European Smaller Cos Trust PLC - managed by Janus Henderson, invests in smaller European firms for capital growth - Calls general meeting for May 7 to approve a tender offer for up to 42.5% of its shares. European Smaller Cos has a market capitalisation of £721.5 million, so the tender offer is worth just over £300 million. Transaction costs, excluding portfolio realisation costs and stamp duty, will be up to £690,000. The plan to buy back shares follows ‘constructive negotiations’ between the trust’s board and Saba Capital Management LP. The US activistic investor enters a standstill agreement with European Smaller Cos as a result of the tender offer. Saba will tender 115.4 million shares that it owns in European Smaller Cos, worth about £211.4 million.

‘ESCT now becomes the fifth trust, of those we requisitioned general meetings at, that has taken decisive, shareholder-friendly action following our engagement,’ Saba says. ‘This milestone underscores the positive and transformative impact we have had on the sector.’

Back in December, Saba requisitioned general meetings at seven UK listed investment trusts to force a change in board members. European Smaller Cos shareholders rejected the Saba proposals at their meeting in at the start of February. A Saba requestion for a second general meeting was later withdrawn.

Current stock price: 183.20 pence, up 2.7% in London on Tuesday

12-month change: up 7.4%

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