Result of Elections

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA, ANY MEMBER STATE OF THE EEA, JAPAN OR SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

21 September 2026

Pacific Assets Trust plc

Legal Entity Identifier: 2138008U8QPGAESFYA48

Result of Elections
 

In connection with the proposals for the combination of the assets of Pacific Assets Trust plc (the “Company”) with Schroder Asian Total Return Investment Company plc (“ATR”), by means of a scheme of reconstruction and members’ voluntary winding up of the Company under section 110 of the Insolvency Act 1986 (the “Scheme”), the Board announces that elections in respect of a total of 33,070,220 Shares have been received for the Cash Option in connection with the Scheme.

The Cash Option, which is limited to 25 per cent. of the Shares in issue (being 28,565,626 Shares), was therefore oversubscribed. Accordingly, the Basic Entitlement of all Shareholders who have validly elected or are deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back into New ATR Shares on a pro rata basis. Excess Applications will be satisfied to the extent of approximately 74.7 per cent. of the Excess Applications made.

In accordance with the Scheme, eligible Shareholders that made no Election, or have had elections for the Cash Option scaled back, have been deemed to have elected for the Rollover Option. Excluded Shareholders have been deemed to have elected for their Basic Entitlement in respect of the Cash Option and to receive New ATR Shares for the remainder of their shareholding (such New ATR Shares will be issued to the Liquidators (as nominees on behalf of the relevant Excluded Shareholder) who will arrange for the new ATR Shares to be sold in the market pursuant to the Scheme).

Accordingly, after scaling back Excess Applications, 75 per cent. of the Company’s Shares will roll over into ATR, with the balance receiving the Cash Option. Therefore, the Shares will be reclassified as follows:

85,696,881 Shares with “A” rights, being the right to receive New ATR Shares; and

28,565,626 Shares with “B” rights, being the right to receive cash pursuant to the Cash Option.

Applications have been made to the FCA and to the London Stock Exchange for the Shares to be reclassified for listing purposes with effect from 8.00 a.m. on 22 September 2026. The listing of the Company’s Reclassified Shares is expected to be suspended at 7.30 a.m. on 23 September 2026.

Defined terms used in this announcement have the meanings given in the Company’s circular to Shareholders dated 11 August 2026 (the “Circular”), unless the context otherwise requires.

The Circular is available for viewing at the National Storage Mechanism which can be located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's website at http://www.pacific-assets.com/transition-documents

For further information please contact:
Pacific Assets Trust plc	via Investec Bank plc
Andrew Impey (Chair)
Investec Bank plc	[phone]
Helen Goldsmith Tom Skinner
Frostrow Capital LLP (Company Secretary)	[phone]
Katherine Manson

This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan, South Africa or any other jurisdiction in which the distribution or release would be unlawful. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this announcement or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, and may not be offered or sold, in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States or in any other jurisdiction. The Company has not been, and will not be, registered under the US Investment Company Act of 1940, as amended (the “US Investment Company Act”), and investors will not be entitled to the benefits of that act. No offer, purchase, sale or transfer of the securities referred to herein may be made except under circumstances which will not result in the Company being required to register as an investment company under the US Investment Company Act.

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