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Blackrock Emerging Europe Not To Pay Dividend As NAV Drops By 20%

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

Copyright 2015 Alliance News Limited. All Rights Reserved.


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