(Alliance News) - Witan Investment Trust PLC on Monday reported a rise in net asset value for last year alongside the departure of its Chief Executive Officer Andrew Bell after 14 years at the helm.
The London-based investment company, with diverse holdings including in Apax Global Alpha Ltd, Unilever PLC, Amazon.com Inc, Microsoft Corp and Nintendo Co Ltd, said net asset value per share as at December 31 rose 10% to 249.57 pence each from 226.80p a year prior.
Witan declared a dividend of 6.04p for 2023, up 4.1% from 5.80p a year ago. "The board anticipates dividend cover improving further in coming years, alongside continued annual dividend growth," it said.
Looking ahead, Witan said its performance remained in line with its equity benchmark in net asset value total returns terms, and ahead in share price total return terms.
Further, Witan said CEO Andrew Bell will retire from his role during the coming year, with him set to continue his current role until the completion of the review. He has been CEO for over 14 years.
The board said it "has decided to take this as an opportunity to conduct a review of Witan's investment management arrangements and is inviting proposals for the future management of the company's portfolio."
Bell will remain as CEO until the review is completed and will be in post during any required transition. "Witan's portfolio will continue to be managed in accordance with the current investment approach, throughout the review process," the firm said.
Witan shares were 0.5% lower at 241.71 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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Witan (WTAN)
Apax Global Alpha (APAX)
Unilever (ULVR)