Result of Elections
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FOR IMMEDIATE RELEASE.
NOT FOR DISTRIBUTION IN THE UNITED STATES.
The information communicated in this announcement is deemed to constitute inside information as stipulated under the UK version of the Market Abuse Regulation (EU) No. 596/2014 (as incorporated into UK Law by virtue of the European Union (Withdrawal) Act 2018, and as subsequently amended ("UK MAR"). Upon the publication of this announcement, this information is considered to be in the public domain.
EUROPEAN OPPORTUNITIES TRUST PLC
("EOT" or the "Company")
Result of Elections
LEI: 549300XN7RXQWHN18849
29 July 2026
In connection with the proposals for the scheme of reconstruction and members' voluntary winding up of the Company under section 110 of the Insolvency Act 1986 (the "Scheme") and the associated transfer of certain of the assets and undertaking of the Company to each of JPMorgan European Growth & Income plc ("JEGI") and LT European Opportunities Fund ("LEO"), the Board of the Company is pleased to announce the following Elections in connection with the Scheme:
§ JEGI Rollover Option: 27,066,155 Shares / 58.0 per cent of issued Shares (excluding Shares held in treasury); which will be reclassified as Shares with "A" rights, being the right to receive New JEGI Shares; and
§ LEO Rollover Option: 10,701,514 Shares / 22.9 per cent. of issued Shares (excluding Shares held in treasury); which will be reclassified as Shares with "B" rights, being the right to receive LEO Shares; and
§ Cash Option: 8,891,773 Shares / 19.1 per cent. of issued Shares (excluding Shares held in treasury); which will be reclassified as Shares with "C" rights, being the right to receive cash.
In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the JEGI Rollover Option. Excluded Shareholders have been deemed to have elected for the Cash Option in respect of their entire holding.
The Shares were disabled for settlement in CREST from close of business on 28 July 2026 and trading was suspended from 7.30 a.m. this morning, 29 July 2026.
Unless otherwise defined, all capitalised terms used but not defined in this announcement shall have the meaning as given to them in the Company's circular to Shareholders dated 2 July 2026 (the "Circular").
The Circular is available for viewing on the Company's website at www.europeanopportunities.com and at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Expected Timetable
|
Calculation Date for the Scheme |
6.00 p.m. on 31 July |
|
First EOT Pre-liquidation Interim Dividend paid to Shareholders |
3 August |
|
Second EOT Pre-liquidation Interim Dividend paid to Shareholders |
3 August |
|
Latest time and date for receipt of electronic proxy appointments, CREST voting instructions and BLUE Forms of Proxy from Shareholders in respect of the Second General Meeting |
9.00 a.m. on 5 August |
|
Reclassification of the Shares and commencement of trading in Reclassified Shares |
8.00 a.m. on 6 August |
|
Suspension of trading in Reclassified Shares and the Register closes |
7.30 a.m. on 7 August |
|
Second General Meeting |
9.00 a.m. on 7 August |
|
Effective Date for implementation of the Scheme, appointment of Liquidators and Transfer Agreements executed and implemented |
7 August |
|
Announcement of the Cash FAV per Share, the JEGI Rollover Pool FAV per Share, the LEO Rollover Pool FAV, the JEGI FAV per Share, the number of New JEGI Shares to be issued pursuant to the Scheme and the number of LEO Shares to be issued pursuant to the Scheme |
7 August |
|
LEO Shares issued and New JEGI Shares allotted pursuant to the Scheme |
7 August |
|
First day of dealing in LEO Shares |
10 August |
|
CREST accounts credited with, and dealings commence in, New JEGI Shares |
as soon as reasonably practicable on 10 August |
|
Contract notes expected to be despatched in respect of LEO Shares issued pursuant to the Scheme |
as soon as practicable after the Effective Date |
|
Cheques expected to be despatched and CREST payments made to Shareholders in respect of the Cash Option and share certificates despatched in respect of the New JEGI Shares |
not later than 10 Business Days after the Effective Date |
|
Cancellation of listing of Reclassified Shares |
as soon as practicable after the Effective Date |
|
Note: All references to time in this announcement are to UK time. Each of the times and dates in the above expected transaction timetable may be extended or (except for those in relation to the General Meetings) brought forward. If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through a Regulatory Information Service. |
|
|
For further information please contact: |
|
|
European Opportunities Trust plc Matthew Dobbs (Chairman) |
c/o Burson Buchanan |
|
Burson Buchanan Henry Wilson Helen Tarbet Nick Croysdill |
+44 (0) 7788 528143 +44 (0) 7872 604453 +44 (0) 7815 823412 |
|
Devon Equity Management Limited Richard Pavry |
+44 (0) 7879 636690 |
|
Singer Capital Markets (Corporate Broker) Mark Bloomfield / James Todd (Investment Banking) Alan Geeves / Sam Greatrex / William Gumpel (Sales)
|
+44 (0) 207 496 3000 |
|
Juniper Partners Limited Company Secretary |
+44 (0) 131 378 0500 |
Important Information
This announcement is not for publication or distribution in or into the United States of America. 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 U.S. Securities Act of 1933, as amended, 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.
The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The material contained in this announcement is given as at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment. In particular, any proposals referred to herein are subject to revision and amendment.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of such jurisdictions.
The New JEGI Shares and LEO Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an exemption from registration under the Securities Act. Moreover, the New JEGI Shares and LEO Shares have not been, nor will they be, registered under the applicable securities laws of Australia, Canada, Japan, New Zealand, the Republic of South Africa, or any member state of the EEA (other than any member state of the EEA where the shares are lawfully marketed). Further, JEGI and LEO are not, and will not be, registered under the US Investment Company Act of 1940, as amended.
The value of shares and the income from them is not guaranteed and can fall as well as rise due to, inter alia, stock market and currency movements. When you sell your investment you may get back less than you originally invested. Figures refer to past performance and past performance should not be considered a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.
This announcement contains statements about the Company that are or may be deemed to be forward looking statements. Without limitation, any statements preceded or followed by or that includes the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance of the negative thereof, may be forward looking statements. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding financial position, strategy, plans, proposed acquisitions and objectives of EOT or the enlarged JEGI, are forward looking statements.
These forward looking statements are not guarantees of future performance. Such forward looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statement. Due to such uncertainties and risks, readers should not rely on such forward looking statements, which speak only as of the date of this announcement, except as required by applicable law. Subject to their respective legal and regulatory obligations, each of EOT and Devon expressly disclaim any obligations or undertaking to update or revise any forward looking statements contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required to do so by law or any appropriate regulatory authority, including FSMA, the Listing Rules, the Prospectus Regulation Rules, the Disclosure Guidance and Transparency Rules, the Prospectus Regulation and MAR.
None of EOT, Devon or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to any of them, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. Each of EOT, Devon and their respective affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith.
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