The European Investment Trust plc (the "Company")
Cancellation of New Zealand Stock Exchange Listing
The Company announces that it has requested and been granted, subject to satisfaction of certain conditions, approval from NZX Limited ("NZX") for the listing of its ordinary shares on the NZX Main Board ("NZSX") to be cancelled. The Company expects to satisfy all of those conditions.
The last day of trading of the Company's shares on NZSX is expected to be 31 October 2017. It is expected that the shares will cease to be listed on the NZSX at the close of business (New Zealand time) on 2 November 2017.
The Company's shares have been listed on the NZSX since April 2000. There is a small and decreasing number of shareholders remaining on the New Zealand register as well as a reduced number of trades being undertaken on the NZSX. The Directors have therefore determined that the costs associated with the Company's shares remaining listed on the NZSX outweigh the benefits to the Company's shareholders.
Following the cancellation of the NZSX listing, the Company's New Zealand listed shares will be transferred to the Company's United Kingdom share register. The Company's shares will continue to be listed on the main market of London Stock Exchange plc (the "LSE"). Any shares listed on the NZSX at the time of cancellation of listing on the NZX will continue to be listed on the LSE.
A letter setting out further details of the delisting and transition process will be sent to the Company's New Zealand branch register shareholders shortly. The terms of that letter are set out in the schedule to this announcement.
18 September 2017
Enquiries:
Kenneth Greig
Edinburgh Partners AIFM Limited
Tel: 0131 270 3800
The Company's registered office address is:
Beaufort House
51 New North Road
Exeter
EX4 4EP
SCHEDULE - LETTER TO BE SENT TO THE COMPANY'S NEW ZEALAND BRANCH REGISTER SHAREHOLDERS
Dear Shareholder,
Cancellation of New Zealand Stock Exchange Listing
On 18 September 2017, The European Investment Trust plc (the "Company") announced to the market that it had requested and has been granted approval by NZX Limited ("NZX") for the cancellation of the listing of the Company's ordinary shares on the NZX Main Board ("NZSX") (the "Delisting").
Following a review of the costs associated with maintaining the NZSX listing and in light of the low number of shareholders on the New Zealand register, the Board of the Company has determined that the New Zealand listing is no longer economically viable. There is no requirement under English law for the Company to seek shareholder approval for the Delisting.
The last day of trading of the Company's shares on NZSX will be 31 October 2017 and the shares will cease to be listed at close of business (New Zealand time) on 2 November 2017.
Following cancellation of the NZSX listing, your shares held on the Company's New Zealand register maintained by Computershare Investor Services Limited ("Computershare NZ") will be transferred to the UK register maintained by Computershare Investor Services plc ("Computershare UK") (the "Transfer"). It is intended that Computershare UK will issue you with a share certificate on 3 November 2017 confirming your shareholding after the Transfer is completed. You should receive the share certificate within 10 working days from the date of issue.
In order to trade your shares following the Delisting and Transfer you will need to contact a sharebroker who has access to London Stock Exchange plc ("LSE"). A number of New Zealand sharebrokers have access to the LSE and would be able to provide this broking service. No action or funds are required from you in connection with the Delisting or the Transfer. Further, there should be no additional expenses that will be imposed on you following the Transfer in order for you to be able to trade on the LSE. Comparable costs of brokerage will continue to be payable by you in the same way as is the case currently.
You will be able to trade on the LSE on and from 3 November 2017. However, please note that until you have your share certificate in your possession, in order for any trading to take place Computershare UK will be required to certify to your sharebroker that a valid holding exists. Computershare UK has confirmed it will be able to do this.
Dividend payments following the Transfer will be in sterling. Please note that these payments could be paid into your New Zealand bank account via the Company's registrar's Global Payments Service. Details of this service will be sent to you along with your share certificate.
Following the Transfer, you will continue to receive the Company's annual reports and information relating to its annual general meeting and voting. The information that is currently available on the NZSX website such as the Company's share price and latest announcements will be available at www.londonstockexchange.com under the ticker code EUT and through the Company's website, http://theeuropeaninvestmenttrust.com.
Please do not hesitate to contact Computershare NZ (contact, Mark Tappenden) at mark.tappenden@computershare.com.au if you have any queries in relation to the Delisting. If you have any queries about your shareholding on the register following the Transfer, please contact Computershare UK (contact, Norman Walker) at norman.walker@computershare.co.uk.
The Board would like to thank you for your support during our time in New Zealand and we look forward to continue having you as a shareholder in the future.
Yours faithfully
Michael MacPhee
Chairman
