REG - Witan Inv Tst PLC - Share Buyback Authority

Witan Investment TrustAnnouncement

05/05/2022 17:00

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RNS Number : 5195K  Witan Investment Trust PLC  05 May 2022

Witan Investment Trust plc (the "Company")

 

5 May 2022

 

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 5 May
2022, which granted authority for the purchase of a maximum of 107,549,133
ordinary shares of 5 pence each.  Such authority shall expire at the
conclusion of the next annual general meeting of the Company or on 4 November
2023 (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 FCA 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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