BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC: Interim Management Statement
Interim Management Statement - 3 months to 31 August 2013
To the members of BlackRock Commodities Income 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 June 2013 to
31 August 2013, 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, including the latest month end announcements
are available on the Manager's website-www.blackrock.co.uk/brci.
The Company's objectives are to achieve an annual dividend target and, over the
long term, capital growth by investing primarily in securities of companies
operating in the mining and energy sectors. The portfolio is managed by Richard
Davis of BlackRock.
Cumulative Performance (%):
One Three Six One Five
Month Months Months Year Years
Net Asset Value -0.6% -3.2% -8.3% -0.3% -4.3%
Share Price -2.8% -5.7% -7.9% -1.0% -1.1%
All performance figures are in £ on a total return basis.
Ten Largest Equity Holdings at 31 August 2013(in alphabetical order)
Anadarko Petroleum Glencore Xstrata
BHP Billiton Occidental
Chevron Rio Tinto
Eni Teck Resources
Financial position and performance as at 31 August 2013
Gross Assets (£m)* 113.7
Short term borrowings (£m) 8.6
Net asset value-Capital Only 109.27p
Net asset value-Including Income 110.58p
Share Price 109.25p
Ordinary Shares in Issue 95,008,000
Gearing range (as a % of net assets) 0 - 20%
Premium to NAV-Cum Income 1.2%
Premium to NAV-Capital Only 0.02%
*includes net revenue of £1.2m
Material Events & Transactions
Material events or transactions, during the three months to 31 August 2013, and
from 1 September 2013 to the date of publication of this report are set out
below. The Company was not involved in any other material transactions during
the period except for the purchase and sale of securities undertaken in the
normal course of its business.
The second interim dividend in respect of the year ending 30 November 2013 of
1.475 pence per share was declared on 19 June 2013, and paid on 26 July 2013 to
shareholders on the register at the close of business on 28 June 2013.
The third interim dividend in respect of the year ending 30 November 2013 of
1.475 pence per share was declared on 18 September 2013 to be paid on 24
October 2013 to shareholders on the register at the close of business on 27
On 19 June 2013 the Board announced that it had decided not to proceed with the
semi-annual tender offer in August 2013.
The Board were pleased to welcome Ed Warner as a Non-executive Director with
effect from 1 July 2013. Mr Warner also joined the Company's Audit and
Management Engagement Committee and Nomination Committee.
The Company announced its half yearly financial results for the period ended 31
May 2013 on 24 July 2013.
Issue of Shares
During the period 1,000,000 ordinary shares were issued under the Company's
blocklisting facility at an average price of 109.37 pence per share for a total
consideration of £1,089,317 net of issue costs. All of the shares were issued
at a premium to the company's NAV at the time of issue.
Change in NAV and Share Price
For the period 1 September 2013 to 17 September 2013 the Company's NAV rose by
1.2% and the share price by 1.6%.
The unaudited cum-income net asset value for BlackRock Commodities Income
Investment Trust plc at the close of business on 17 September 2013 was 111.86
The Board is not aware of any other material events or transactions, except as
disclosed herein, occurring between 31 July 2013 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.
Tel: 020 7743 1089
Date: 18 September 2013
Please note more detailed performance information is available on the
Investment Manager's website: www.blackrock.co.uk/its/brci . Neither the
contents of the Manager's website nor 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- Sep/18/2013 15:56 GMT
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