The Board of BlackRock Commodities Income Investment Trust has set a target of an unchanged 6.00 pence per share dividend for the current financial year in light of current conditions in the commodity markets, volatility levels in the derivative markets and dividend prospects for the Company’s underlying investments. This target will be reviewed should there be any material change
in these factors. However, the Board would consider using revenue reserves or making distributions out of capital profits to bolster the dividend were income from the portfolio to be insufficient to achieve the target.
Following discussions with its Manager, BlackRock Fund Managers, the Board has agreed a reduction to its management fee. The existing management fee is 1.1% of gross assets per annum. With effect from 1 December 2015, the management fee will be 0.95% of the Company’s gross assets per annum and will reduce to 0.90% per annum for gross assets in excess of £250m. Where the company invests in other investments or cash funds managed by BlackRock, any underlying fee is rebated.
There’ll be no tender I February as the discount has been within targets.
BRCI : BlackRock Commodities Income reaffirms dividend, cuts fees