EUROPEAN ASSETS TRUST NV-O

Shareholders of European Assets Trust voted 96.24% in favour of the voluntary liquidation, part of the proposed merger with The European Smaller Companies Trust (ESCT). Derek Hyslop and Richard Barker of Ernst & Young were appointed joint liquidators. Shareholders who chose the cash payment will receive 97.036985 pence per ordinary share with B rights; exchange electors will receive about 0.428444 new ESCT shares per ordinary share with A rights. Trading was suspended on 15 October and the transfer of ESCT shares will take place on 16 October via CREST. The board has established a liquidation pool, including a provision of £100,000 for unknown liabilities and around £2.4m of reclaimable withholding tax; remaining funds will be paid to registered shareholders. » Plus sur de.investing.com

The cash option in the planned merger of European Assets Trust with The European Smaller Companies Trust was oversubscribed. Applications received amounted to 30.3% of issued ordinary shares, while the offer was limited to 15%, with 109,241,263 shares applied for. After scaling back, around 85% of ordinary shares will be exchanged for new ESCT shares and 15% will be settled in cash; excess applications will be met at about 23.5%. In total, 306,058,888 ordinary shares with “A” rights and 54,010,391 with “B” rights will be reclassified; the reclassification is expected to take effect after approval by the FCA and LSE on Tuesday, and trading is likely to be suspended on 15 October. » Plus sur de.investing.com

Shareholders of European Assets Trust approved the planned merger with The European Smaller Companies Trust in two special resolutions, each with over 96% support. The reclassification of shares into A and B rights and other constitutional amendments were approved; participation rates were around 27.1% of voting rights. As a result of the approvals, the shares will be blocked for CREST settlement from 8 October at 18:00, trading will be suspended from 9 October at 7:30, and the listing will be suspended again after reclassification in mid‑October. » Plus sur de.investing.com