3rd Jun 2020 17:35
(Alliance News) - BlackRock Smaller Cos Trust PLC beat its benchmark during its recently-ended financial year, the investor said ahead of the release of its annual results.
In the year ended February 29, its net asset value per share rose 12% to 1,484.00 pence, beating the Numis Smaller Companies plus AIM (excluding Investment Companies) Index which lost 1.4%.
The company's share price rose 5.8% to 1,428.00p on Wednesday in London.
"While it is understandable that we should be focused on recent market events, it is also important to look back over the year just passed. Your company's remarkable record continued last year as it outperformed the benchmark on an annual basis for over fifteen years," the company said.
"The release of the company's audited results has been delayed due to a historic technical issue that has been identified in the company's articles of association. Whilst the issue should be of no significance in the context of the company's net asset value or financial position, your board is consulting with its advisers to determine what, if any, would be the appropriate remedial action to take."
Because of the delay to its annual report, the company's annual general meeting will not take place before July. As a result, Blackrock Smaller's planned final payout will be released as a second interim dividend, which does not need shareholder approval.
After the 19.70p second interim dividend, its full-year payout will amount to 32.50p, up 4.2% from 31.20p the year before.
By Eric Cunha; [email protected]
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