Final Results

Witan Investment Trust PLC 07 March 2007 7 March 2007 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Financial Highlights Year ended Year ended 31 December 2006 31 December 2005 Per Ordinary Share: in pence in pence Net Asset Value 517.1 469.5 Earnings 10.24 8.96 Dividends - two interims 9.20 8.80 Highlights of the Year • Total shareholder return of 12.1% • NAV performance ahead of the benchmark (10.1% compared to 8.4%) • Discount management policy enhances NAV • Currency manager appointed • Total expense ratio of 0.47% (2005: 0.45%) • New Board appointments • Dividend increased by 4.5% Extracts from the Chairman's Statement: Shareholder Returns The share price rose by 9.8% over the year, giving a total return to shareholders including dividends of 12.1%. This is now the fourth year of double digit returns for shareholders with a total return to Witan shareholders of 106.9% since the low in March 2003. It is also important to look at the returns over the longer term and it is interesting to note that over any twenty year period the total return to shareholders has been consistently in advance of that available from deposit accounts. Performance With any exam interested parties are eager to know first was the pass mark achieved and secondly where in the class did we come. Once satisfied on these headlines a more detailed analysis is given in the end of term report. Yes, Witan did pass the exam in 2006. The NAV rose by 10.1% against our benchmark of + 8.4%. This is now the second full year since the reorganisation in September 2004 and since then the Witan net asset value has risen by 42% and the share price by 48% whilst our benchmark has risen by 38%. Where did we come in the class? Witan came just under half way up the Global Growth Investment Trust sector. If one extends the comparisons against unit trusts and other open-ended investment companies then Witan would have been in the top quartile. The Business Review analyses the performance in greater detail. Currency Management Your Board for some time has been persuaded by the arguments for active management. It is an arena in which active managers have been constantly able to achieve positive returns partly because much of the world's currency is traded in a manner that is 'not for profit'. For example, it is bought and sold by tourists, corporations and central banks whose prime aim is not to make money out of currencies. This provides opportunities for active managers. Before proceeding, it was important for us not only to identify the correct manager but also to create a structure that would not jeopardise the existing accounting treatment of currency profits and losses. This work was completed in the latter half of last year and in January 2007 we announced the appointment of Mellon Capital Management Corporation to manage pro-actively a portfolio of £350 million, equivalent in size to half of your Trust's foreign currency exposure. To achieve this, we invested £36.5 million in a UBS loan note which will mirror the returns of the Mellon fund managed on our behalf. Page 2 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Extracts from the Chairman's Statement continued Total Expense Ratio You will see from the key performance indicators that the total expense ratio for Witan is 0.47%. It continues to make Witan one of the best value investments around. Although some of the administrative expenses rose in 2006, much of this was associated with the setting up of the Witan Wealthbuilder savings platform. Dividends Your Board has declared a second interim dividend of 5.3 pence per ordinary share to make a total distribution for the year of 9.2 pence (2005: 8.8 pence). This represents an increase of 4.5%, which is in line with the RPI and in accordance with our stated dividend policy. Manager Review It is now over two years since we moved to a multi-manager structure. We apply rules which can automatically trigger a reappraisal of any one of our managers, but as we approach the third anniversary it is right to start a more formal programme to review all of our managers. This review will look first at the overall structure of the portfolio and the mandates we have awarded, and will then move on to re-assess the individual managers. Your Board will obviously make the appropriate announcements if we decide to make any changes to the way your portfolio is being managed. It is of course easy to ascertain whether an index-aware portfolio has achieved its targets but for those mandates which are unconstrained we must be more circumspect. It is evident that unconstrained investing requires the investment