Fidelity European Trust plc (FEV), the London-listed investment trust focused on European equities, has announced the repurchase of 50,000 ordinary shares into Treasury at a uniform price of 415 pence per share on 2 November 2026. The transaction forms part of the board's ongoing share buyback programme, a common mechanism used by investment trusts to manage discounts to net asset value. Following the repurchase, the company's total voting rights stand at 479,049,150, a figure shareholders may use as a denominator when calculating disclosure thresholds under FCA Transparency Rules.

Key Points

  • Fidelity European Trust plc (FEV)
  • The company repurchased 50,000 ordinary shares into Treasury at 415 pence per share on 2 November 2026
  • Total shares held in Treasury now stand at 49,300,915; total voting rights are 479,049,150
  • Investors should watch for further buyback transactions and any updates to the trust's discount management policy

FEV Repurchases 50,000 Shares at a Fixed Price of 415p Into Treasury

The board of Fidelity European Trust plc confirmed that 50,000 shares were bought back and placed into Treasury on 2 November 2026. All shares were acquired at an identical price of 415 pence, meaning the lowest, highest, and average price paid were each recorded at 415p. The total cost of the transaction was not disclosed in the announcement. Treasury shares carry no voting rights under UK company law, meaning the buyback effectively reduces the number of shares participating in shareholder votes without cancelling the shares outright, preserving flexibility for the company to reissue them in future if required.

Fidelity European Trust's Share Capital and Voting Rights After the Transaction

Following the 2 November 2026 repurchase, the company's issued share capital totals 528,350,065 shares. Of these, 49,300,915 are held in Treasury and therefore carry no voting rights. The resulting total voting rights figure is 479,049,150. The announcement notes that this voting rights total serves as the denominator shareholders must use when determining whether they are required to notify the FCA of an interest, or a change in interest, under the Disclosure Guidance and Transparency Rules — a standard regulatory disclosure obligation for UK-listed companies.

About Fidelity European Trust and Its Investment Mandate Across European Equities

Fidelity European Trust plc is a closed-ended investment trust managed by FIL Investments International, part of the Fidelity International group. The trust's mandate centres on long-term capital growth through investment primarily in continental European equities. As an investment trust, it trades on the London Stock Exchange and its shares can move at a premium or discount to the underlying net asset value of its portfolio. Share buybacks are a common tool employed by investment trust boards to help control persistent discounts, returning capital to shareholders while supporting the share price relative to NAV.

FCA Disclosure Obligations Triggered by Changes to FEV's Voting Rights Denominator

The updated total voting rights figure of 479,049,150 is material for existing and prospective shareholders who hold, or may cross, reportable thresholds under FCA rules. Investors whose holdings represent a notifiable percentage of voting rights are required to assess their position against the new denominator following each buyback transaction. The company secretary, Smita Amin, acting on behalf of FIL Investments International, issued the regulatory notification. Shareholders are advised to review their own holdings in light of the revised voting rights total to confirm compliance with applicable disclosure obligations.