BlackRock Greater Europe Investment Trust Buys Back 15,264 Shares at 608p for Treasury

Details of the 24 June 2026 Share Repurchase by BlackRock Greater Europe Investment Trust

BlackRock Greater Europe Investment Trust plc confirmed on 24 June 2026 that it purchased 15,264 Ordinary Shares in the market at an average price of 608.12 pence per share. The shares will be held in treasury rather than cancelled, a standard approach used by UK investment trusts to give themselves flexibility to reissue shares at a later date if conditions are favourable. The total cost of the transaction was not separately disclosed in the announcement beyond the average price and Volume figures provided.

Settlement of the purchase is scheduled for 26 June 2026, in line with standard UK Equity settlement conventions. Once settled, the Company's treasury holding will stand at 27,226,125 Ordinary Shares, while the figure relevant for regulatory reporting and voting rights purposes — the shares in issue excluding treasury shares — will be 90,702,813. Investors with interests close to disclosure thresholds under the FCA's Disclosure Guidance and Transparency Rules (DTRs) should use the post-settlement ex-treasury figure when assessing their reporting obligations.

How BRGE's Treasury Share Position Stands After This Transaction

Following settlement on 26 June 2026, the total issued share capital of BlackRock Greater Europe Investment Trust — including shares held in treasury — will amount to 117,928,938 Ordinary Shares. Of those, 27,226,125 will be treasury shares, equating to 23.09% of the total. This is a substantial proportion of the total Issued Capital sitting in treasury, a position that has built up over successive buyback transactions.

Shares held in treasury carry no voting rights under UK company law, meaning the effective voting base of the Company remains the 90,702,813 shares in public circulation following settlement. This distinction is material for shareholders computing their percentage interests and for institutional investors managing their own FCA notification obligations under the DTR 5 regime. The announcement explicitly directs Market Participants to use the ex-treasury figure for such calculations.

Why Investment Trusts Like BRGE Repurchase Shares for Treasury

UK-listed investment trusts frequently buy back their own shares when those shares trade at a meaningful discount to the trust's net asset value (NAV). By purchasing shares in the open market, a trust can reduce the discount, support the share price, and increase the NAV per share for remaining shareholders — since shares are acquired below NAV and the relative interest of continuing shareholders in the underlying portfolio increases. BlackRock Greater Europe Investment Trust's board has historically used Buybacks as one of its key tools for discount management.

Holding repurchased shares in treasury rather than cancelling them preserves optionality: the Company can reissue treasury shares if the discount narrows and the shares trade at or close to NAV, avoiding the cost and complexity of a new share issuance. This two-way flexibility is widely regarded as best practice among investment trust managers and is actively encouraged by bodies such as the Association of Investment Companies (AIC). Whether BRGE is currently trading at a discount to NAV and by how much was not stated in the announcement.

BlackRock Greater Europe Investment Trust's Investment Mandate and Shareholder Context

BlackRock Greater Europe Investment Trust plc is a closed-ended investment company managed by BlackRock Investment Management (UK) Limited, one of the world's largest asset managers. The trust's mandate focuses on providing shareholders with capital growth through investment in a portfolio of European equities, with an emphasis on companies based in Europe excluding the United Kingdom, though it may also invest in companies incorporated elsewhere but with significant European exposure.

For investors, the trust offers access to a diversified pan-European equity portfolio within a London Stock Exchange-listed structure, with the Liquidity and price transparency that a quoted closed-ended fund provides. The appointment of BlackRock as investment manager brings significant research and analytical resource to bear on portfolio construction, and the Company's board is responsible for overseeing discount management, including decisions on share buybacks such as the one announced today.

Regulatory Background: FCA DTR Rules and the Ex-Treasury Share Count

The announcement specifically highlights the obligation on market participants to use the figure of 90,702,813 Ordinary Shares — the post-settlement, ex-treasury share count — when assessing whether they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules. This is a standard but important clarification included in all UK investment trust buyback announcements and is required under DTR 5.

Under DTR 5, a shareholder's obligation to notify the company and the FCA of a material interest arises at certain percentage thresholds (including 3%, 5%, 10%, and further thresholds thereafter) calculated by reference to the company's total voting rights, which excludes treasury shares. Market participants — particularly institutional investors who may be close to a notification threshold — should therefore update their calculations to reflect the 90,702,813 figure effective from 26 June 2026 rather than the gross total of 117,928,938 shares including treasury stock.

The Scale of BRGE's Cumulative Buyback Activity Implied by the Treasury Position

The fact that 27,226,125 shares are held in treasury following this transaction — representing over 23% of the total issued share capital — indicates that BlackRock Greater Europe Investment Trust has been an active participant in its own shares over an extended period. This level of treasury stock suggests the trust has conducted repeated buyback programmes rather than a single isolated transaction, though the announcement does not provide a cumulative historical breakdown of all prior repurchases.

A treasury holding of this size can be significant for investors assessing the potential future Supply of shares. Should the trust's discount narrow considerably or the board decide to issue shares at a premium to NAV, the existing treasury stock could be used to meet Demand from new or existing investors without recourse to new share issuance, which would require additional regulatory steps. The company did not disclose in this announcement any current intention regarding future reissuance of treasury shares.

Share Price Context and What 608.12p Reveals About the Market

The average purchase price of 608.12 pence per share provides a reference point for investors tracking the Company's recent market valuation. However, the announcement does not provide comparative NAV data, so it is not possible from this disclosure alone to determine the magnitude of any discount at which the buyback was conducted. The immediate share price impact was not clear from available public information.

For context, a price of 608.12p per share applied to 15,264 shares implies a total consideration of approximately £92,798 for this specific transaction, though this figure is derived from the announcement's disclosed data rather than being separately confirmed by the Company. Investors wishing to assess the value accretion — if any — from the buyback relative to NAV would need to consult separately published NAV per share figures from BlackRock Investment Management (UK) Limited.

Company Secretarial Contact and Governance Transparency

The announcement was made by Lucy Dina, Company Secretary at BlackRock Investment Management (UK) Limited, who is listed as the point of contact for all enquiries related to this disclosure. Contact details provided in the announcement include a telephone number of 0207 743 5324. This level of disclosure is consistent with the Company's obligations under the UK Market Abuse Regulation and the Listing Rules of the Financial Conduct Authority.

Governance transparency of this kind — including the prompt publication of individual share repurchase transactions on a trade-by-trade basis — is a requirement for UK premium-listed investment trusts and reflects the ongoing commitment to providing the market with timely and accurate information. Shareholders and prospective investors can access further company disclosures through the London Stock Exchange's regulatory news service and the Company's own Investor relations communications managed through BlackRock.

What Investors in BRGE May Be Watching Following This Buyback

Investors following BlackRock Greater Europe Investment Trust will likely be monitoring whether further buybacks are conducted in the near term, particularly if the shares continue to trade at a discount to NAV. A sustained series of repurchases — as implied by the already substantial treasury position — would suggest the board views the current share price as offering an opportunity to enhance value for remaining shareholders through accretive capital allocation.

Beyond discount management, investors in BRGE may also be attentive to broader factors influencing European equity markets, including macroeconomic conditions across the eurozone, currency movements, and geopolitical developments that affect the performance of the underlying portfolio. The trust's performance relative to its benchmark and peer group, along with any updates to its Dividend policy or ongoing charges figure, will remain key considerations for investors assessing BRGE as part of a diversified portfolio. The company did not provide forward-looking guidance or portfolio commentary within the scope of this announcement.