manager to adopt different techniques. We the investors must understand the implications and change our expectations accordingly. Because an unconstrained portfolio by definition will be very different to any representative index, a greater tolerance of short term relative volatility is necessary. We must take the same investment time horizon as the manager, therefore allowing a skilled manager sufficient opportunity to deliver the additional returns. Witan Investment Services Over the last twelve months Witan Investment Services (WIS) matured into a full operating subsidiary, being authorised by the FSA in April and taking full responsibility for the marketing of the Witan brand, the executive management of Witan Pacific Investment Trust plc and the marketing of the Tribune UK Tracker plc, the latter becoming our second investment trust client. During the autumn, WIS launched Witan Wealthbuilder, an internet based savings platform. Witan Wealthbuilder replaces the Henderson Share Plan and other products provided by our previous manager. The new platform offers the same range of products on the same terms, but Witan Wealthbuilder also gives the investor the facility to purchase the shares of Witan, Witan Pacific and Tribune UK Tracker online for £15 per transaction. Investors may also view their account on-line for valuation purposes. Your Board sees this development as an important means of encouraging further grass roots investment into your Company and its clients and that is why the number of private investors is a key performance indicator for Witan. Board Changes During the year it became necessary for Jane Platt to resign as a director due to a perceived conflict of interest by her new employers, National Savings & Investments. This was a great sadness as her contribution was very real from the outset. At the AGM in April Robert Colvill retires after thirteen years as a director of Witan, for the last five of which he has performed the valuable role of Chairman of the Audit Committee. His experience gained across the financial services industry, and as the finance director of Marks and Spencer, has been of enormous value to this Company and he will be much missed. We welcome James Bevan and Robert Boyle to the Board. They bring the respective investment and accounting skills that we were seeking to engage through the recruitment process. I am confident that they have a valuable contribution to make to your Company. Page 3 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Extracts from the Chairman's Statement continued Outlook Equity markets have completed their fourth year of double digit returns and their fourth year of outperformance versus bonds. The debates do not seem to have changed very much over the last twelve months. They are around the outlook for growth and inflation across the world. They ponder the correct level for the US dollar and the impact of its continued weakness. There are concerns over credit spreads and how far they might deteriorate and the reasons why. There are always things to worry about but, while bond markets remain calm, corporate activity will continue, along with the resulting return of cash to investors. Further good increases in dividends are expected from a corporate sector operating with historically low pay-out ratios. Your Board is confident that Witan is well placed to take full advantage of these conditions. Extracts from the Business Review: Portfolio Review 2006 was another good year for equity investment. Most markets in local currency terms managed to achieve decent positive returns, with only four (Thailand, Japan, Pakistan and South Korea) of the 34 major country stock indices failing to rise by at least 10%. The best returns were achieved in Asia (outside Japan) and in the emerging markets where returns in excess of 30% were not uncommon. The worst performance from the world's major equity markets was in Japan which managed a return of only 6.6%. That, however, was not the experience of UK based investors like Witan as currency movements had a major impact on returns in 2006 - relative to sterling the US dollar fell by 14% and the Japanese yen by over 15% thereby reducing substantially returns from these regions (and from many Asian and emerging markets whose currencies are linked to the US dollar). For a UK investor, the region with, on average, the greatest total return was Europe (+20.3%), primarily because the euro was almost as strong as sterling. The UK equity market, as measured by the FTSE All-Share Index, returned 16.8%. The return on world equities as a whole in sterling terms compared favourably to the