WITAN INVESTMENT TRUST PLC (the "Company")

Share Buyback Authority

1 May 2024

The purpose of this announcement is to restate details of the Company's current share buyback authority, which was renewed at the Company's Annual General Meeting today, 1 May 2024.  This granted authority for the purchase of a maximum of 91,204,814 ordinary shares of 5 pence each, being 14.99% of the ordinary shares then in issue.  Such authority shall expire at the conclusion of the next annual general meeting of the Company or on 31 July 2025 (whichever is earlier). 

In February 2024 the Company entered into an irrevocable non-discretionary agreement with J.P. Morgan Securities plc ("JPMS plc") pursuant to which JPMS plc acquires ordinary shares in the Company, within certain pre-set parameters, for subsequent sale on to and purchase by the Company. Shares bought back are held in treasury and will be re-sold only at, or at a premium to, the prevailing net asset value at the time of issue.

JPMS plc makes its trading decisions in relation to the ordinary shares independently of, and uninfluenced by, the Company. The agreement has been renewed today and will terminate on 30 September 2024, after which it may be renewed again. Purchases will be made within the authorities granted by shareholders at the Company's Annual General Meeting held today.

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares. No maximum pecuniary amount has been allocated to the Programme by the Company but repurchases will be conducted in accordance with the Company's established practice, the Listing Rules and applicable regulation.

As in recent years, the buyback will continue to be undertaken in order to provide liquidity in the market, while being accretive to the net asset value and helping to moderate discount volatility.

-ENDS-

For further information please contact:

Andrew Bell, Chief Executive Officer

Witan Investment Trust plc

Tel:  020 7227 9770

[email protected]

James Hart, Investment Director

Witan Investment Trust plc

Tel:  020 7227 9770

[email protected]