Witan Investment Trust PLC - London-based investment company, with diverse holdings including in Apax Global Alpha Ltd, Unilever PLC and Microsoft Corp - Enters into agreement with JPMorgan Securities PLC to oversee the the company's ongoing share buyback programme. The programme, approved by Witan shareholders in May, is for up to 99.0 million, or 15%, of the company's shares. Witan says the agreement with JPMS will "remove the administrative burden of overseeing share buybacks on a day-to-day basis". Since May, Witan has repurchased 38.8 million of its shares, with a remaining buyback balance of 60.2 million as of January 31.
Witan says that the buyback programme is being undertaken "to provide liquidity in the market, while being accretive to the net asset value and helping to moderate discount volatility". No maximum pecuniary amount has been allocated to the programme by Witan.
Current stock price: 234.74 pence, down 0.3% in London on Thursday morning.
12-month change: up 3.4%
By Hugh Cameron, Alliance News reporter
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Witan (WTAN)