returns on other investments such as conventional and indexed-linked bonds and cash, so providing more pain to those investors who cut their equity exposure following the post dotcom boom crash. Over the last four years equity markets have performed spectacularly with the UK returning 18.1% per annum and the world 15.1% per annum. Whilst to a certain extent this represents a recovery from the aforementioned lows, it is a rate of progress that cannot continue in perpetuity. Witan's shareholders also saw good returns with a total return from holding the shares during the year of 12.1%. Witan's net asset value per ordinary share rose by 10.1% over the year, 1.7% ahead of the overall benchmark. Positive contributions to this came from buying back shares at a discount to net asset value, the Board's gearing policy, the overweight allocation to Europe and Asia, the underweight allocation to the US, and the outperformance of MFS and Henderson's UK smaller companies team. The underweight allocation to the UK, the overweight position in Japan and the under-performance, in particular, of APS, Brandes and Wellington detracted from the relative return. Page 4 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Extracts from the Business Review continued GEOGRAPHY MANDATE INVESTMENT MANAGER MANDATE BENCHMARK INVESTMENT STYLE (TOTAL RETURN) UK Mainstream Equities Henderson Global Investors FTSE 350 (ex investment Enhanced Index companies) UK Smaller Companies Henderson Global Investors Hoare Govett Smaller Growth at an Companies (ex investment Attractive Price companies) Global Equities Southeastern Asset FTSE All-World Quality at a Management Discounted Valuation Global Equities MFS International FTSE All-World Growth at an Attractive Price Continental Equities Wellington Management FTSE World Europe (ex UK) Fundamental Research Europe Company USA Equities Henderson Global Investors FTSE World North America Enhanced Index Japan Equities Brandes Investment Partners FTSE Japan Value Far East Equities APS Asset Management FTSE All-World Asia Pacific Fundamental Research (ex Japan) Performance For the year ended 31 December 2006 and from inception to 31 December 2006. Investment Manager Performance Benchmark in the period performance Value of Funds % of Performance Benchmark 30.09.04 to 30.09.04 to under Witan's in the Performance 31.12.06 31.12.06 Management £m Asset under period 31.12.05 to (annualised) (annualised) at 31.12.06 Management 31.12.05 to 31.12.06 at 31.12.06 31.12.06 * Henderson Global Investors 546.5 40.1 +16.7 +16.7 +20.6 +20.3 (UK mainstream) Henderson Global Investors 75.7 5.6 +31.7 +28.0 +29.5 +29.6 (UK smaller) Southeastern Asset 203.5 14.9 +6.0 +7.2 +13.0 +16.8 Management (Global) MFS International (Global) 142.6 10.5 +10.6 +7.2 +17.5 +16.8 Wellington Management 141.5 10.3 +16.4 +20.3 +20.6 +25.8 Company (Europe) Henderson Global Investors 123.8 9.1 +1.6 +1.7 +11.2 +10.8 (USA) Brandes Investment Partners 61.3 4.5 -11.8 -7.4 +10.7 +15.4 (Japan) APS Asset Management 68.8 5.0 -0.9 +17.1 +16.9 +27.6 (Far East) *excluding cash balances held centrally by Witan and the unquoted investments. Source: The WM Company Page 5 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Manager Review Process During 2006, as in previous years, the Board reviewed both Witan's benchmark and the investment management structure to ensure that they were still appropriate for your Company's objectives. This was not just a geographic review, but also considered other asset types as well as the proportion of return expected to be generated by markets (beta) and manager skill (alpha). This review led to the appointment of a currency manager in December, as noted above. In addition, the Board held thirteen review meetings with the investment managers. At these meetings the managers were asked, among other things, to: - explain their choice of investments, which enabled the Board to check that these were within Witan guidelines and in accordance with the manager's own investment philosophies; - provide a detailed analysis of their performance to date and the reasons behind it; - report on any significant changes to the organisation; - re-affirm their investment strategy and philosophy. If the Board had felt any dissatisfaction on any of these points then this would have led to the formal review described below. Now that we are into the third year of the current management arrangements, the Board judges that it is now appropriate to make this formal review process applicable to all the managers, even if there is no dissatisfaction with the manager. This will involve an assessment of what each of the