REG - Witan Inv Tst PLC - Net Asset Value(s)

Witan Investment TrustAnnouncement

14/04/2020 15:50

RNS Number : 6255J
  
Witan Investment Trust PLC
  
14 April 2020
  
 

WITAN INVESTMENT TRUST PLC
 
14 April 2020   
 
NET ASSET VALUE
 
 
The unaudited net asset values (NAVs) of the Company as at 9 April 2020 are noted below in pence per share. NAVs are calculated in accordance with stated policies. Applicable accounting standards and AIC recommendations are followed.
 
 
 



 


Pence per share
Cum Income
 
 


Pence per share
Ex Income
 




Financial liabilities at par value
 


 181.52


 180.49




Financial liabilities at fair value


 176.84


 175.82



 
 
Pursuant to the announcement made on 25 March that the Company will be redeeming its 6.125% 2025 Secured Bonds early, notice has now been given to Bondholders and the redemption is expected to take place on 11 May 2020. The redemption price will include a make-whole payment which will be calculated closer to the redemption date. An estimated provision of £21.8m (-1.4%) has been included in the net asset value (with debt valued at par) for 9 April and an estimated provision of £5.7m (-0.4%) has been included in the net asset value (taking debt at fair value). As noted in the earlier announcement, the early redemption will enable the Company to make more flexible use of lower cost, short-term borrowings. At current interest rates, there would be an estimated £3m p.a. interest saving if the secured bonds were replaced with short-term borrowings, or up to £3.9m p.a. when part or all of the borrowings were not drawn. It will also increase the Company's flexibility should it wish (within its existing policy on gearing) to take advantage of current low interest rates to extend the term of the borrowings rather than waiting until 2025 to do so.
 
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For further information, please call:
 
Steven Morrison
Investment Trust Accounting Department
BNP Paribas Securities Services
Tel: 01382 777257
 
 


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