Inception
TEET was launched on 29th November 1994 and is listed on the London Stock Exchange. In November 1996, a Placing and Open Offer of "C" shares took place to increase the share capital of the Company, providing an opportunity for our existing and new shareholders to increase their investment. This allowed the Company to explore new opportunities in existing markets and to exploit the newly emerging markets in the region.

Capital raising
On 19th February 1997, the "C" shares converted into ordinary shares and new warrants on a 1 warrant for every 5 new shares basis. The new warrants, Series II with an exercise price of US$13.20, are in addition to the existing warrants, which have an exercise price of US$10.00. Both series of warrants were exercisable on 30th June each year up to and including 30th June 2001. Both series of warrants lapsed on 30th June 2001.

Share buyback
A share buyback programme began in late December, 1999. By the end of the financial year ended 31st January 2000, the Company had repurchased a total of 600,000 ordinary shares representing 6.7 per cent of the outstanding capital, at discounts ranging between 25 and 30 percent. In the financial year ended 31 January 2001, the Company repurchased a total of 450,000 ordinary shares. There were no further buybacks of shares through the market before the tender offer at the end of August 2004. Buybacks resumed on a small scale in late 2006. For more information on buybacks, see Managing the discount.

Share Split
The share capital was sub-divided as to 10 new shares for each ordinary share held by shareholders of record 17th June 2005. Dealings in the sub-divided shares commenced on Monday, 20th June 2005. The total number of shares in issue after the split was 59,183,270 of USD 0.10 each.

Dividend history (interim/annual/quarterly)
The Company has not so far authorised the payment of dividends and the Directors do not foresee any change in that policy in the future.

Change of name
In June 2000, following a resolution for shareholders' approval, the name of the company was changed from First Russian Frontiers Trust PLC to The Eastern European Trust PLC. The new name reflected better the objective of the Company, which is to invest in a diversified portfolio of companies operating in Eastern Europe.

Continuation
TEET was formed with an initial ten-year life. At the AGM on 11th June 2004 shareholders voted in favour of a three-year continuation of the Company, extending the investment mandate to include Turkey and putting in place a mechanism to manage the discount. See Managing the discount. Subsequently, shareholders supported a resolution to buy back 25 per cent of the outstanding capital at NAV less costs. The tender offer was completed at the end of August 2004, leaving the Company with 5,918,326 shares outstanding.

At the AGM on 18th June 2007, shareholders voted in favour of continuation for a further three-year period.