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Annual Results

BlackRock Income Strategies' NAV falls

27 January 2017 07:55

BlackRock Income Strategies Trust's net asset value per share fell by 5.6% in the year to the end of September.

Chairman James Long said it was a challenging and very disappointing year for the company and the board was proposing a number of changes including:

- Appointing Aberdeen's diversified multi-asset team, with Mike Brooks and Tony Foster as new lead portfolio managers, and then rename the company Aberdeen Diversified Income and Growth Trust plc.

- Changing the investment objective to target returns of LIBOR+5.5% per annum (net of fees) over rolling five-year periods.

- Merging with Aberdeen UK Tracker Trust, thereby significantly increasing the size of the company.

- Revising the dividend policy to include a reduction in the current annual dividend level by approximately 20% (in recognition of the current low yield environment).

- Replacing the nil discount policy with a more flexible approach that recognises the constraints imposed by gearing and by the more illiquid nature of the investment portfolio.

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