BlackRock Trusts Embark on Share Acquisition Spree to Increase Their Treasury Stock Holdings

Three trusts managed by BlackRock, esteemed global investment manager, have executed purchases of their own shares in a bid to bolster their treasury stock - setting the financial world abuzz. BlackRock Smaller Companies Trust, BlackRock Throgmorton Trust, and BlackRock Greater Europe Investment Trust, are the equipment players involved in this intriguing strategy.

In the first instance, the BlackRock Smaller Companies Trust announced the purchase of 30,000 ordinary shares at an average price of 1,150.67 pence each. This operation will bring its total issued share capital to 43,104,792 ordinary shares, excluding the 6,888,731 shares held in its treasury, which do not confer any voting rights. The move implies that approximately 13.78% of the trust’s total issued share capital, including treasury shares, will be kept in the treasury after settlement.

BlackRock Greater Europe Investment Trust has followed its counterparts, shelling out to secure 25,000 of its ordinary shares. The shares were priced at an average of 530.62 pence per share. Following this, the Company’s issued capital will stand strong at 96,344,897 ordinary shares, excluding the 21,584,041 stowed away in treasury. Consequently, share capital held in treasury, including treasury shares, will make up approximately 18.3% of the Company’s total issued share capital following settlement.

These strategic moves by BlackRock-managed trusts serve to underline the confidence in their respective future performances, sending encouraging signals to the market. For disclosure purposes, as per the Financial Conduct Authority’s (FCA) guidance, the public and stakeholders are urged to discount shares held in treasury when notifying any changes in their interests in these trusts.