FAQs

On 23 June 2025, the Board of EAT announced that it had reached agreement in principle with ESCT in respect of a proposed combination of EAT with ESCT and a voluntary winding up of EAT.

On 9 September, they wrote to shareholders, including CT Savings Plan holders, to give them the details of how it’s proposed this proposal would be achieved and provide details of how to vote.

There is more detail in the Circular but in summary EAT will be wound up and its assets transferred to ESCT managed by another asset manager, Janus Henderson, under a Scheme of Reconstruction (the “Scheme”).

The Circular provides more detail on why the Board recommended this to shareholders.

Rollover Option – Receive New ESCT shares (this is the default action – you didn’t need to return an election form to arrange this) 

Cash Option       – Receive cash for some or all of your EAT shares (limited to 15% of issued share capital). To select the cash option, you’d need to have sent us a valid form of election before 1 October. Matured CTF holders are not permitted to elect for Cash Option – the Rollover Option will be their default.

The European Smaller Companies Trust PLC (“ESCT”) is a listed investment trust that invests in European smaller companies. It is managed by Janus Henderson. 

You can find out more info on their website: janushenderson.com/ESCT

• EAT will be wound up.
• ESCT shares will automatically be credited to your account unless you elected for cash (where eligible to).
• ESCT shares cannot be held in the CT Savings Plans beyond 3 months.
• You’ll be contacted post Effective Date with next steps and the options open to your plan type.

• Cash will be credited to your account within 14 days of the Effective Date. The Effective Date was 15 October 2025.
• You’ll be notified of the amount received – expected to be in late October/early November.

• If Cash Sweep is active on your CT Savings Plan, the cash credited may be automatically reinvested into your nominated fund. You can change your Cash Sweep settings at ctinvest.co.uk/login or by calling 0345 600 3030.

Cash Sweep is an optional feature that was recently introduced to allow plan holders to invest cash held on their account (except plans with Legacy Features and Matured Child Trust Funds) into a fund you nominate. If this feature has been activated by you, then any cash balance held in an account will be automatically invested monthly on the 15^th (or the next business date) into the fund that has been nominated.

For Shareholders that elected (or are deemed to have elected) for the Cash Option, you will receive 97.036985 pence in cash for each EAT share previously held.

The cash will be applied to CT Savings Plan accounts from 29^th October onwards, and we will be writing to you shortly after to confirm options available to you.

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.

We will be writing to you shortly to confirm the amount of ESCT shares now held within your CT Savings Plan and the options available to you.

If you held your EAT shares in a tax efficient wrapper such as an ISA, LISA, Junior ISA or CTF you won’t need to consider the taxation element of the options. However, you may need to consider the tax implications if EAT shares were held within a General Investment Account or Junior Investment Account depending on your circumstances.

If you elected for the Cash Option – this is expected to be treated as a disposal for capital gains tax purposes.

If you receive the Rollover Option (new ESCT shares) – this is not treated as a disposal when rolled over, but tax may apply if the ESCT shares are sold in the future.

More information is provided within the Circular on the expected tax implications for the Rollover and Cash Option. The tax implications vary so if you have any queries on the tax treatment, we suggest you take professional advice from your financial adviser.

You can no longer buy EAT shares. Existing EAT shares will be treated under either the Rollover or Cash option.

Any instructions received to buy/sell EAT shares after 6 October will be rejected.

Monthly contributions will continue to be collected for now and treated as follows: 

• If EAT was your nominated fund and no Cash Sweep is active, funds will remain in cash pending an instruction from you.
• If you have Cash Sweep active on your plan, the funds from your Direct Debit will be used to buy shares in that nominated fund.

It will not be possible to buy additional ESCT shares within your CT Savings Plan. You will, however, be able to sell the ESCT shares or transfer them out of your plan once they have been credited to your account and trading becomes available.

The first meeting was held on 3 October, where the proposal to combine EAT with The European Smaller Companies Trust PLC was approved by Shareholders. Full results can be found here.

The second meeting was held on 15 October, where The Company announced that the special resolution to place the Company into members’ voluntary liquidation was voted on and approved by Shareholders.

Derek Hyslop and Richard Barker of Ernst & Young LLP of 1 More London Place, London, SE1 2AF, have been appointed as joint liquidators of the Company. Full results can be found here.

We’ll update this page with any further relevant information. Since ESCT is not an investment option within the CT Savings Plans, they can’t be held for more than 3 months from the Effective Date, 15 October 2025. We’ll write to you shortly after this date to confirm the options and timeframes to remove the shares from your account.

The details of the options (including the timescales and default option if plan holders do not reply) are still to be finalised. The options will also depend on the type of CT Savings Plan held.

However, you do not need to wait for receipt of this mailing if there is action that you want to take. It will be possible to transact on any cash or ESCT shares as soon as they are received into your account.

You can call on 0345 600 3030 or +44 1268 447407, Monday to Friday 9-5pm or by email on [email protected]