EP Global Opps Tst Change of Management Arrangements and Tender Offer

 
TIDMEPG 
 
EP Global Opportunities Trust plc 
 
 25 October 2021 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation (EU) No 596/2014. This announcement has been 
authorised for release by the Company's Board of Directors. 
 
Change of Management Arrangements and Tender Offer 
 
EP Global Opportunities Trust plc 
 
Legal Entity Identifier: 2138005T5CT5ITZ7ZX58 
 
Management arrangements 
 
The Board of EP Global Opportunities Trust plc (the "Company") is pleased to 
announce that following a review of the strategic direction of the Company, as 
announced in the Half-Yearly Report for the period to 30 June 2021, it intends 
to change the Company's management arrangements by becoming a self-managed 
investment trust. The Board will assume overall control over the Company's 
investment policy and will have overall responsibility for the Company's 
activities. It is proposed that the Company's present portfolio manager, Dr 
Sandy Nairn, will be appointed as a Director and Dr Nairn will have 
responsibility for day-to-day investment management of the Company. 
 
Proposed change in investment objective and policy 
 
In connection with the changes in management arrangements, the Company intends 
to seek Financial Conduct Authority and shareholder approval to amend its 
investment objective and policy. The Company wishes to expand its investment 
objective of providing shareholders with an attractive real long-term total 
return by investing globally in undervalued securities by enabling investment 
also in other financial assets; and to amend the investment policy to permit 
investment in a diversified portfolio of equity and equity-linked securities 
(both listed and unquoted), investments in other investment companies and funds 
which provide exposure to a wide range of financial asset classes and to 
allocate a portion of portfolio assets to be managed by one or more specialist 
investment sub-advisors (the "New Investment Policy"). 
 
Heads of terms 
 
The Company has entered into heads of terms ("HOT") with Franklin Templeton 
Investment Trust Management Limited and Dr Nairn in respect of the new 
management arrangements. The arrangements are subject to finalisation of full 
legal documentation. Under the HOT it has been agreed that Dr Nairn will 
continue to work for the Franklin Templeton group ("FT") and as part of this 
engagement he will be responsible for a new sub-advisory arrangement which the 
Company will enter into with Franklin Templeton Investment Management Limited. 
It is expected that the sub-advisory arrangement will initially be for 70 per 
cent. of the Company's portfolio. 
 
Tender offer 
 
The Board believes that most shareholders will wish to maintain their 
investments in the Company, but recognises that some may wish to realise part, 
or potentially all, of their shareholding. In order that such shareholders will 
have the opportunity to do so the Company intends to put forward a tender offer 
for approval by the shareholders (the "Tender Offer"). 
 
The Tender Offer will be made conditional on shareholder approval being 
obtained at the General Meeting. The Board is satisfied that, following the 
Tender Offer, the Company will remain an attractive size with sufficient 
liquidity. 
 
Next steps and consultation 
 
The Board intends to undertake consultation with the shareholders of the 
Company on the proposals in the coming weeks. 
 
A circular regarding the proposals, including a notice convening the General 
Meeting and details of the New Investment Policy and Tender Offer, will be 
published in due course. 
 
For further information, please contact: 
 
Dr Sandy Nairn             0131 270 3800 
Kenneth J Greig            0131 270 3800 
 
Franklin Templeton Investment Trust Management Limited 
 
5 Morrison Street 
Edinburgh 
EH3 8BH 
25 October 2021 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 25, 2021 02:00 ET (06:00 GMT)