Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a654409
McLeod-Clarke's BlackRock Income takes aim at discount
by Sarah Miloudi on Jan 29, 2013 at 07:35
The board of BlackRock Income has taken aim at the vehicle's discount - roughly a year after it switched the trust's manager.
BlackRock Income directors said they have decided to use their share buyback powers to keep the fund's share price trading at or around net asset value (NAV).
Currently, the board's policy is not to buy shares to hold in treasury at a discount of less than 4%, however this will be tweaked to enable the trust to buy at any discount.
Jonathan Cartwright, chair of BlackRock Income, said 'The board and BlackRock are committed to building the company to deliver both capital and dividend growth for shareholders over the long term. The revised buyback policy should prove attractive to new shareholders and provide reassurance to existing investors who should see an improvement in liquidity in the company's stock.'
It follows a move by the trust, which is now managed by Nick McLeod-Clarke (pictured) and Adam Avigdori, to increase shareholders' final dividend for 2012, representing the trust's first increase in its final investor payout for three years.
News sponsored by:
The Citywire guide to investment trusts
Investment trusts have proved to be a highly effective way to invest in the market. Citywire has interviewed the experts to find out more.
Today's top headlines
More about this:
Look up the fund managers
On the road
J.P. Morgan Elect on investment growth, income and cash. More information on J.P. Morgan investment trusts.
by Elsa Buchanan on Dec 04, 2013 at 15:13