European Opportunities Trust PLC Proposed Conditional Tender Offer (8437P)
12 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMEOT
RNS Number : 8437P
European Opportunities Trust PLC
12 October 2023
Legal Entity Identifier 549300XN7RXQWHN18849
12 October 2023
EUROPEAN OPPORTUNITIES TRUST PLC
Proposed Conditional Tender Offer
The Board of European Opportunities Trust PLC (the "Company" or
"EOT") announces that it intends to introduce a performance related
tender offer (the "Conditional Tender Offer").
This follows an extensive shareholder consultation exercise
ahead of the forthcoming continuation vote to be proposed at the
annual general meeting of the Company on 15 November 2023.
Proposed conditional tender offer details
If the Company's net asset value total return does not equal or
exceed the benchmark total return (MSCI Europe Index TR) over the
three-year period beginning 1 June 2023 and ending on 31 May 2026,
the Conditional Tender Offer will be held as soon as practicable
following the conclusion of the 2026 Annual General Meeting.
The Conditional Tender Offer, if implemented, will be for 25 per
cent of the Company's issued share capital. The Conditional Tender
Offer will be priced at the prevailing net asset value at the time
of repurchase (adjusted for the costs associated with the tender
offer) less two per cent.
The implementation of the Conditional Tender Offer will be
subject to approval by Shareholders of the continuation resolutions
to be proposed at the 2023 and 2026 annual general meetings and the
relevant resolutions proposing the Conditional Tender Offer at a
general meeting to be convened, if the conditions are met,
following the 2026 annual general meeting.
The Board has an active discount management policy, the primary
purpose of which is to reduce discount volatility. It seeks to
maintain the discount in single digits in normal market conditions.
Buying shares at a discount also results in an enhancement to the
NAV per share. The introduction of the Conditional Tender Offer
will not change the Board's current approach to discount
management.
Despite the share price performance over recent years, the Board
is confident in the Company's core investment strategy, which is
upheld by EOT's long term track record. The Board believes that the
Investment Manager has the potential to provide superior returns
over the medium term and encourages all Shareholders to support the
continuation of the Company for a further three years at the
forthcoming Annual General Meeting.
This announcement contains information that is inside
information for the purposes of the U.K. version of the Market
Abuse Regulation (EU) No. 596/2014.
For further information, please contact:
Devon Equity Management Limited - AIFM enquiries@devonem.com
Richard Pavry / Charles Bilger +44 (0)20 3985 0445
Singer Capital Markets - Corporate broker
Robert Peel / Angus Campbell (Investment
Banking)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales) +44 (0)20 7496 3000
Buchanan Communications - PR Adviser
Henry Wilson +44 (0)7788 528143
Helen Tarbet +44 (0)7872 604453
George Beale +44 (0)7450 295099
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END
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