31 January
2024
EUROPEAN
OPPORTUNITIES TRUST PLC
("EOT" or
the "Company")
Results of the Tender
Offer
Further to the announcement on 6
November 2023 and the publication of the circular on 5
December 2023 (the "Tender
Circular"), the Board today announces the results
of the tender offer to purchase up to 25% of the Company's Ordinary
Shares in issue (excluding treasury shares) (the "Tender Offer").
The Tender Offer was taken up in full
and, after taking account of roundings, the Company will purchase a
total of 24,074,030 Shares at the Tender Price of 918.0734
pence per share.
20.2% of the Shares in issue were
tendered in applications that will be met under the Basic
Entitlement of Shareholders to tender up to 25% of their
shareholdings and a further 37.1% of the Shares in issue were
tendered by Shareholders wishing to share in the Basic Entitlements
which were not taken up by others (the "Excess Applications"). 38% of the
Company's registered Shareholders participated in the
tender.
Eligible Shareholders who validly
tendered a percentage of their Shares equal to or less than their
Basic Entitlement shall have all tendered Shares purchased in full
under the Tender Offer. Eligible Shareholders who validly tendered
Excess Applications shall have their Basic Entitlement and a pro
rata proportion of their Excess Applications purchased pursuant to
the Tender Offer.
Once the remaining conditions under
the Repurchase Agreement have been met, 24,074,030 Shares will
therefore be purchased by Singer Capital Markets Securities
Limited ("Singer Capital Markets") at the Tender Price. Under the
terms of the Repurchase Agreement, Singer Capital Markets shall
sell the Shares purchased to the Company pursuant to the Tender
Offer at the Tender Price. The Shares purchased by the Company
pursuant to the Repurchase Agreement will be cancelled.
The Tender Price is 98% of the NAV per
Share as at close of business on the Calculation Date, less the pro
rata costs of the Tender Offer, as more particularly set out in the
Tender Circular. The 2% discount to the NAV applied to the tendered
Shares will result in an uplift in the NAV per Share of continuing
holders of approximately 0.67%.
As set out in the Tender Circular, it
is anticipated that the proceeds payable to Shareholders whose
tendered Shares are held through CREST accounts are expected to be
made on 5 February 2024 and that cheques for the certificated
Shares purchased under the Tender Offer will be despatched on 5
February 2024. Cheques and balance share certificates will be
despatched in the week commencing 5 February 2024.
The
Company's Chair Matthew Dobbs said:
"We
are pleased to see that the Company's Tender Offer has been taken
up in full by a range of both retail and institutional investors.
As a sizeable trust, we have been able to offer a 25% tender and
still retain sufficient scale to be competitive in an environment
where the minimum bar for assets and liquidity continues to
increase. We note the total of validly tendered Ordinary Shares as
a percentage of issued share capital is in line with similar offers
in recent years and reflects the opportunity to redeem holdings at
a profit to the current share price, at a time when the entire
investment trust sector is trading at a discount.
"The
Company successfully passed its Continuation Vote at our recent AGM
and we are encouraged by the support of our shareholders for our
differentiated strategy. Looking forward, the Board remains
committed to its stated buy back policy, the primary purpose of
which is to reduce discount volatility and to maintain the discount
in single digits in normal market conditions. We look forward to
updating shareholders on our recent performance at the Company's
forthcoming half year results."
Total Voting
Rights
Following the completion of the Tender
Offer, the Company will have 72,222,292 Shares in issue (with
16,579,009 Shares held in treasury). Therefore, the total number of
voting rights in the Company will be 72,222,292 and this figure may
be used by Shareholders as the denominator for calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
Defined terms used in this
announcement have the meanings given in the Tender Circular unless
the context otherwise requires.
For further information, please
contact:
Devon
Equity Management Limited - AIFM
Richard Pavry / Charles
Bilger
|
enquiries@devonem.com
+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
Helen Tarbet
George Beale
|
eot@buchanancomms.co.uk
+44 (0)7788 528143
+44 (0)7872 604453
+44 (0)7450 295099
|
LEI - 549300XN7RXQWHN18849