Proposed Conditional Tender Offer
12/10/2023 07:00
For best results when printing this announcement, please click on link below: http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231012:nRSL8437Pa&default-theme=true 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) +44 (0)20 7496 3000 Alan Geeves / James Waterlow / Sam Greatrex (Sales) Buchanan Communications - PR Adviser Henry Wilson +44 (0)7788 528143 Helen Tarbet +44 (0)7872 604453 George Beale +44 (0)7450 295099 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END TENFFLFMFEDSELS