Compliance with Market Abuse Regulation

RNS Number : 2735D

Witan Investment Trust PLC

05 July 2016

 

Witan Investment Trust plc ("the Company")

Compliance with Market Abuse Regulation - Share Buybacks

5 July 2016

Given the heightened focus on adequate public disclosure under the Market Abuse Regulation (MAR) which became effective from 3 July 2016, the Company is restating the details of its current share buyback authority.  This authority is renewed annually and it is expected that similar announcements will be made at the time of each renewal.

The Company announces that it currently has authority to repurchase a maximum of 29,346,057 of its ordinary shares (being its outstanding shareholder authority). Such authority lasts until the next shareholder authority is granted, or where expressly revoked by shareholders. 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 the Company is unable to pay a price for any shares pursuant to its buyback authority which would equate to a premium on the net asset value.

The Company instructs J.P. Morgan Securities plc to act as its broker in respect of its buyback transactions. These will be undertaken pursuant to the Company's share repurchase programme and the effect will be to be accretive to the net asset value per share and contribute to reducing discount volatility.  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

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.

MAR has altered the rules relating to close periods.  The Model Code and Listing Rule 15.5.1 have been discontinued.  The Company announced on 1 July 2016 that it was satisfied that all inside information which the Directors and the Company might have had to 1 July 2016 had previously been notified via a regulatory information service. Therefore the Company was not required to comply with the close period provisions of the Model Code in relation to the Company's ordinary shares during the short period from 1 July 2016 to 2 July 2016.

The mandatory closed period under MAR will commence later in July 2016 and will last until the results in respect of the six months ended 30 June 2016 are published, which is expected to be in August.  The Company will issue a further announcement to a regulatory information service when the closed period commences and will continue to operate its stated buyback policy during this period.  If, in this period, the Directors or the Company come into possession of any inside information, it will be notified to a regulatory information service before any further buyback transactions are undertaken.

-ENDS-

For further information please contact:

Andrew Bell

Chief Executive Officer

Witan Investment Trust plc

Tel: [phone]

 

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