Baillie Geu Regulatory News (BGEU)

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND AND THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION

3 February 2020

Baillie Gifford European Growth Trust plc (the "Company")

Result of Tender Offer

The Board of the Company is pleased to announce the results of the tender offer to purchase up to 10 per cent. of the Company's issued share capital (the "Tender Offer") as set out in the circular published by the Company on 20 December 2019 (the "Circular").

21,528,812 Ordinary Shares, being approximately 53.5 per cent. of the Company's issued share capital as at 6 p.m. on 28 January 2020 (the "Record Date"), were validly tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed. Tenders will therefore be accepted in full from Shareholders who validly tendered their Basic Entitlement or any number of Shares less than their Basic Entitlement. Following a scale back exercise, tenders in excess of the Basic Entitlement will be satisfied to the extent of approximately 5.98 per cent. of the excess Shares tendered.

The Company's unaudited Net Asset Value as at the close of business on 30 January 2020, being the Calculation Date for the purposes of the Tender Offer, was 938.3844 pence per Share. Accordingly, the Tender Price, calculated in accordance with the Circular, is 915.0414 pence per Share.

4,024,436 Shares will therefore be purchased by Peel Hunt on 5 February 2020 for a total cost of approximately £36.8 million. This represents approximately 9.999998 per cent. of the issued share capital of the Company as at the Record Date. Under the terms of the Repurchase Agreement, Peel Hunt has a put option exercisable on 5 February 2020 to require the Company to purchase, from Peel Hunt, the Shares purchased by Peel Hunt pursuant to the Tender Offer at the Tender Price. The Shares purchased by the Company pursuant to the Repurchase Agreement will be held in treasury.

As set out in the Circular, it is anticipated that the proceeds payable to Shareholders whose tendered shares are held through CREST accounts will be made on 5 February 2020 and that cheques for the certificated Shares purchased under the Tender Offer will be despatched during the week commencing 10 February 2020. Balance certificates will be despatched in respect of certificated Shares that were not accepted pursuant to the Tender Offer during the week commencing 10 February 2020.

Total Voting Rights

Following the implementation of the Tender Offer, the Company will have 40,244,369 Shares in issue (of which 4,024,436 shares are held in treasury, which attract no voting rights). Therefore, the total number of voting rights in the Company will be 36,219,933 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires.

The Company's Legal Entity Identifier is: 213800QNN9EHZ4SC1R12

For further information please contact:

Baillie Gifford & Co

Alex Blake

0131 275 2000

Peel Hunt LLP

Luke Simpson / Liz Yong (Corporate Broking)

020 7418 8900

Important Information

The information contained within this announcement is considered to be inside information prior to its release as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations. The content of this announcement has been prepared by, and is the sole responsibility of, Baillie Gifford European Growth Trust plc. The information contained in this announcement is given at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment from time to time. Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website are incorporated in, or form part of, this announcement.

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for the Company and no-one else in connection with the Tender Offer and the contents of the Circular and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Peel Hunt nor for providing advice in relation to the Tender Offer and the contents of the Circular or any matter referred to herein. Nothing in this paragraph shall serve to exclude or limit any responsibilities which Peel Hunt may have under FSMA or the regulatory regime established thereunder.

Apart from the responsibilities and liabilities, if any, which may be imposed on Peel Hunt under FSMA or the regulatory regime established thereunder, Peel Hunt does not make any representation, express or implied, in relation to, nor accepts any responsibility whatsoever for, the contents of the Circular or any other statement made or purported to be made by it or on its behalf in connection with the Company or the Tender Offer. Peel Hunt (and its affiliates) accordingly, to the fullest extent permissible by law, disclaims all and any responsibility or liability (save for statutory liability), whether arising in tort, contract or otherwise which it might otherwise have in respect of the contents of the Circular or any other statement made or purported to be made by it or on its behalf in connection with the Company or the Tender Offer.

This announcement contains (or may contain) certain forward-looking statements with respect to the Company's current expectations and projections about future events. These statements, which sometimes use, but are not limited to, words such as 'anticipate', 'believe', 'intend', 'estimate', 'expect' and words of similar meaning, reflect the Directors' beliefs and expectations and involve a number of risks, uncertainties and assumptions that could cause actual results, financial condition, performance or achievement of the Company, or industry results to differ materially from any expected future results, financial condition, performance or achievement of the Company, or industry results expressed or implied by the forward looking statement. Statements contained in this announcement regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this announcement is subject to change without notice and, except as required by applicable law, the Company and Peel Hunt both expressly disclaim any responsibility or obligation to update publicly, revise or review any of the forward-looking statements contained herein. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.