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Witan Investment Trust in buyback agreement

28 April 2016 10:32

Witan Investment Trust has agreed in principle with Aviva Investors Global Services Ltd (AIGSL) to purchase up to Friends Life's entire holding of 31,636,753 shares, or 15.8% of the issued share capital of the company.

A repurchase by Witan of Friends Life's shares would be on the condition that Witan receives the appropriate approvals from its shareholders at a general meeting to be convened in due course (expected to be in the near future).

Such repurchase would be at a price equivalent to a discount of 6.5% to the prevailing published net asset value (cum income and debt at fair value) per share at the time of any such repurchase made under the terms of the shareholder resolution following the general meeting.

Following the signing of an agreement with AIGSL, further information will be contained in a shareholder circular expected to be published shortly.

At 10:32am: (LON:WTAN) Witan Investment Trust Plc share price was -13.25p at 769.75p

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