European Assets Tst - Half-year Report
03/08/2023 07:00
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RNS Number : 1244I European Assets Trust PLC 03 August 2023
Date: 3 August 2023
Contact: Sam Cosh (Lead Investment Manager) /
Scott McEllen (Investment Company Secretary)
Columbia
Threadneedle Investment Business Limited
0131 573
8300
LEI: 213800N61H8P3Z4I8726
European Assets Trust PLC
Unaudited Statement of Results
for the half-year ended 30 June 2023
Highlights for the half-year ended 30 June 2023:
· Net Asset Value total return of 5.2% in comparison to the benchmark
return of 2.9%.
· Share price total return of -0.3%.
· An annual dividend of 5.80p per share for 2023 representing a
dividend yield of 6.5% based on the Company's closing share price of 89.6p on
2 August 2023.
"It has been a better half for our portfolio with our total return
outperforming the benchmark in an environment that rewarded stock picking.
Some of our long-term themes such as health and wellness, digitalisation and
consumer brands reasserted themselves following a tough last year.
While this is a good start, the Board recognises that we still have much to do
to make up the ground lost last year. Accordingly, we are not complacent and
are conscious that the macroeconomic and volatile geopolitical environment
provides a continuing challenge for stock pickers. However, history shows
that volatility can provide opportunity."
Jack Perry CBE
Chairman
SUMMARY OF RESULTS
Half-year ended Half-year ended
30 June 2023 30 June 2022
Net Asset Value per share total return((1)) 5.2% -31.4%
Share price total return((1)) -0.3% -31.8%
Benchmark((2)) 2.9% -21.0%
Distributions per ordinary share
Dividends per share - as at 30 June ((3)) 2.90p 4.40p
Dividends announced for the year 5.80p 8.80p
(1) Total Return - the return to Shareholders calculated on a per share
basis adding dividends paid in the period to the increase or decrease in the
Share Price or Net Asset Value in the period. The dividends are assumed to
have been re-invested in the form of shares or net assets, respectively, on
the date on which the shares were quoted ex-dividend.
(2) With effect from 1 June 2023 the benchmark changed from EMIX Smaller
European Companies (ex UK) Index (net) to MSCI Europe excluding United Kingdom
Small Mid Cap (Net Return) Index. For the six-month period ended 30 June
2023 a time-apportioned composite of both indices has therefore been
calculated and disclosed.
(3) The first interim dividend of 1.45p per share was paid on 31 January
2023, the second interim dividend of 1.45p per share on 28 April 2023 and the
third interim dividend of 1.45p per share on 31 July 2023. The fourth interim
dividend of 1.45p per share is payable to eligible Shareholders on 31 October
2023.
The Chairman, commenting on the results, said:
For the six-month period ended 30 June 2023, European Assets Trust PLC ("the
Company") recorded a Sterling Net Asset Value ("NAV") total return of 5.2%.
This compares to the total return from the Company's benchmark of 2.9% for the
same period. With the discount widening from 5.1% as at 31 December 2022 to
10.2% as at 30 June 2023, the Sterling share price total return for the period
was -0.3%. At the period end the NAV was 98.7p (31 December 2022: 96.5p) and
the share price was 88.6p (31 December 2022: 91.6p).
It has been a better half for our portfolio with our NAV total return
outperforming the benchmark in an environment that rewarded stock picking.
Some of our long-term themes such as health and wellness, digitalisation and
consumer brands reasserted themselves following a tough last year.
Unfortunately, our share price failed to keep pace with our NAV as our
discount widened, a trend that has been seen across most of the Investment
Company sector.
The year started optimistically with better economic data showing that Europe
had navigated what was predicted to be a tough winter well. This positive
impetus was checked in March by the failure of Silicon Valley Bank in the US
and the collapse of Credit Suisse in Europe. Whilst Europe's banking system
was resilient enough to avoid contagion, a tightening of credit conditions
exacerbated the delayed effect of higher rates with much of the Eurozone
suffering anaemic growth or indeed recession. The first half of 2023 has
therefore concluded on a more pessimistic note.
Dividends
The 2023 dividend of 5.80p per share is payable in four equal instalments of
1.45p. Three interim dividends have been paid on 31 January, 28 April and 31
July with a further instalment of 1.45p to be paid on 31 October 2023.
