Company Announcements

Share Buyback Authority

Source: RNS
RNS Number : 4852Y
Witan Investment Trust PLC
04 May 2023
 

Witan Investment Trust plc (the "Company")

 

4 May 2023

 

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 4 May 2023, which granted authority for the purchase of a maximum of 99,028,329 ordinary shares of 5 pence each.  Such authority shall expire at the conclusion of the next annual general meeting of the Company or on 3 November 2024 (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

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
STRAIMATMTAMBLJ