16th Sep 2019 18:45
(Alliance News) - BlackRock Greater Europe Investment Trust PLC said Monday it has cancelled its semi-annual tender offer in November.
The investment trust noted the average discount to net asset value was 4.0% in the six months to the end of August but the discount to NAV on a cum income basis as of Friday slipped to 1.49%.
"The board has therefore concluded that it is not in the interests of shareholders as a whole to implement a semi-annual tender offer in November 2019," the trust added.
During the six month period, BlackRock Greater Europe has bought back 660,000 shares.
"The board will continue to monitor the company's discount to NAV and will look to buy back shares and/or operate six monthly tender offers if it is deemed to be in the interests of shareholders as a whole," the trust said.
Shares in BlackRock Greater Europe closed down 0.4% in London on Monday at 390.33 pence each.
Related Shares:
BlackRock Greater Europe Investment Trust