investment managers has achieved for Witan since their appointment and what the alternatives might be. Only a foolish fund manager would believe that he/she owns all of the most attractive shares - he/she should always be searching for something better whilst recognising that ultimately this may prove to be a fruitless task. Similarly, Witan is always on the look-out for the best fund managers, irrespective of speciality, as this may give a guide to a better way of structuring the entire portfolio. Within each speciality your Company is also trying to recruit the best fund managers available. However, we also need to accept the role that luck (both good and bad) plays in fund management, so should try to avoid appointing fund managers who have just had a lucky run or sacking those who have been unlucky. Furthermore, the Board must remain cognisant of the not inconsiderable costs of changing investment managers. The Board intends to subject all of the existing managers to a peer group review over the coming months and years, starting with those about whom it has some concern. Thereafter, it intends that each manager, irrespective of its performance, will be subjected to such an assessment review on at least a rolling three year basis. Among many matters these reviews will address the following questions: - Why did we appoint the manager? - Excluding performance, have they done what we expected? - Is performance out of line with the manager's own historical experience? - If so, is there a good reason for this? - Do we still believe in them? - Are there attractive alternative managers available? - Do we want to arrange a beauty parade? - Do we want to include the incumbent? There will, however, be no presumption on what the outcome of these reviews might be. Buy-back Policy Your Board believes that it is in shareholders' interests to buy back the Company's shares when they are standing at a substantial discount to net asset value. Any purchase of shares at a discount to their net asset value will lead to an increase in that net asset value and will support an increase in the Company's share price, all other things being equal. In 2006 the Company bought back and cancelled a total of 34,215,264 of its ordinary shares at a cost of £145.0 million, including stamp duty. The result of this in terms of performance enhancement was to add just under 1.2% to the net asset value per share at 31 December 2006. Page 6 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Consolidated Income Statement Year ended Year ended 31 December 2006 31 December 2005 Revenue Capital Revenue Capital return return Total return return Total £'000 £'000 £'000 £'000 £'000 £'000 Investment income 32,483 - 32,483 33,463 - 33,463 Other income 7,276 - 7,276 5,579 - 5,579 Gains on investments held at fair value through profit or loss - 112,547 112,547 - 229,694 229,694 ---------- ---------- ---------- ---------- ---------- ---------- Total income 39,759 112,547 152,306 39,042 229,694 268,736 ---------- ---------- ---------- ---------- ---------- ---------- Expenses Management fees (460) (2,044) (2,504) (531) (1,649) (2,180) Other expenses (4,990) - (4,990) (4,208) - (4,208) ---------- ---------- ---------- ---------- ---------- ---------- Profit before finance costs and 34,309 110,503 144,812 34,303 228,045 262,348 taxation Finance costs (2,632) (7,647) (10,279) (2,613) (7,644) (10,257) ---------- ---------- ---------- ---------- ---------- ---------- Profit before taxation 31,677 102,856 134,533 31,690 220,401 252,091 ---------- ---------- ---------- ---------- ---------- ---------- Taxation (4,112) 2,410 (1,702) (3,688) 1,920 (1,768) ---------- ---------- ---------- ---------- ---------- ---------- Profit attributable to equity holders of the parent company 27,565 105,266 132,831 28,002 222,321 250,323 ========== ========= ========= ========= ========= ========= Earnings per ordinary share (note 1) 10.24p 39.13p 49.37p 8.96p 71.16p 80.12p ========== ========= ========= ========= ========= ========= The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. All income is attributable to the equity holders of Witan Investment Trust plc, the parent company. There are no minority interests. Page 7 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Consolidated and Individual Company Statements of Changes in Equity Group Year ended 31 December 2006 Ordinary share Share Capital Other capital premium redemption capital Retained reserve reserves earnings Total £'000 £'000 £'000 £'000 £'000 £'000 At 31 December 2005 73,747 16,237 20,079 1,232,310 42,544 1,384,917 Profit for the year - - - 105,266 27,565 132,831 Ordinary