Change of Investment Policy and Circular

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 £100m 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.

Capitalised terms used in this Announcement, unless otherwise defined, have the same meanings as set out in the Circular.

For further information, please contact:

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 £106.6m.

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