Interim Management Statement

 
TIDMEST TIDMESTZ 
 
THE EASTERN EUROPEAN TRUST PLC 
 
Interim Management Statement- 3 months to 30 April 2012 
 
To the members of The Eastern European 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 February 2012 to 
30 April 2012, and contains information that covers this period, and up to the 
date of publication of this interim management statement. 
 
The Company's objective is to achieve long-term capital growth by investing in 
companies that do business primarily in Eastern Europe, Russia, other 
Commonwealth of Independent States countries and Turkey. 
 
Stock Performance 
 
                             One      Three       One     Three 
                           Month     Months      Year    Years* 
 
Net Asset Value            -4.5%       0.3%    -24.1%     71.8% 
 
Share Price                -5.1%       0.9%    -22.4%     76.7% 
 
MSCI EM Europe 10/40       -3.9%      -1.4%    -20.4%     60.0% 
(TR) 
 
* BlackRock took over the investment management of the Company with effect from 
1 May 2009. 
 
All performance figures are in sterling terms on a total return basis and 
assuming that the subscription share entitlement was sold and the proceeds 
reinvested on the first day of trading.. 
 
Ten Largest Equity Holdings at 30 April 2012 
 
Company                             Country of Risk       Total market 
                                                             value % 
 
Gazprom                                 Russia                 9.6 
 
Lukoil                                  Russia                 9.6 
 
Sberbank                                Russia                 8.8 
 
Novatek                                 Russia                 5.8 
 
Turkiye Garanti Bankasi                 Turkey                 4.5 
 
Powszechny Zaklad Ubezpieczen           Poland                 3.8 
 
Sistema                                 Russia                 3.2 
 
Uralkaliy                               Russia                 2.9 
 
Mobile Telesystems                      Russia                 2.9 
 
Surgutneftegaz                          Russia                 2.8 
 
Financial position and performance as at 30 April 2012 
 
At month end 
 
Net asset value - capital only              282.47p 
 
Net asset value (1) - cum income            282.72p 
 
Net asset value - cum income (diluted       282.72p 
for subscription shares) 
 
Share price                                 258.00p 
 
Subscription share price                     0.45p 
 
Total assets (2)                            GBP135.9m 
 
Discount (share price to cum income          8.7% 
diluted NAV) 
 
Gross market exposure (3)                   105.9% 
 
Net market exposure (4)                      97.7% 
 
Net yield                                     n/a 
 
Ordinary shares in issue (5)              46,187,389 
 
Subscription shares                       10,033,329 
 
 
 1. Includes year to date net revenue equal to 0.25p per share. 
 
 2. Total assets include current year revenue. 
 
 3. Long positions plus short positions as a percentage of net assets. 
 
 4. Long positions less short positions as a percentage of net assets. 
 
 5. Excluding 6,900,000 shares held in treasury. 
 
Material Events& Transactions 
 
Annual Financial Report 
 
The Company announced its annual financial results for the year ended 31 
January 2012 on 30 March 2012. 
 
Appointment of Directors 
 
Mrs Rachel Beagles and Mr Mark Bridgeman were appointed as non-executive 
directors of the Company with effect from 1 March 2012. 
 
Subscription Shares 
 
The third opportunity for shareholders to convert their subscription shares 
took place at the end of March 2012, when 6,676 subscription shares were 
converted into ordinary shares on 13 April 2012. 
 
The Company wrote to subscription shareholders on 24 May 2012 reminding them 
that the final opportunity for shareholders to convert their subscription 
shares would take place on 2 July 2012 (being the business day following 30 
June 2012). 
 
Directors' Acquisition of Shares 
 
Mrs Rachel Beagles acquired 10,096 ordinary shares on 25 April 2012. 
 
Discount Control Proposals 
 
It was announced on 24 May 2012 that the Company had published a Prospectus in 
connection with a bonus issue of Subscription Shares and the approval of two 
further discretionary periodic tender offers. 
 
These discount control proposals are intended to operate as a package and the 
resolutions to implement them are interconditional and will be put to 
shareholders at a general meeting immediately following the Annual General 
Meeting which has been convened for 20 June 2012 at midday. 
 
Tender Offer 
 
It was announced on 31 May 2012 that, subject to receiving shareholder approval 
at the General Meeting of the Company to be held on 20 June 2012, the Directors 
have resolved to implement the next tender offer which will have a record date 
of 20 June 2012 and a calculation date of 20 July 2012. 
 
Net asset value 
 
The Company announces its NAV on a daily basis, which can be accessed via http: 
//www.blackrock.co.uk/est, under the "News" tab. 
 
The unaudited net asset value for The Eastern European Trust PLC at close of 
business on 25 May 2012 was: 
 
238.28p per share (pence sterling) - Capital only 
243.29p per share (pence sterling) - Cum income 
 
Material Events and transactions 
 
There were no other material events or transactions, except as disclosed, 
during the three months to 30 April 2012, nor was the Company involved in any 
other material transactions during the period except the purchase and sale of 
securities undertaken in the normal course of its business. 
 
The Board is not aware of any material events or transactions, except as 
disclosed herein, occurring between 30 April 2012 and the date of publication 
of this interim management statement which would have a material impact on the 
financial position of the Company. 
 
Contact details: 
 
Barbara Powley 
 
BlackRock Investment Management (UK) Limited, Company Secretary 
 
Tel: [phone] 
 
31 May 2012 
 
ENDS 
 
Please note that more detailed performance information is available on the 
Manager's website: www.blackrock.co.uk/est. 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. 
 
Latest information is available by typing "BLRKINDEX" on Reuters, "BLRK" on 
Bloomberg or "8800" on Topic 3 (ICV terminal). 
 
 
 
END