24th Jun 2025 10:09
(Alliance News) - European Smaller Cos Trust PLC on Tuesday confirmed the value of its tender offer for shareholders who subscribed for a cash exit back in May.
London-based investment firm ESCT in May closed an under-subscribed tender offer with 166.1 million shares, or about 42% of its share capital, tendered for sale back to the company. Of these, 115.4 million shares were tendered for in-specie consideration and 50.7 million under a cash exit option.
As of Tuesday, ESCT said all assets in its cash exit pool had been fully realised, and confirmed a final asset value of GBP108.5 million for the cash exit offer.
Around 50.7 million cash exit shares will be purchased by retail platform Winterflood at 213.80 pence each, and then repurchased by ESCT to be held in treasury, on or around Friday. Cash exit payments will be made on July 4.
This comes after ESCT's announcement on Monday of its merger with European Assets Trust, or EAT. Both are FTSE 250-listed firms, although ESCT has a larger market share. The enlarged company will have an estimated value of GBP780 million.
ESCT shares were 0.8% higher at 199.60 pence on Tuesday morning in London, for a market capitalisation of GBP557.1 million.
By Holly Munks, Alliance News reporter
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Related Shares:
The European Smaller Companies TrustEuropean Assets Trust