27th Mar 2015 10:25
LONDON (Alliance News) - Blackrock Emerging Europe PLC Friday said its net asset value outperformed its benchmark in its recent financial year but still declined by a fifth and said it will not pay a dividend for the year.
The trust said its net asset value per share declined by 20.2% in dollar terms and by 12.7% in pound terms during the year ended January 31, which compared favourably to its benchmark index, the MSCI Emerging Europe 10-40 Index, which fell by 24.9% in dollar terms and by 17.8% in pounds.
Blackrock's net asset value per share stood at 347.20 cents, or 231.17 pence per share.
The trust said its share price fell by 25.4% in dollar terms and by 18.4% in pound terms, meaning it underperformed compared to its index during the period, the difference reflecting a widening of the discount towards the year end, it said.
Blackrock Emerging Europe shares were down 1.6% to 213.50 pence per share on Friday morning.
As a result of the company having "accumulated negative revenue reserves", it said it is no longer required to pay a dividend in order to retain its trust status, and therefore will not pay a dividend for the year.
Since the end of January, the trust said its net asset value has risen by 6.3% compared to the benchmark, which has risen by 7.3%.
By Joshua Warner; [email protected]; @JoshAlliance
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