NET ASSET VALUE + GREEK EXPOSURE UPDATE
BLACKROCK EMERGING EUROPE
PLC
The unaudited net asset values for BlackRock Emerging Europe plc
at close of business on 2 July 2015
were:
373.86c per share (US cents) – Capital only
239.53p per share (pence sterling) – Capital only
375.97c per share (US cents) – Including current year
income
240.88p per share (pence sterling) – Including current
year income
Notes:
1.
Investments have been valued on a bid price basis.
2.
Revenue items included in net asset value.
3.
The Company’s share capital consists of 36,242,928 Ordinary shares
(excluding 5,400,000 ordinary shares held in treasury) carrying one
vote each.
4. As
at close of business on 2 July 2015
the Company had exposure to two Greek securities which represented
5.69% of the NAV, made up as
follows:
National Bank of Greece
ADR
3.48%
Motor
Oil Hellas
2.21%
It should be noted that the National
Bank of Greece holding is held via
an ADR which is traded on the New York Stock Exchange. Yesterday
the stock traded at comparable volumes with adequate liquidity and
hence the bid market price is being used to value this stock.
For the holding in Motor Oil Hellas, a
fair value discount has been applied to the price as at the close
of business on 26th June 2015. The
Board’s valuation is based on advice from the BlackRock Pricing
Committee which, given the market closure and illiquidity for many
Greek assets, is applying a fair valuation approach for such
assets. The approach considers, inter alia, the trading in a number
of proxies which gives the Committee a basis for pricing all
instruments as necessary.