11 Feb 2019 08:39
Witan Pacific Investment Trust plc
Corporate Update
Witan Pacific Investment Trust plc ("Witan Pacific" or "the Company") has achieved significant absolute appreciation in the Company's underlying net asset value ("NAV") and in its dividend over recent years. However, the Board of the Company is concerned that, in common with many other actively managed funds, the Company has experienced some underperformance relative to its benchmark in recent years.
The Board believes that the Company must justify its actively managed investment approach. Accordingly, the Board has determined that, if the Company does not deliver NAV total return outperformance of its benchmark over the period from the last financial year end to 31 January 2021, the Board will put forward proposals which would include a full cash exit at close to NAV for all shareholders as soon as reasonably practicable after 31 January 2021.
The Company is a multi-manager investment trust, and the only investment trust with a pan-Asia mandate including Japan. The Company has outperformed its benchmark (MSCI AC Asia Pacific) since the inception of its multi-manager strategy in 2005. The Board remains confident that the Company's pan-Asian focus and multi-manager investment strategy can deliver attractive returns and long-term outperformance for shareholders, however the Board believes it appropriate to offer shareholders the opportunity to realise their holding in the Company at close to NAV, in the circumstances described.
The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Market Abuse Regulation 596/2014, prior to its release.
Enquiries:
James Hart
Witan Investment Services
020 7227 9770
William Simmonds
J.P. Morgan Cazenove
020 7742 4000
Link Company Matters Limited - Corporate Secretary
Email: WitanPacificInvestmentTrustPLC@linkgroup.co.uk
LEI: 213800KOK5G3XYI7ZX18