dividends paid - - - - (24,235) (24,235) Buy-backs of ordinary shares (8,554) - 8,554 (144,979) - (144,979) ----------- --------- --------- ------------- ---------- ------------- At 31 December 2006 65,193 16,237 28,633 1,192,597 45,874 1,348,534 ========== ========= ========= ============= ========== ============= Company Year ended 31 December 2006 Ordinary share Share Capital Other capital premium redemption capital Retained reserve reserves earnings Total £'000 £'000 £'000 £'000 £'000 £'000 At 31 December 2005 73,747 16,237 20,079 1,232,228 42,626 1,384,917 Profit for the year - - - 105,202 27,629 132,831 Ordinary dividends paid - - - - (24,235) (24,235) Buy-backs of ordinary shares (8,554) - 8,554 (144,979) - (144,979) ---------- ----------- ----------- ----------- ----------- ----------- At 31 December 2006 65,193 16,237 28,633 1,192,451 46,020 1,348,534 ========== =========== =========== =========== =========== =========== Group Year ended 31 December 2005 Capital Other Ordinary Share redemption capital Retained share premium reserve reserves earnings capital Total £'000 £'000 £'000 £'000 £'000 £'000 At 31 December 2004 84,736 16,237 9,090 1,170,296 42,280 1,322,639 Profit for the year - - - 222,321 28,002 250,323 Ordinary dividends paid - - - - (27,738) (27,738) Buy-backs of ordinary shares (10,989) - 10,989 (160,307) - (160,307) ---------- ----------- ----------- ----------- ----------- ----------- At 31 December 2005 73,747 16,237 20,079 1,232,310 42,544 1,384,917 ========== =========== =========== =========== =========== =========== Company Year ended 31 December 2005 Capital Other Ordinary Share redemption capital Retained share premium reserve reserves earnings capital Total £'000 £'000 £'000 £'000 £'000 £'000 At 31 December 2004 84,736 16,237 9,090 1,170,296 42,280 1,322,639 Profit for the year - - - 222,239 28,084 250,323 Ordinary dividends paid - - - - (27,738) (27,738) Buy-backs of ordinary shares (10,989) - 10,989 (160,307) - (160,307) ---------- ------------ ------------ ------------ ------------ ------------ At 31 December 2005 73,747 16,237 20,079 1,232,228 42,626 1,384,917 ========== ============ ============ ============ ============ ============ Page 8 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Consolidated and Individual Company Balance Sheets as at 31 December 2006 Group Company Group Company 31 December 31 December 31 December 31 December 2006 2006 2005 2005 £'000 £'000 £'000 £'000 Non current assets Investments held at fair value through profit or loss 1,382,554 1,383,308 1,445,566 1,446,384 ------------ ------------ ------------ ------------- Current assets Other receivables 6,368 6,143 4,653 4,783 Cash and cash equivalents 114,610 113,934 86,319 85,302 ------------ ------------- ------------- ------------- 120,978 120,077 90,972 90,085 ------------ ------------ ------------ ------------ Total assets 1,503,532 1,503,385 1,536,538 1,536,469 ------------ ------------ ------------ ------------ Current liabilities Other payables 8,170 8,023 4,873 4,804 ------------- ------------- ------------- ------------- Total assets less current liabilities 1,495,362 1,495,362 1,531,665 1,531,665 ------------- ------------- ------------- ------------- Non current liabilities 81/2 per cent. Debenture Stock 2016 45,779 45,779 45,779 45,779 6.125 per cent. Secured Bonds due 2025 98,494 98,494 98,414 98,414 3.4 per cent. cumulative preference shares of 2,055 2,055 2,055 2,055 £1 2.7 per cent. cumulative preference shares of 500 500 500 500 £1 ------------ ------------ ------------ ------------ 146,828 146,828 146,748 146,748 ------------ ------------ ------------ ------------ Net assets 1,348,534 1,348,534 1,384,917 1,384,917 ============ ============ ============ ============ Equity attributable to equity holders Ordinary share capital 65,193 65,193 73,747 73,747 Share premium 16,237 16,237 16,237 16,237 Capital redemption reserve 28,633 28,633 20,079 20,079 Other capital reserves 1,192,597 1,192,451 1,232,310 1,232,228 Retained earnings 45,874 46,020 42,544 42,626 ------------ ------------ ------------ ------------ Total equity 1,348,534 1,348,534 1,384,917 1,384,917 ============ ============ ============ ============ Net asset value per ordinary share (note 2) 517.1p 517.1p 469.5p 469.5p ============ ============ ============ ============ Page 9 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Consolidated and Individual Company Cash Flow Statements for the year ended 31 December 2006 Group Company Group Company Year ended Year ended Year ended Year ended 31 December 31 December 31 December 31 December 2006 2006 2005 2005 £'000 £'000 £'000 £'000 