Update Statement on 2023 Annual General Meeting
08/05/2024 11:36
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RNS Number : 6300N European Opportunities Trust PLC 08 May 2024
08 May 2024
EUROPEAN OPPORTUNITIES TRUST PLC
("EOT" or the "Company")
Update Statement on 2023 Annual General Meeting
At the Company's 2023 Annual General Meeting ("AGM"), held on 15 November
2023, all resolutions were passed with the requisite majority. However, the
Company received more than 20% of votes cast against several resolutions,
identified below.
In accordance with paragraph 5.2.4 of the AIC Code of Corporate Governance and
Provision 4 of the UK Corporate Governance Code, the Board has offered
meetings with shareholders who voted against the identified resolutions. The
relevant shareholders responded that they did not require a meeting at this
time. The Company will continue to maintain an open dialogue with shareholders
ahead of the Company's 2024 AGM and welcomes the opportunity to meet with any
which request a meeting.
The resolutions that received more than 20% of votes cast against were:
Resolution 2: Directors' Remuneration Policy; Resolution 3: Directors'
Remuneration Report; Resolutions 5-9 election of directors; Resolution 12:
Continuation Vote.
The Directors regard the remuneration policy and report, the composition of
the Board and the continuation of the Company all to be appropriate and
beneficial for shareholders as a whole and do not intend to make changes to
any of them.
Since the AGM, the Company successfully tendered for 25% of its issued share
capital and has continued with share repurchases in the market.
Following the tender offer, announced on 31 January 2024, the Company has
repurchased a further 6.8 million shares at a cost of £59.4 million in
accordance with the Board's discount management policy to reduce discount
volatility and 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.
A further continuation vote will be held in 2026 and, as announced prior to
the 2023 AGM, subject to that vote being carried, a conditional tender offer
will be proposed 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.
A final update in relation to these matters will be included in the annual
report, expected to be published in September 2024. In the meantime, the Board
continues to welcome engagement with all shareholders.
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 eot@buchanancomms.co.uk
Henry Wilson +44 (0)7788 528143
Helen Tarbet +44 (0)7872 604453
George Beale +44 (0)7450 295099
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