WITAN INVESTMENT TRUST PLC
(the "Company")
Share Buyback
Authority
1 May 2024
The purpose of this announcement is to
restate details of the Company's current share buyback authority,
which was renewed at the Company's Annual General Meeting today, 1
May 2024. This granted authority for the purchase of a
maximum of 91,204,814 ordinary shares of 5 pence each, being 14.99%
of the ordinary shares then in issue. Such authority shall
expire at the conclusion of the next annual general meeting of the
Company or on 31 July 2025 (whichever is earlier).
In February 2024 the Company entered
into an irrevocable non-discretionary agreement with J.P. Morgan
Securities plc ("JPMS plc") pursuant to which JPMS plc acquires
ordinary shares in the Company, within certain pre-set parameters,
for subsequent sale on to and purchase by the Company. Shares
bought back are held in treasury and will be re-sold only at, or at
a premium to, the prevailing net asset value at the time of
issue.
JPMS plc makes its trading decisions
in relation to the ordinary shares independently of, and
uninfluenced by, the Company. The agreement has been renewed today
and will terminate on 30 September 2024, after which it may be
renewed again. Purchases will be made within the authorities
granted by shareholders at the Company's Annual General Meeting
held today.
This arrangement is in accordance with
Chapter 12 of the UKLA Listing Rules and the Company's general
authority to repurchase shares. No maximum pecuniary amount has
been allocated to the Programme by the Company but repurchases will
be conducted in accordance with the Company's established practice,
the Listing Rules and applicable regulation.
As in recent years, the buyback will
continue to be undertaken in order to provide liquidity in the
market, while being accretive to the net asset value and helping to
moderate discount volatility.
-ENDS-
For further information please
contact:
Andrew Bell, Chief Executive
Officer
Witan Investment Trust plc
Tel: 020 7227 9770
Andrew.Bell@witan.co.uk
James Hart, Investment
Director
Witan Investment Trust plc
Tel: 020 7227 9770
James.Hart@witan.co.uk
