21/07/2026
We’re delighted to have helped with the merger of European Opportunities Trust (EOT) and JPMorgan European Growth & Income (JEGI).
Based on the proposed rollover, the combined AUM could potentially top £1bn, although the final valuation depends on how many EOT shareholders choose to roll into JEGI rather than take cash or the alternative Liontrust-managed fund.
A trust with around £1 billion in AUM would be among the larger European equity investment trusts in the UK, which could improve secondary market liquidity, attract more institutional investors, and spread fixed costs over a larger asset base.
The transaction is proceeding through the voluntary winding up of EOT, with JEGI acting as the default rollover option. The key dates and choices for shareholders involve:
- Shareholder Votes: General meetings are scheduled for July 28, 2026, with a second EOT general meeting on August 7, 2026
- Option A (Rollover into JEGI): Default option if no action is taken. EOT's assets will be transferred into JEGI, which provides a stronger long-term performance track record and higher dividend yield
- Option B (Cash Exit): Receive cash, calculated at the trust's Net Asset Value (NAV) minus a 2% discount
- Option C (Liontrust Rollover): Roll over into the new open-ended LT European Opportunities Fund, which will be managed by EOT's current manager, Alexander Darwall.
Our thanks to our wonderful clients at Winterfloods, Singer Capital Markets, Gowlings and Dickson Minto.
If you'd like to find out how we can help ensure the success of your critical M&A projects, chat with us today: hello@blackandcallow.com
