TIDMOIT
RNS Number : 9618G
Odyssean Investment Trust PLC
30 November 2020
30 November 2020
ODYSSEAN INVESTMENT TRUST PLC
Change of Investment Policy and Publication of Circular
The Board of Directors of Odyssean Investment Trust PLC (the
"Company", "OIT" or the "Trust") is pleased to announce its
intention to seek shareholder approval to amend its investment
policy to restrict investment in certain sectors or businesses, it
deems unethical and/or unsustainable.
Although ESG (environmental, social and corporate governance)
has always been an important consideration within OIT's investment
strategy, this more formal process will see it integrated into due
diligence and corporate engagement and involve consideration of
some 600 relevant data points, consolidated from eight separate
ratings agencies.
Jane Tufnell, Chairman of Odyssean Investment Trust PLC,
commented "The Board, supported by the Portfolio Manager, is
proposing this new investment policy as a natural evolution of our
approach and also in response to broader investor demand. Investors
are becoming more conscious of how their capital is invested and do
not want to invest in businesses that have a negative impact on
society. Wealth managers are also now increasingly mandated to ask
clients about their sustainable and ethical requirements. It will
provide shareholders with the certainty that we will not invest in
anything that is not properly integrated into an ethical and
sustainable analysis process."
"This amendment is also just one in a number of evolutions which
support the overall strategy, including backing the Portfolio
Manager's efforts to engage with portfolio companies with the aim
of improving ESG-related disclosure and performance. This alongside
the Trust reaching a milestone of GBP100m in AUM (assets under
management) and approaching its three-year track record next
spring; provides a broader appeal to a wider investment
audience."
Stuart Widdowson, Portfolio Manager at Odyssean Capital LLP,
commented "It has always been our philosophy to improve
continually, and this will enhance our due diligence and engagement
scope. We see this as evolution and not revolution. The idea to
amend the investment policy has been under consideration since
earlier this year."
"The ESG universe is vast and complex and strong ESG disclosure
is being rewarded with better share price performance and we
believe this will only improve as those companies that do not
factor ethical and sustainability into their business models become
less favourable."
"Ed Wielechowski and I are long term engaged investors investing
in companies which, whilst good, are under-performing their
potential and where there is the opportunity for constructive
corporate engagement to unlock improved returns for all
stakeholders. Our mantra is to buy good businesses and sell
excellent businesses."
Publication of Circular
A circular in connection with the proposed amendments to the
Company's investment policy (the "Circular") is expected to be
posted to Shareholders shortly. The Circular contains, amongst
other things, a letter from the Chairman of the Company, an
expected timetable of principal events, notice of a General Meeting
and details of the actions to be taken by Shareholders, together
with the Form of Proxy for use in connection with the General
Meeting.
The Circular will also shortly be available on the Company's
website at www.oitplc.com. The contents of such website are not
incorporated into, and do not form part of, this announcement (the
"Announcement"). A copy of the Circular will also shortly be
submitted to the National Storage Mechanism and will be available
for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Notice of the General Meeting
The General Meeting is to be held at the offices of Odyssean
Capital LLP, 6 Stratton Street, Mayfair, London W1J 8LD on Monday,
11 January 2021 at 12.00 noon.
The General Meeting is being convened in order for Shareholders
to consider and, if thought fit, to approve the proposed amendments
to the Company's investment policy, further details of which are
set out in the Circular.
As a result of the current restrictions in connection with
COVID-19, in particular on public gatherings, the General Meeting
will be run as a closed meeting and Shareholders must not attend
the General Meeting in person. Any person who does attempt to
attend the meeting in person will be refused admission.
Shareholders are encouraged to vote on the resolution to be
considered at the General Meeting by proxy. To ensure their vote
counts, Shareholders are directed to further information and
instructions on voting by proxy set out in the Circular and the
Notice of General Meeting.
Shareholders should carefully read the Circular in its entirety
before making a decision with respect to the Proposal.
Timetable
The current expected timetable of principal events for the
implementation of the Proposal is set out below and in the
Circular. If any of the key dates set out in the expected timetable
change, an announcement will be made through a Regulatory
Information Service. All times shown in this Announcement are
London times, unless otherwise stated.
Event Time and/or date
Publication of the Circular 30 November 2020
Latest time and date for receipt 12.00 noon on Thursday, 7 January
of Forms of Proxy or transmission 2021
of CREST Proxy Instructions for
the General Meeting
General Meeting 12.00 noon on Monday, 11 January
2021
Capitalised terms used in this Announcement, unless otherwise
defined, have the same meanings as set out in the Circular.
For further information, please contact:
Stuart Widdowson, Odyssean Capital 07710 031620
Neil Langford, Winterflood Securities (Corporate
Broker) 020 3100 0160
David Harris, Frostrow Capital (Distribution Partner) 020 3008 4910
Sarah Gibbons-Cook/Nick Croysdill/Fiona Harris, 07769 648806
Quill PR (Media Agency) 07815 823412
07768 890877
OIT@quillpr.com
About Odyssean Investment Trust PLC
Odyssean Investment Trust PLC ( 'OIT') is a closed-ended
investment trust that seeks to deliver attractive returns to its
shareholders by investing in higher quality businesses and
supporting them to become even better. To achieve this the Board
has appointed Odyssean Capital LLP to manage the portfolio. Current
net asset value is GBP106.6m.
Odyssean Capital invests in a concentrated portfolio of
well-researched smaller companies, typically too small for
inclusion in the FTSE 250. Constructive corporate engagement is a
key part of Odyssean's approach, drawing on the investment team's
lengthy and successful track record in this area.
Frostrow Capital LLP
Company Secretary
020 3709 8732
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