 4,661,723 shares were bought back and of these 1,291,662 were placed in treasury on 4 December 2012 and the remaining 3,370,061 shares were cancelled.
There were no other material events or transactions, other than the purchase and sale of securities undertaken in the normal course of business.
The Company announced its annual results for the year ended 31 August 2012 on 10 October 2012.
A final dividend in respect of the year ended 31 August 2012 of 4.20p per Ordinary Share was declared by the directors and was approved by shareholders at the Annual General Meeting held on 29 November 2012. The dividend was paid on 7 December 2012 to shareholders on the register on 26 October 2012 (ex dividend date 24 October 2012).
The Board is not aware of any other significant events or transactions, except as disclosed herein, occurring between 30 November 2012 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company.
Contact details: Caroline Driscoll Secretary Tel: 020 7743 2427
10 January 2013
Please note more detailed performance information is available on the Investment Manager's website: www.blackrock.co.uk/brge. Neither the contents of the Manager's website not the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement.
-0- Jan/10/2013 16:45 GMT