Last checked at 
29 Apr 2020 15:28
29 April 2020
WITAN INVESTMENT TRUST PLC
Payment of a First Interim Dividend
In accordance with its normal policy, the Company expects to pay quarterly interim dividends each year in March, June, September and December. The Company has previously indicated that the first three payments in respect of 2020 (in June, September and December) will, in the absence of unforeseen circumstances, be paid at a rate of 1.34 pence per share, being approximately one quarter of the full year payment for 2019 (5.35 pence). The fourth payment (in March 2021) will be a balancing amount, reflecting the difference between the three quarterly dividends already paid and the payment decided for the full year.
Accordingly, the Company hereby announces that a first interim dividend of 1.34 pence per ordinary share of 5 pence, in respect of the year ending 31 December 2020, will be paid on Friday 19 June 2020 to shareholders registered at the close of business on Friday 22 May 2020 (ex-dividend date Thursday 21 May 2020).
The Board notes that an unusually large number of quoted companies have suspended or cut their dividends in response to the Covid-19 epidemic. This will undoubtedly have an impact on Witan's portfolio dividend income this year. However, one benefit of the investment trust structure is the ability to create revenue reserves, to enable dividends and dividend growth to be supported in lean times. The Company's revenue reserves amount to £71m, more than 1.5 times the annual dividend payment, having been added to in nine out of the past ten years. Although forecasts are currently subject to greater than usual uncertainty, the Board will if necessary make use of the reserves to extend the Company's 45 year record of consecutive dividend increases.
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For further information please contact:
Andrew Bell, Chief Executive Officer
Witan Investment Trust plc
Tel: 020 7227 9770
Andrew.bell@witan.co.uk
Alexis Barling, Director of Marketing
Witan Investment Trust plc
Tel: 020 7227 9770
Alexis.barling@witan.co.uk