Update Statement on 2023 Annual General Meeting

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 Richard Pavry / Charles Bilger	[e-mail] [phone]
Singer Capital Markets - Corporate broker Robert Peel / Angus Campbell (Investment Banking) Alan Geeves / James Waterlow / Sam Greatrex (Sales)	[phone]
Buchanan Communications - PR Adviser Henry Wilson Helen Tarbet George Beale	[e-mail] [phone] [phone] [phone]

 

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