As at 2 August 2023, the latest practicable date prior to publication of this
announcement, an annual dividend of 5.80p per share represented a yield of
6.5% calculated with reference to the Company's closing share price of 89.6p.
The level of dividend paid each year is determined in accordance with the
Company's distribution policy. The Company has stated that, barring unforeseen
circumstances, it will pay an annual dividend equivalent to six per cent of
its NAV at the end of the preceding year.
Directorate Changes
As part of the Board's succession plan, and as previously announced, Julia
Bond, the Company's Senior Independent Director, will retire on 31 January
2024. Julia was appointed as a Director of the Supervisory Board of the
Company's Dutch predecessor, European Assets Trust NV, in April 2014 and upon
retirement will have served nine years between both entities. On behalf of the
Board and Shareholders of the Company I thank Julia for her diligence and wise
counsel
throughout her period of appointment.
As a further part of this plan a search company has been commissioned to find
a new Director for the Board.
I was also appointed to the Supervisory Board of the Company's predecessor in
April 2014 and became its Chairman with effect from April 2015. As previously
announced, I will retire from the Board at the conclusion of the Company's
2024 Annual General Meeting and Stuart Paterson, who was appointed to the
Board in July 2019 will become Chairman.
Following my retirement and Stuart Paterson's assumption of the Chairmanship,
Kevin Troup will be appointed Chairman of the Company's Audit and Risk
Committee.
Outlook
After a disappointing 2022, the Company's recent performance in a difficult
market for European equities is pleasing. While this is a good start, the
Board recognises that we still have much to do to make up the ground lost last
year. Accordingly, we are not complacent and are conscious that the
macroeconomic and volatile geopolitical environment provides a continuing
challenge for stock pickers. However, it is worth looking back to the
Company's 2022 interim report where I noted that during times of economic
volatility it is sometimes easy to lose sight of the potential of our focus
markets. This was during the depths of negative sentiment towards Europe last
summer when inflation was rising rapidly, and European industry was facing the
prospects of gas shortages during the winter. From these lows, Europe led the
recovery of global markets. While this recovery has petered out in recent
months, history shows that volatility can provide opportunity. We are
expecting some further difficult months for the European economy as interest
rates bite, but this is beginning to be discounted by the markets. After all,
valuations in the region are attractive, especially for smaller companies. How
central banks manage the balance between curbing inflation and stifling
economic activity will largely dictate the outturn for the period. But it will
provide opportunities for the well managed businesses which we believe our
portfolio comprises, which in turn should lay the foundation for a more
sustained recovery.
Jack Perry CBE
Chairman
The Investment Manager, commenting on the results, said:
Market Backdrop
The year started strongly with a pickup in business surveys leading to more
optimistic assessments of the region's economic outlook. While the ECB
continued to raise interest rates, inflation rates declined, and lower energy
costs provided some relief to the industrial sector and for the European
economy as a whole. Cyclically sensitive sectors performed strongly, with
peaking interest rate expectations providing a more supportive backdrop for
growth stocks. This optimism, however, faded as we transitioned through the
six-month period as higher interest rates started to bite and economic
indicators moved into contraction territory. Core inflation also remains
stubbornly high, prompting the ECB to continue pushing rates higher, though
any further economic weakness must make more rate rises less palatable.
Investors also had to contend with the failure of Credit Suisse following the
collapse of Silicon Valley Bank in the US. Despite this, the European banking
system held up well through the period, but credit conditions have since
worsened. Nonetheless our index registered gains in both local currencies and
our reporting currency, though the strength of Sterling softened some of this
return.
Performance
It is pleasing to report a strong NAV performance ahead of the index. Our
consumer related stocks were strong contributors to this performance. Cairn,
the Irish housebuilder, led this outperformance. While higher interest rates
are not necessarily a good backdrop for demand for housing, the unique
dynamics of the Irish market mean that Cairn's outlook is attractive. For
historic reasons, the supply of new homes has been sorely lacking, meaning
that there is a huge imbalance with demand continuing to be strong. This means
that the housing market is a key priority for the government, who are
generating a significant surplus, and who have a fully funded 'housing for
all' strategy in place. With the largest landbank and order book in the
market, and buoyant new sales figures, Cairn are benefitting from this.
