European Smaller Cos Trust completes merger with European Assets Trust
European Smaller Cos Trust PLC on Wednesday completed its cash and shares acquisition of European Assets Trust PLC, with the chair and senior independent director of EAT joining the board of ESCT.
EAT shareholders on Wednesday approved the voluntary liquidation of EAT that was required to complete the combination. They have the option to receive either 97.04 pence per EAT share or 0.43 of a new ESCT share.
On Wednesday, ESCT said it would issue 131.1 million new shares as part of the merger, and these began trading on Thursday. It now has 358.6 million shares outside of treasury.
ESCT shares were trading down 0.7% at 207.50p on Thursday afternoon in London, giving the FTSE 250 index constituent a market capitalisation of £744.3 million based on its new share total. Prior to its shares being suspended, EAT had a market cap of about £328 million.
ESCT also said Stuart Paterson and Kate Cornish-Bowden, the chair and senior independent director of EAT, respectively, joined the ESCT board as non-executive directors on Thursday.
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