REG - Witan Inv Tst PLC - Share buyback authority

Witan Investment TrustAnnouncement

01/05/2024 17:30

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RNS Number : 8976M  Witan Investment Trust PLC  01 May 2024

WITAN INVESTMENT TRUST PLC (the "Company")

Share Buyback Authority

 

1 May 2024

 

The purpose of this announcement is to restate details of the Company's
current share buyback authority, which was renewed at the Company's Annual
General Meeting today, 1 May 2024.  This granted authority for the purchase
of a maximum of 91,204,814 ordinary shares of 5 pence each, being 14.99% of
the ordinary shares then in issue.  Such authority shall expire at the
conclusion of the next annual general meeting of the Company or on 31 July
2025 (whichever is earlier).

 

In February 2024 the Company entered into an irrevocable non-discretionary
agreement with J.P. Morgan Securities plc ("JPMS plc") pursuant to which JPMS
plc acquires ordinary shares in the Company, within certain pre-set
parameters, for subsequent sale on to and purchase by the Company. Shares
bought back are held in treasury and will be re-sold only at, or at a premium
to, the prevailing net asset value at the time of issue.

 

JPMS plc makes its trading decisions in relation to the ordinary shares
independently of, and uninfluenced by, the Company. The agreement has been
renewed today and will terminate on 30 September 2024, after which it may be
renewed again. Purchases will be made within the authorities granted by
shareholders at the Company's Annual General Meeting held today.

 

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules
and the Company's general authority to repurchase shares. No maximum pecuniary
amount has been allocated to the Programme by the Company but repurchases will
be conducted in accordance with the Company's established practice, the
Listing Rules and applicable regulation.

 

As in recent years, the buyback will continue to be undertaken in order to
provide liquidity in the market, while being accretive to the net asset value
and helping to moderate discount volatility.

-ENDS-

 

For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel:  020 7227 9770

Andrew.Bell@witan.co.uk

 

James Hart, Investment Director

Witan Investment Trust plc

Tel:  020 7227 9770

James.Hart@witan.co.uk

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