Witan Investment Trust PLC Share buyback authority (5196U)
July 13 2018 - 2:00AM
UK Regulatory
TIDMWTAN
RNS Number : 5196U
Witan Investment Trust PLC
13 July 2018
Witan Investment Trust plc ("the Company")
13 July 2018
Share Buyback Authority
The Company is restating on a RNS the details of its current
share buyback authority.
This authority was renewed at the Company's AGM on 2 May 2018,
which granted authority for the purchase of a maximum of 26,717,240
of its ordinary shares. To date, no shares have been repurchased
under this authority, leaving a maximum available buyback authority
of 26,717,240 shares. Such authority shall expire at the conclusion
of the next annual general meeting of the Company or on 1 November
2019 (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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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