Strategic Review
13 October 2026
The Board of The Scottish Oriental Smaller Companies Trust plc (the "Company") announces that, following consultation with a number of its largest shareholders, it has decided to undertake a strategic review of the Company's future options (the "Strategic Review").
As outlined in the Company's announcement of 2 September 2026, the Board has been engaging with shareholders to consider whether additional actions are required to ensure that the Company meets the needs of investors. These discussions have highlighted the importance of scale and secondary market liquidity, alongside investment performance, in meeting shareholders' long-term needs.
The Board continues to believe in the merits of investing in Asian smaller companies. The Strategic Review will therefore focus on options that preserve shareholders' access to this investment opportunity through a vehicle with the scale and liquidity appropriate to their needs. This will include consideration of a potential combination with another investment company.
The Board has appointed Investec Bank plc to assist with the Strategic Review and welcomes proposals from investment companies and investment management groups that would address these objectives. Interested parties should contact Investec using the details below.
Conditional Tender Offer
The Board has also considered shareholder feedback on the conditional tender offer announced on 2 September 2026, including indications of voting intentions in relation to the shareholder approval required to implement it. In the light of that feedback, the Board has decided not to proceed with the tender offer at this time and instead to pursue the Strategic Review.
In assessing proposals for the future of the Company, the Board will take account of shareholders' expectations for a 25 per cent. cash exit opportunity which was to be delivered promptly following the triggering of the conditional tender offer, alongside its objective of providing continuing shareholders with an investment vehicle of greater scale and liquidity.
FSSA Investment Managers will continue to manage the Company's portfolio during the Strategic Review.
There can be no certainty as to the outcome of the Strategic Review or that any transaction will result from it. The Board will make further announcements as appropriate.
Risk factors
Capital at risk. The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
Important Information
This document has been prepared for informational purposes only and is only intended to provide a summary of the subject matter covered and does not purport to be comprehensive. The views expressed are the views of the writer at the time of issue and may change over time. It does not constitute investment advice and/or a recommendation and should not be used as the basis of any investment decision.
This document is not an offer document and does not constitute an offer or invitation or investment recommendation to distribute or purchase securities, shares, units or other interests or to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this document.
Net Asset Value (NAV) performance is not the same as share price performance and shareholders may realise returns that are lower or higher than NAV performance.
This document is confidential and must not be copied, reproduced, circulated or transmitted, in whole or in part, and in any form or by any means without our prior written consent. The information contained within this document has been obtained from sources that we believe to be reliable and accurate at the time of issue but no representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information. We do not accept any liability whatsoever for any loss arising directly or indirectly from any use of this information.
References to "we" or "us" are references to First Sentier Group. In the UK, issued by First Sentier Investors (UK) Funds Limited which is authorised and regulated by the Financial Conduct Authority (registration number 143359). Registered office Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB number 2294743.
Scottish Oriental Smaller Companies Trust plc ("Company") is an investment trust, incorporated in Scotland with registered number SC0156108, whose shares have been admitted to the Official List of the London Stock Exchange plc. The Company is an alternative investment fund and has appointed First Sentier Investors (UK) Funds Limited as the alternative investment fund manager for the Company. Further information is available from Client Services, First Sentier Group, Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB or by telephoning 0800 587 4141 between 9am and 5pm Monday to Friday or by visiting www.scottishoriental.com. Telephone calls with First Sentier Group may be recorded.
First Sentier Group entities referred to in this document are part of First Sentier Group, a member of MUFG, a global financial group. First Sentier Group includes a number of entities in different jurisdictions. MUFG and its subsidiaries do not guarantee the performance of any investment or entity referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk including loss of income and capital invested.
© First Sentier Group
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