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LONDON - European Assets Trust plc (LSE:EAT) shareholders have voted to approve the company’s voluntary liquidation as part of its proposed combination with The European Smaller Companies Trust PLC (ESCT), according to a press release statement issued Wednesday.
The special resolution to place the company into members’ voluntary liquidation was approved with 96.24% of votes cast in favor at the Second General Meeting held on October 15. Following the approval, Derek Hyslop and Richard Barker of Ernst & Young LLP have been appointed as joint liquidators of the company.
Under the scheme of reconstruction, shareholders who elected for the Cash Option will receive 97.036985 pence in cash for each ordinary share with B rights attached. Those who opted for the Rollover Option will receive approximately 0.428444 new ESCT shares for each ordinary share with A rights attached.
The company’s shares were suspended from trading at 7:30 am on October 15. Shareholders who elected for the Rollover Option will receive their new ESCT shares via CREST on October 16, while certificated shareholders will receive share certificates within 10 business days. Cash payments will be distributed within 14 business days from the effective date.
The board has established a Liquidation Pool to meet all estimated liabilities and contingencies, including winding-up costs. This includes a £100,000 retention for any unknown liabilities and approximately £2.4 million in recoverable withholding tax. Any remaining balance after discharging liabilities will be distributed to shareholders on the register as of the effective date.
The combination is being implemented through a scheme of reconstruction under section 110 of the Insolvency Act 1986, as outlined in the company’s circular to shareholders dated September 9, 2025.
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