REG - Witan Inv Tst PLC - Share Buyback Authority

Witan Investment TrustAnnouncement

29/04/2020 15:30

RNS Number : 3724L
  
Witan Investment Trust PLC
  
29 April 2020
  
 

Witan Investment Trust plc (the "Company")
 
29 April 2020
 
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 Annual General Meeting on 29 April 2020, which granted authority for the purchase of a maximum of 129,363,989 ordinary shares of 5 pence each.  Such authority shall expire at the conclusion of the next annual general meeting of the Company or on 28 October 2021 (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: 020 7227 9770


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