Another strong performer within the Irish market was Dalata, the Irish listed
hotel operator, which has also seen the benefit of a favourable demand and
supply balance, but also the recovery in tourism and corporate travel. Thule,
the Swedish producer of outdoor and leisure equipment, continued its recovery
from a very challenging year in 2022, as signs emerged that retail inventories
had reduced enough to see consumer demand patterns return to normal.
Our semiconductor equipment companies, the Dutch listed ASM International, and
Belgian listed, BE Semiconductor Industries ("BESI"), had exceptional halves.
Both companies are exposed to secular growth within the industry as the
ongoing miniaturisation of semiconductors results in more demand for their
equipment. The industry as a whole is benefitting from the requirements of
governments to source more silicon chips locally. These shares really took off
though in May when the Nvidia results heralded the first positive impact of
Generative AI on demand in the sector. Generative AI is the latest iteration
of artificial intelligence in which computer algorithms are used to generate
outputs that resemble human-created content. This requires significant
computer processing power and will drive greater demand for semiconductors.
Both ASM International and BESI should benefit from this demand, though we are
unlikely to see it in the order books before the year end.
Our industrials also performed well. Of note was the recent addition Engcon,
the leading producer of tiltrotators that attach to excavators. This Swedish
listed business produced exceptional first quarter results, despite uncertain
activity in its end markets. Wizz Air, the low-cost airline, also had a good
first half as it saw a significant increase in demand while fuel costs fell.
Kardex, the leading intralogistics solutions provider, fared well following
good results and provided confidence that automation and re-shoring would
drive growth. Many of these stocks suffered badly in 2022 and our patience
through that difficult patch has been rewarded. Turning to more disappointing
aspects of performance, our worst contributor was one of our largest
positions, Tecan, the Swiss listed, medical technology business. While there
was not any stock specific news, there were a number of profit warnings within
the sector, and this appeared to weigh on the shares. One of these warnings
came from another of our healthcare holdings, Stratec, which announced weaker
profits reflecting an inability to pass on extra manufacturing costs to its
clients. This lack of cost control and pricing power prompted us to sell the
position. However, we continue to back Tecan and would expect its results to
remind investors of the strong characteristics of the business and be
reflected in improved stock market performance.
Another poor performer was Karnov, the leading provider of legal information
in Scandinavia. While its operating results have been reasonable, it has
struggled for two reasons. Firstly, following the acquisition of some large
assets in Spain and France, it is carrying significant balance sheet leverage.
The cash flow generation of the company is excellent, so we would expect the
leverage ratios to fall rapidly, and are therefore not unduly concerned. The
second reason for the weakness is the uncertainty over the emergence of
Generative AI on the business. We view this threat as overstated, though we
are cognisant that we are early in establishing what Generative AI means for
the industry.
Other poor performance came from Lectra, the French listed manufacturing
technology business, Nordic Semiconductor, the leading Bluetooth chip
provider, and Coor Service Management, the Scandinavian facilities management
company. All companies had poor operating results, but we expect these to be
temporary, so are maintaining our holdings, and have been adding in some
cases.
Portfolio Activity
Portfolio turnover is in line with long term averages. We sold our holdings in
Alten, the French R&D outsourcer, and Sparebank, for valuation reasons, as
well as Sligro, the Dutch food services business, and Stratec, the medical
technology company, following a loss of conviction in their market positions.
Idea generation was productive, supported by our new colleagues within
Columbia Threadneedle Investments. We diversified our relatively large
semiconductor holdings by adding BESI, listed in Belgium, and Technoprobe,
listed in Italy, both equipment providers to the industry, the former so far
proving to be a well-timed purchase. We also added Campari and Remy Cointreau
within the spirits sector, taking advantage of the shares falling in our
market cap range. We are taking our time to build our full position in Remy as
the shorter-term outlook is weaker, but Campari has delivered well thus far.
We have also added Carel, a market leading producer of intelligent controls
for heating, ventilation, air-conditioning and refrigeration, which is set to
benefit from regulation driven investments to improve the environmental
credentials of buildings. Finally, we have started a position in Swiss listed
Surgical Science. It is the market leader in software and systems used in
medical training for minimally invasive surgery and robotic surgery. Robotic
surgery is growing quickly, yet the penetration rate globally is small.
Surgical Science enables this growth through teaching surgeons to operate
safely.