Operating activities Profit before taxation 134,533 134,533 252,091 252,091 Interest paid 10,183 10,183 10,131 10,131 Gains on investments held at fair value through profit or loss (112,547) (112,483) (229,694) (229,612) Net sales of investments held at fair value through profit or loss 175,508 175,508 173,175 173,175 (Increase)/decrease in other receivables (106) 249 (480) (610) Increase in other payables 245 167 142 73 Loss on debenture buy-back - 51 51 Decrease in unrealised gain on derivatives - - 14 14 Cash inflow from futures contracts 1,316 1,316 1,315 1,315 Scrip dividends included in investment income (414) (414) (509) (509) ------------ ------------ ------------ ------------ Net cash inflow from operating activities before interest and taxation 208,718 209,059 206,236 206,119 Interest paid (10,183) (10,183) (10,131) (10,131) Amortisation of debt issue costs 80 80 79 79 Tax on overseas income (1,558) (1,558) (2,032) (2,032) ------------ ------------ ------------ ------------ Net cash inflow from operating activities 197,057 197,398 194,152 194,035 ------------ ------------ ------------ ------------ Financial investment Investment in subsidiary - - - (900) ------------ ------------ ------------ ------------ Financing activities Equity dividend paid (24,235) (24,235) (27,738) (27,738) Buy-backs of ordinary shares (143,001) (143,001) (160,307) (160,307) Repurchase of debt - - (221) (221) ------------ ------------ ------------ ------------ Net cash outflow from financing (167,236) (167,236) (188,266) (188,266) ------------ ------------ ------------ ------------ Increase in cash and cash equivalents 29,821 30,162 5,886 4,869 Cash and cash equivalents at the start of the year 86,319 85,302 79,568 79,568 Effect of foreign exchange rate changes (1,530) (1,530) 865 865 ------------ ------------ ------------ ------------ Cash and cash equivalents at the end of the year 114,610 113,934 86,319 85,302 ============ ============ ============ ============ Page 10 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 Notes 1. Earnings per ordinary share The earnings per ordinary share figure is based on the net profit for the year of £132,831,000 (year ended 31 December 2005: £250,323,000) and on 269,065,426 ordinary shares (year ended 31 December 2005: 312,435,597), being the weighted average number of ordinary shares in issue during the year. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below. The Company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same. Year ended Year ended 31 December 31 December 2006 2005 £'000 £'000 Net revenue profit 27,565 28,002 Net capital profit 105,266 222,321 ---------- ---------- Net total profit 132,831 250,323 ---------- ---------- Weighted average number of ordinary shares in issue during the year 269,065,426 312,435,597 Pence Pence Revenue earnings per ordinary share 10.24 8.96 Capital earnings per ordinary share 39.13 71.16 --------- ---------- Total earnings per ordinary share 49.37 80.12 --------- ---------- 2. Issued share capital The number of ordinary shares of 25p each in issue at 31 December 2006 was 260,772,887 (2005: 294,988,151). 3. Consolidation The Group accounts consolidate the accounts of Witan Investment Trust plc and the accounts of its wholly owned subsidiary Witan Investment Services Limited. 4. 2006 Accounts The preliminary figures for the year ended 31 December 2006 are an extract from the Company's latest accounts for that period and do not constitute statutory accounts as defined by section 240 of the Companies Act 1985. These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. 5. 2005 Accounts The figures and financial information for the year ended 31 December 2005 are extracted from the latest published accounts of the Company and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. 6. Annual Report The full annual report and accounts will be posted to shareholders in the week beginning 26 March 2007 and copies will be available from the Secretary at the Company's Registered Office, 4 Broadgate, London EC2M 2DA. Page 11 of 11 WITAN INVESTMENT TRUST PLC Unaudited Preliminary Results for the year ended 31 December 2006 7. Annual General Meeting The Annual General Meeting will be held at 2.30 pm on Monday 30 April 2007 at Merchant Taylors' Hall, 30 Threadneedle Street, London EC2R 8JB. For further information please contact: James Budden Witan Investment Trust plc Telephone: 020 7227 9772 or Eleanor Mitchell/Hugo Mortimer-Harvey Quill Communications Tel: 020 7758 2240/2234 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Witan Inv Trust (WTAN)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today