Share Name Share Symbol Market Type Share ISIN Share Description
BLACKROCK EMERGING EUROPE LSE:BEEP London Ordinary Share GB00B0BN1P96 ORD USD0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 322.50p 316.00p 327.00p - - - 0 08:00:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 5.2 4.6 11.2 27.0 116.88

BlackRock Emerging Europe Result of Tender offer

14/06/2018 12:24pm

UK Regulatory (RNS & others)


 
TIDMBEEP 
 
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR 
INDIRECTLY, IN OR INTO, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF 
SOUTH AFRICA AND THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO MAY 
RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF 
SUCH JURISDICTION 
 
 14 June 2018 
 
                         BlackRock Emerging Europe plc 
 
                          (LEI: 549300OGTQA24Y3KMI14) 
 
                          Results of the Tender Offer 
 
Further to the announcement on 23 May 2018, BlackRock Emerging Europe plc (the 
"Company") today announces the results of the tender offer to purchase up to 
100 per cent. of the Company's ordinary shares (the "Tender Offer"). 
 
A total of 21,821,195 ordinary shares were validly tendered under the Tender 
Offer, representing approximately 60.75 per cent. of the Company's issued share 
capital, excluding shares held in treasury.  On the basis of the last published 
net asset value ("NAV"), as at 12 June 2018, of 343.51 pence per ordinary 
share, the remaining assets of the Company following the Tender Offer would be 
approximately GBP48 million, which, as set out in the circular published by the 
Company on 23 May 2018 (the "Circular"), is below the minimum level which the 
Board deems necessary for the Company to continue. The Board has, therefore, 
elected not to proceed with the Tender Offer and revised proposals will be put 
forward to shareholders, which will include a full cash exit at NAV less 
applicable costs and will be announced in due course. 
 
As such, the General Meeting due to be held on 20 June 2018 will no longer take 
place. 
 
The portfolio will continue to be managed in accordance with the Company's 
investment policy until such time as alternative proposals are approved by 
shareholders. 
 
Commenting on the results of the tender, Chairman of the Board Neil England 
said: 
 
"The Board of BlackRock Emerging Europe have always recognised its role is to 
act in the best interests of our shareholders. We have regularly consulted with 
our major shareholders to understand their objectives and used their input to 
guide our strategy and policies. 
 
"Our strategy has allowed our well-regarded investment managers to take 
conviction based positions and be able to invest with confidence for a fixed 
period of time. 
 
"This strategy has delivered value to shareholders. Since BlackRock took over 
the mandate in 2009, our shareholders have seen the value of their investments 
rise by close to 140%. This is more than double the return of the reference 
index. Our Company has also been a top decile performer in comparison with our 
open-ended peers as well as the best performer in the AIC European Emerging 
Markets closed-ended peer group over this period and has enjoyed the tightest 
discounts to Net Asset Value. 
 
"We fully understand that following these very strong absolute and relative 
returns, many shareholders have opted to take profits on their positions. It is 
their decision as to where they chose to invest their money and they should be 
free to seek out the most promising investment opportunities, wherever they are 
to be found. 
 
"I would like to congratulate our Portfolio Managers, Sam Vecht and Chris 
Colunga, for producing such excellent results and thank BlackRock and my fellow 
Board members for their diligence and commitment to the effective running of 
the Company in the interests of shareholders. 
 
"The current tender offer will now be withdrawn and we will make new proposals 
to shareholders which will include a full cash exit." 
 
In light of the outcome of the tender offer, the Directors of the Company have 
asked Mr England to remain on the Board as Chairman to provide continuity while 
the Board considers alternative proposals to put forward to shareholders. Mr 
England will stand down as Chairman and a Director of the Company at the time 
such alternative proposals are approved by shareholders or, if such proposals 
include the liquidation of the Company, the date that the Company enters into 
liquidation. It had previously been announced that Mr England would retire as 
Chairman at the AGM on 20 June. 
 
Defined terms used in this announcement have the meanings given in the Circular 
unless the context otherwise requires. 
 
Enquiries: 
 
BlackRock Investment Management (UK)                          020 7743 3000 
Limited 
Simon White 
Sarah Beynsberger 
 
Winterflood Securities                                        020 3100 0000 
Joe Winkley 
Neil Langford 
 
Important Information 
 
This announcement contains information that is inside information for the 
purposes of the Market Abuse Regulation (EU) No. 596/2014, and is being made by 
the Company solely to comply with its regulatory disclosure obligations. 
 
 
 
END 
 

(END) Dow Jones Newswires

June 14, 2018 07:24 ET (11:24 GMT)

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