European Opportunities Trust (EOT) has announced the results of its 25% tender offer, initially announced in February 2025 (click here to see our coverage of that), saying that it received applications for 29,961,689 shares – 9,938,378 relating to the basic entitlement and 20,023,311 that were excess applications – around 1.93x the number of shares that EOT said it would redeem under the tender. As a result, the tender offer was fully taken up, with the company purchasing 15,553,147 shares at a price of 953.60p per share. Shareholders who tendered up to their basic 25% entitlement had their shares accepted in full, with approximately 28% of these accepted.
The shares will be purchased by Singer Capital Markets and subsequently sold to the company under a repurchase agreement and all of the shares acquired will be cancelled. The tender price reflected a 2% discount to NAV, resulting in an uplift of around 0.67% to the NAV per share for continuing shareholders, and settlement of proceeds is expected on 27 June 2025 for both CREST and certificated shareholders.
Following the cancellation of the tendered shares, the company will have 73,248,154 shares in issue, of which 26,588,712 are held in treasury, leaving 46,659,442 shares with voting rights.