Outlook
The recent economic news is troubling with rising interest rates finally
starting to impact aggregate demand. The key from here is whether central
banks can achieve a relatively benign cooling of activity or whether they will
continue to tighten, potentially curtailing activity too far pushing the
economy into a deeper recession. The market is now, however, starting to
discount more of the latter, taking their cue from the rapidly deteriorating
business surveys, and has therefore weakened recently. This has left European
equities and smaller companies, in particular, looking good value. While a
deteriorating economy certainly is not good news, central banks now have the
tools to respond to this, and were they to pivot away from raising rates, the
market would be able to look favourably towards recovery. In that environment
smaller companies will thrive. In the meantime, we will look for opportunities
in stock selection to harness the recovery when it comes.
Sam Cosh
Lead Investment Manager
Columbia Threadneedle Investment Business Limited
Forward -looking statements
This interim report may contain forward-looking statements with respect to the
financial condition, results of operations and business of the Company. Such
statements involve risk and uncertainty because they relate to future events
and circumstances that could cause actual results to differ materially from
those expressed or implied by forward-looking statements. The forward-looking
statements are based on the Board's' current view and on information known to
them at the date of this report. Nothing should be construed as a profit
forecast.
Directors' Statement of Principal Risks and Uncertainties
Most of the Company's principal risks and uncertainties are market related and
no different from those of other investment trusts investing in listed
equities. They are described in more detail under the heading "Principal Risks
and Changes in the Year" within the Strategic Report in the Company's Report
and Accounts for the year ended 31 December 2022.
The principal risks identified in the Report and Accounts for the year ended
31 December 2022 were:
· Poor absolute and/or relative performance;
· Relevance/attractiveness of the investment strategy and policy;
· Failure of the manager, execution risk arising from the acquisition
of BMO GAM EMEA or the loss of key investment management staff;
· Regulatory and compliance failure (including ESG reporting);
· Service provider failure;
· The sustainability of the Company's dividend policy; and
· Geopolitical issues and their impact.
At present the global economy continues to suffer considerable disruption due
to inflationary pressures, the war in Ukraine and the after-effects of the
COVID-19 pandemic. The Directors continue to review the key risk register for
the Company which identifies the risks that the Company is exposed to, the
controls in place and the actions being taken to mitigate them.
It is also noted that:
· An analysis of the performance of the Company since 1 January 2023 is
included within the Chairman's Statement and the Investment Manager's Review
above.
· The Company has a €45 million multi-currency loan facility with The
Bank of Nova Scotia (London branch). As at 30 June 2023 €20.0 million was
drawn down.
· Note 4 below details the Board's consideration for the continued
applicability of the principle of Going Concern when preparing this report.
On behalf of the Board
Jack Perry CBE
Chairman
2 August 2023
Directors' Statement of Responsibilities in Respect of the Half-Yearly
Financial Report
In accordance with Chapter 4 of the Disclosure and Transparency Rules the
Directors confirm, that to the best of their knowledge:
· the condensed set of financial statements has been
prepared in accordance with applicable UK-adopted International Accounting
Standards on a going concern basis, and gives a true and fair view of the
assets, liabilities, financial position and net return of the Company;
· the Chairman's Statement, Investment Manager's Review and
the Directors' Statement of Principal Risks and Uncertainties include a fair
review of the information required by the Disclosure Guidance and Transparency
Rule ('DTR') 4.2.7R, being an indication of important events that have
occurred during the first six months of the financial year and their impact on
the financial statements;
· the Directors' Statement of Principal Risks and
Uncertainties shown above is a fair review of the principal risks and
uncertainties for the remainder of the financial year; and
· the half-yearly report includes a fair review of the
information required by DTR 4.2.8R, being related party transactions that have
taken place in the first six months of the current financial year and that
have materially affected the financial position or performance of the Company
during the period, and any changes in the related party transactions described
in the last Annual Report that could do so.
