European Assets Trust Regulatory News (EAT)

London, UK, 28 January 2019

Edison issues review on European Assets Trust (EAT)

European Assets Trust (EAT) aims to deliver long-term capital growth through a fundamental approach to investing in small and medium-sized companies in Europe (excluding the UK). The manager, Sam Cosh, also concentrates on the preservation of capital, which is reflected in the focus on quality companies and a disciplined approach to valuation. Over the past 10 years, the trust has delivered an annualised c 14% NAV total return. EAT has a high payout policy and its 6% dividend yield is the highest among peers. Dual listed in the Netherlands and the UK, EAT's shareholders have approved the migration of the company to the UK, effective in mid-March 2019. This may result in EAT's inclusion in the FTSE Small Cap and FTSE All-Shares indices, which could increase demand for the shares. Combined with the attractive dividend yield, there is scope for its current wider-than-average discount to NAV to narrow.

EAT is trading at a discount to cum-income NAV of 7.8%, which is considerably wider than the three-year average of 2.3%, reflecting investors' increased sensitivity to risk. The 6% dividend yield continues to be significantly higher than the peer group, and has traditionally supported strong demand for the company's shares.

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