ODYSSEAN INVESTMENT TRUST PLC

M&A Activity • Jun 5, 2024

National Storage Mechanism | Additional information

RNS Number : 2518R

Odyssean Investment Trust PLC

05 June 2024

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5 June 2024

Odyssean Investment Trust PLC

Results of Tender Offer

Odyssean Investment Trust PLC (the "Company") announces that a total of 785,596 Ordinary Shares have been tendered by shareholders pursuant to the Tender Offer.

In accordance with the terms of the Tender Offer, investors will shortly be invited by Winterflood to acquire the tendered Ordinary Shares at a price equal to the last published NAV per Ordinary Share as at the date of the placing of such Ordinary Shares.

The proceeds of the placing of any tendered Ordinary Shares (less costs) will be allocated to the Tender Pool to form part of the cash proceeds to be paid to Tendering Shareholders.

Any tendered Ordinary Shares not sold will be repurchased by the Company pursuant to the Repurchase Agreement, subject to approval by Shareholders of the Tender Offer at the General Meeting on 6 June 2024.  The Company has sufficient cash such that the Tender Pool will comprise only cash.

An update on the placing of the tendered Ordinary Shares will be announced in due course.

Linda Wilding, Chair of the Company, said: "The low level of participation in the Tender Offer reflects the strong absolute and relative performance delivered by the management team in a challenging market since launch and a recognition of the Company's unique investment approach. Investors are seeing considerable value in parts of the UK market, which is attractively priced relative to other equity markets. OIT has benefited from M&A activity over the last few years, and  the Company is well-placed to take advantage of existing and future market opportunities. I would like to thank Shareholders for their continued support."

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.

For further information:

Frostrow Capital LLP (Company Secretary) Mark Pope	+44 (0)20 3008 4913
Odyssean Capital LLP (Portfolio Manager) Stuart Widdowson	+ 44 (0)7710 031 620
Winterflood Securities Limited (Financial Adviser and Broker) Neil Langford Phoebe Pankhurst	+ 44 (0)20 3100 0000
Quill PR Sarah Gibbons-Cook Nick Croysdill	+44 (0)20 7466 5050

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