On behalf of the Board
Jack Perry CBE
Chairman
2 August 2023
Condensed Statement of Comprehensive Income
Half-year ended Half-year ended
30 June 2023 30 June 2022
(Unaudited) (Unaudited)
Revenue Capital Total Revenue Capital Total
£'000s £'000s £'000s £'000s £'000s £'000s
Gains/(losses) on investments held at fair value through profit or loss - 25,944 25,944 - (178,269) (178,269)
Foreign exchange gains/(losses) 1 300 301 (20) (365) (385)
Income 5,883 - 5,883 6,391 - 6,391
Management fees (285) (1,139) (1,424) (348) (1,391) (1,739)
Other expenses (465) (28) (493) (482) (14) (496)
Profit / (loss) before finance costs and taxation 5,134 25,077 30,211 5,541 (180,039) (174,498)
Finance costs (58) (230) (288) (24) (99) (123)
Profit / (loss) before taxation 5,076 24,847 29,923 5,517 (180,138) (174,621)
Taxation (551) - (551) (684) - (684)
Profit / (loss) for the period 4,525 24,847 29,372 4,833 (180,138) (175,305)
Earnings per share - pence 1.26 6.90 8.16 1.34 (50.03) (48.69)
The total column of this statement represents the Company's Income Statement
and Statement of Comprehensive Income, prepared in accordance with UK-adopted
International Accounting Standards. The supplementary revenue and capital
return columns are both prepared under guidance published by the Association
of Investment Companies.
All revenue and capital items in the above statement derive from
continuing operations.
Condensed Statement of Changes in Equity
Cumulative Total
Share Distributable Capital Revenue Translation Shareholders'
Half-year ended 30 June 2023 Capital Reserve Reserve Reserve Reserve Funds
(Unaudited) £'000s £'000s £'000s £'000s £'000s £'000s
Balance at 31 December 2022 37,506 296,945 8,671 - 4,505 347,627
Movements during the half-year ended 30 June 2023
Interim dividends distributed and reinvested - (8,015) - (2,427) - (10,442)
Total comprehensive income - - 24,847 4,525 - 29,372
Cumulative translation adjustment - - - - (11,341) (11,341)
Balance at 30 June 2023 37,506 288,930 33,518 2,098 (6,836) 355,216
Half-year ended 30 June 2022
(Unaudited)
Balance at 31 December 2021 37,506 322,694 188,661 - (23,426) 525,435
Movements during the half-year ended 30 June 2022
Interim dividends distributed and reinvested - (11,011) - (4,833) - (15,844)
Total comprehensive income - - (180,138) 4,833 - (175,305)
Cumulative translation adjustment - - - - 13,071 13,071
Balance at 30 June 2022 37,506 311,683 8,523 - (10,355) 347,357
Condensed Statement of Financial Position
30 June 2023 30 June 2022 31 December 2022
(Unaudited) (Unaudited) (Audited)
£'000s £'000s £'000s
Non-current assets
Investments at fair value through profit or loss 354,437 341,166 340,717
Current assets
Other receivables 5,714 3,315 3,247
Derivative financial instruments held at fair value through profit or loss 342 - -
Cash and cash equivalents 12,097 20,731 13,317
Total current assets 18,153 24,046 16,564
Current liabilities
Other payables (211) (204) (782)
Derivative financial instruments held at fair value through profit or loss - (434) -
Bank Loan (17,163) (17,217) (8,872)
Total current liabilities (17,374) (17,855) (9,654)
Net current assets 779 6,191 6,910
Net assets 355,216 347,357 347,627
Capital and reserves
Share capital 37,506 37,506 37,506
Distributable reserve 288,930 311,683 296,945
Capital reserve 33,518 8,523 8,671
Revenue reserve 2,098 - -
Cumulative translation reserve (6,836) (10,355) 4,505
Total Shareholders' funds 355,216 347,357 347,627
Net Asset Value per ordinary share - pence 98.65 96.47 96.54
Condensed Statement of Cash Flows
Half-year ended Half-year ended
30 June 2023 30 June 2022
(Unaudited) (Unaudited)
£'000s £'000s
Cash flows from operating activities before dividends and interest received
and interest paid
(2,489) (2,167)
Dividends received 5,309 5,276
Interest received 146 -
Interest paid (263) (126)
Cash flows from operating activities 2,703 2,983
Investing activities
Purchase of investments (63,040) (60,211)
Sale of investments 61,532 93,280
Derivative financial instruments purchased for future settlement (342) 434
Other capital expenses (28) (14)
Cash flows from investing activities (1,878) 33,489
Cash flows before financing activities 825 36,472
Financing activities
Equity dividends distributed (10,442) (15,844)
Drawdown of bank loan 8,879 -
Repayment of bank loan - (8,452)
Cash flows from financing activities (1,563) (24,296)
Net movement in cash and cash equivalents (738) 12,176
Cash and cash equivalents at the beginning of the period 13,317 8,342
Effect of movement in foreign exchange 301 (385)
Translation adjustment (783) 598
Cash and cash equivalents at the end of the period 12,097 20,731
Represented by:
Cash at bank 6 19
Short term deposits 12,091 20,712
12,097 20,731
Notes
1 Basis of preparation
These condensed financial statements, which are unaudited, have been prepared
on a going concern basis in accordance with the Companies Act 2006, UK-adopted
International Accounting Standards and the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture Capital
Trusts" ("SORP") issued by the AIC.
