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
|
enquiries@devonem.com
+44 (0)20 3985 0445
|
Singer Capital Markets - Corporate broker
Robert Peel / Angus Campbell
(Investment Banking)
Alan Geeves / James Waterlow / Sam
Greatrex (Sales)
|
+44 (0)20 7496 3000
|
Buchanan Communications - PR Adviser
Henry Wilson
Helen Tarbet
George Beale
|
eot@buchanancomms.co.uk
+44 (0)7788 528143
+44 (0)7872 604453
+44 (0)7450 295099
|