The board of European Opportunities Trust says that it welcomes the passing of all resolutions, while acknowledging that significant votes, ranging between 15% and 25% of the issued share capital, were cast against the directors’ remuneration policy, the directors’ remuneration report, the re-elections of directors and the company’s continuation as an investment trust. Much of that vote against will be Saba casting its votes.
The board has instructed its advisers to commence preparations for the 25% tender offer announced on 6 November 2023 and will provide a further update as soon as practicable.
[We were not really in doubt about the outcome of the continuation vote. Most investors will understand that the jump in interest rates that we have experienced has soured sentiment towards growth investing. The good news on inflation that we have seen recently, is encouraging us to hope that rates have peaked. In which case this could mark the start of better times for EOT and other growth-focused trusts. Better relative performance (to its benchmark and peers) should help narrow EOT’s discount.]
Update 16 November
Here are the actual votes cast:
EOT : European Opportunities passes continuation vote