All of the Company's operations are of a continuing nature. The functional
currency of the Company is the euro and presentational currency is the pound
sterling as the Board believe this will provide clarity of the Company's
financial statements for its Shareholders, the overwhelming majority of whom
are located in the United Kingdom.
All transactions during the period are translated on the date of execution and
the Statement of Financial Position as at the period end date.
The accounting policies applied in the condensed set of financial statements
are set out in the Company's annual report for the year ended 31 December
2022.
2 Earnings per share
Earnings per ordinary share attributable to Shareholders reflects the overall
performance of the Company in the period. Net revenue recognised in the
first six months is not necessarily indicative of the total likely to be
received in the full accounting year.
Half-year ended Half-year ended
30 June 2023 30 June 2022
£'000s £'000s
Revenue return 4,525 4,833
Capital return 24,847 (180,138)
Total return 29,372 (175,305)
Number Number
Weighted average ordinary shares in issue 360,069,279 360,069,279
Earnings per share - pence 8.16 (48.69)
3 Dividend
The fourth interim dividend of 1.45p per share in respect of the year ending
31 December 2023 will be paid on 31 October 2023 to eligible Shareholders on
the register. The total cost of this dividend based on 360,069,279 shares in
issue is £5,221,000.
4 Going concern
In assessing the going concern basis of accounting the Directors have had
regard to the guidance issued by the Financial Reporting Council. They have
also considered the Company's objective, high distribution policy, the current
cash position of the Company, the availability of the loan facility and
compliance with its covenants and the operational resilience of the Company
and its service providers.
At present the global economy continues to suffer disruption due to
inflationary pressures, the war in Ukraine and the after-effects of the
COVID-19 pandemic and the Directors have given careful consideration to the
consequences for this Company.
The Company has a number of banking covenants and at present the Company's
financial position does not suggest that any of these are close to being
breached. The primary risk is that there is a further significant decrease in
the Net Asset Value of the Company in the short to medium term.
As at 1 August 2023, the latest practicable date before the publication of
this report, borrowings amounted to €20 million. This is compared to a net
asset value of €415.4 million. In accordance with its investment policy the
Company is invested mainly in readily realisable listed securities. These can
be realised if necessary, to repay the loan facility and fund the cash
requirements for future dividend payments.
The Company operates within a robust regulatory environment. The Company
retains title to all assets held by the Custodian. Cash is held with banks
approved and regularly reviewed by the Manager and the Board.
The Company's annual dividend, which is declared in sterling, is determined by
reference to the prior year-end Net Asset Value. The Company manages any
sterling/euro exchange rate exposure which may arise from the declaration of a
sterling denominated dividend by entering into specific matched forward
currency hedging contracts. As at 30 June 2023 the Company had a Distributable
Reserve of £288.9 million.
Based on this information the Directors believe that the Company has the
ability to meet its financial obligations as they fall due for a period of at
least twelve months from the date of approval of these financial statements.
Accordingly, these financial statements have been prepared on a going concern
basis.
5 Results
The results for the half-year ended 30 June 2023 and 30 June 2022, which are
unaudited, constitute non-statutory accounts within the meaning of Section 434
of the Companies Act 2006. The latest published accounts which have been
delivered to the Registrar of Companies are for the year ended 31 December
2022; the report of the independent auditors thereon was unqualified and did
not contain a statement under Section 498 of the Companies Act 2006. The
condensed financial statements shown above for the year ended 31 December 2022
are an extract from those accounts.
6 Half-yearly report and accounts
The Company's report and accounts will be available shortly on the internet at
www.europeanassets.co.uk. Printed copies may be obtained by writing to the
Company Secretary at European Assets Trust Plc, Cannon Place, 78 Cannon
Street, London, EC4N 6AG.
By order of the Board
Columbia Threadneedle Investment Business Limited, Secretary
Cannon Place,
78 Cannon Street,
London EC4N 6AG
2 August 2023
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