Witan Investment Trust plc commences an Equity Buyback Plan for 92,145,975 shares, representing 14.99% of its issued share capital, under the authorization approved on May 1, 2024.
May 01, 2024 at 09:30 am IST
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Witan Investment Trust plc (LSE:WTAN) commences share repurchases on May 1, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 1, 2024. As per the mandate, the company will repurchase up to 92,145,975 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.05 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The repurchase shares will be cancelled immediately or held in treasury and maybe transferred or sold or reissued. The program will be funded out of the company's accumulated realized capital reserves. The repurchase program will be valid till the next Annual General Meeting in 2025 or on the expiry of 15 months, whichever is earlier. As of March 20, 2024, the company had 614,716,314 shares in issue and had 385,638,686 shares in treasury.
J.P. Morgan Securities plc acted as a broker to the company.
Witan Investment Trust plc is a United Kingdom-based investment trust. The Company's objective is to achieve an investment total return exceeding that of its benchmark over the long term, together with growth in the dividend ahead of inflation. It invests primarily in listed companies across global equity markets, using a multi-manager approach. The Company's actively managed portfolio covers a range of markets and sectors, offering a distinctive way for investors to access the opportunities created by global economic growth. It invests in various sectors, which include industrials, financials, information technology, investment companies, consumer staples, healthcare, consumer discretionary and materials, among others. Its investment managers are Jennison Associates LLC, Lansdowne Partners (UK) LLP, Lindsell Train Limited, Veritas Asset Management, WCM Investment Management and Artemis Investment Management LLP (core portfolio), GMO LLC and GQG Partners LLC (specialist portfolio).
Witan Investment Trust plc commences an Equity Buyback Plan for 92,145,975 shares, representing 14.99% of its issued share capital, under the authorization approved on May 1, 2024.