CPE Charter Euro.

TIDMCPE

RNS Number : 7653M

Charter European Trust plc

22 August 2011

CHARTER EUROPEAN TRUST PLC (the "Company")

22 August 2011

The Board of Charter European Trust plc notes the recent increase in market activity in the Company's shares, following which Midas Investment Management Ltd ("Midas") has acquired a 23.9 per cent. stake in the Company. In light of the size of Midas's shareholding, and the speed with which it has built up its stake, the Board has contacted Midas and offered to meet with it to discuss its intentions in respect of the Company. Midas has chosen not to engage at this stage with the Board on these issues. The Board will continue to seek to engage with Midas with a view to obtaining clarification as to its intentions.

Notwithstanding the Company's good long-term net asset value performance of 91.0% compared with its benchmark return of 75.4% since its reconstruction in April 2002(1) , the Board is conscious that the Company has not attracted sufficient new long-term investors and that it remains small in size, particularly in comparison to its peer group. Accordingly the Board is examining and evaluating the options available to the Company and its shareholders going forward, either as a continuing vehicle or in the context of a reconstruction. In this regard, the Company is already in discussions both with the Company's investment manager and a third party investment management house.

In undertaking its review process, the Board will take account of the interests of shareholders as a whole, and in doing so will be mindful of the fact that a large proportion of the Company's share register consists of smaller shareholders who have been invested in the Company for a number of years. To this end, the Board strongly believes that it is important that it evaluates all available options for the Company to ensure an appropriate and attractive outcome for all shareholders.

The Board will write to shareholders as soon as possible with proposals regarding the Company's future and will make the appropriate market announcement at the same time.

(1) Figures in Sterling, cumulative total returns, net of fees, on a net asset value basis. Data from 1(st) May 2002 to 31(st) July 2011. On 9(th) January 2007, the FTSE World Europe (ex UK) Index (GBP) replaced the FTSE World Europe Index (GBP) as the Company's benchmark. Source: RCM / Thomson DataStream

Contacts:

Giles Weaver (chairman) 020 7523 8000

Collins Stewart Europe Limited 020 7523 8000

Robbie Robertson

David Yovichic

Lucy Lewis

Collins Stewart Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as adviser to Charter European Trust plc and is acting for no-one else in connection with the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart Europe Limited nor for providing advice in connection with the contents of this announcement or any other matter referred to herein. Collins Stewart Europe Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Collins Stewart Europe Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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