Share buyback authority

RNS Number : 8185X

Witan Investment Trust PLC

01 May 2019

 

Witan Investment Trust plc ("the Company")

1 May 2019

Share Buyback Authority

The purpose of this announcement is to restate details of the Company's current share buyback authority. 

This authority was renewed at the Company's AGM on 1 May 2019, which granted authority for the purchase of a maximum of 132,533,480 of its new ordinary shares of 5 pence each once Resolution 12 (the subdivision of each of the issued ordinary shares of 25 pence each in the capital of the Company into five ordinary shares of 5 pence each) becomes effective on 28 May 2019, or otherwise 26,506,696 of its ordinary shares of 25 pence each. Such authority shall expire at the conclusion of the next annual general meeting of the Company or on 1 November 2020 (whichever is earlier).  

Buybacks under the authority may be funded from the Company's own cash resources or, if appropriate, from short term borrowings. No maximum consideration payable has been determined by the Company, but repurchases will be conducted in accordance with the Listing Rules and the Company is additionally unable to pay a price for any shares pursuant to its buyback authority which would equate to a premium on the net asset value. Shares bought back are held in treasury and will be re-sold only at, or at a premium to, the prevailing net asset value per share at the time of issue

The Company has entered into an agreement with J.P. Morgan Securities plc (JPMS plc) under which it will instruct JPMS plc. JPMS plc will carry out the instructions through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company. This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.

-ENDS-

For further information please contact:

Andrew Bell

Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

 

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