Shareholder FAQs

• 1. What happened?

  On 23 June 2025 the Boards of The European Smaller Companies Trust PLC (‘ESCT’) and European Assets Trust PLC (‘EAT’) announced that they had agreed heads of terms for a proposed combination of the two investment trusts. Shareholders approved the proposals at general meetings held on 3 October 2025 and 15 October 2025.

  Accordingly, on 15 October 2025 EAT entered Members’ Voluntary Liquidation and transferred its remaining assets to ESCT. EAT shareholders received new ESCT shares in exchange for their EAT shares. EAT shareholders with CREST accounts were credited with the new ESCT shares on 16 October 2025 and new certificates were posted to certificated shareholders shortly thereafter.

• 2. I was an EAT shareholder. How many ESCT shares did I receive for my EAT shares?

  The number of new ESCT shares issued to eligible EAT shareholders was calculated based on an ESCT FAV per Share of 231.734700 pence and an EAT Rollover FAV per Share of 99.285552 pence, producing a conversion ratio of approximately 0.428444 ESCT shares per EAT share.

  See the full announcement here

• 3. I held EAT shares in the Columbia Threadneedle Savings Plans (‘CT Plans’). What do I need to do if I wish to continue holding ESCT shares?

  Where CT Plan participants did not elect for the cash exit, they will have been issued new ESCT shares. The new ESCT shares should reach individual CT Savings Plans accounts on or around 20 October 2025.

  Participants will need to transfer their new ESCT shares out of the CT Savings Plans before 14 January 2026 to avoid the administrator automatically selling the shares, potentially triggering a liability to capital gains tax where the shares are not held in an HMRC approved wrapper.

  How to transfer shares from Columbia Threadneedle Savings Plans to new ESCT shares to a share dealing platform

• 4. When will ESCT start paying quarterly dividends?

  The first dividend under the new policy is due to be paid in February 2026 in respect of the second quarter of the financial year ending 30 June 2026, followed by further payments in May and August.

  Based on an NAV per share of 224.40p as at 30 June 2025, it is expected that dividends of at least 2.81p per share will be paid in February, May and August 2026, totalling 8.43p per share in respect of the financial year to 30 June 2026.

  No dividend will be paid in respect of the first quarter for the financial year to 30 June 2026.

• 5. Who should I contact if I have queries?

  ESCT shareholders should contact the Company’s registrar, Equiniti at:
  Telephone: 0371 384 2472 (lines open from 8.30 am to 5.30pm UK time)
  Post: Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA

  Alternatively, you can contact Janus Henderson Investors at:
  Email: ITSecretariat@janushenderson.com

  CT Plan holders should contact the administrator at
  Telephone: +44 (0) 345 600 3030
  Lines are open Monday to Friday 9 a.m. – 5 p.m.

  For queries related to the cash exit or from overseas shareholders, contact the liquidator:
  European Assets Trust PLC (in liquidation)
  c/o Derek Hyslop and Richard Barker
  Ernst & Young LLP
  1 More London Place
  London SE1 2AF
  United Kingdom
  EAT@parthenon.ey.com