1 October
2024
Witan Investment Trust
plc
Legal Entity
Identifier: 213800XMW68XFT6D1X59
Results of Scheme Elections
In connection with the proposals for
the combination of the assets of Witan Investment Trust plc
(the "Company") with
Alliance Trust PLC ("ATST")
(to be renamed Alliance Witan PLC), by means of a scheme of
reconstruction and winding up of the Company under section 110 of
the Insolvency Act 1986 (the "Scheme"), the Board is pleased to
announce the following Elections in connection with the
Scheme:
· Rollover Option: 538,482,637 Shares (90.7 per cent. of
Ordinary Shares (excluding treasury shares) in issue)
· Cash
Option: 55,416,014 Shares (9.3 per cent. of Ordinary Shares
(excluding treasury shares) in issue)
In accordance with the Scheme,
Ordinary Shareholders that made no Election have been deemed to
have elected for the Rollover Option. Excluded Shareholders have
been deemed to have elected for the Cash Option.
As the total Elections made for the
Cash Option were less than 17.5 per cent of the Ordinary Shares
(excluding treasury shares) in issue (being the maximum number of
Ordinary Shares that can be elected for the Cash Option), no scale
back has been applied and all valid Elections will be satisfied in
full.
Therefore, the Ordinary Shares will be reclassified as
follows:
· 538,482,637 Reclassified Shares with "A" rights, being the
right to receive New ATST Shares
· 55,416,014 Reclassified Shares with "B" rights, being the
right to receive cash
Applications have been made to the
FCA and to the London Stock Exchange for the Ordinary Shares to be
reclassified for listing purposes with effect from 8.00 a.m. on 3
October 2024. The listing of, and dealings in, the Company's
Reclassified Shares are subsequently expected to be suspended at
7.30 a.m. on 9 October 2024.
The cancellation of listings of the
Reclassified Shares and the Preference is expected to occur on 10
October 2024.
Defined terms used in this announcement have the
meanings given in the Company's circular to
Shareholders dated 12 September 2024 (the "Circular"). The Circular is available
for viewing at the National Storage Mechanism which can be located
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and
on the Company's website at www.witan.com/investor-information/alliance-witan
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For further information
please contact:
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Witan Investment Trust plc
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Via J.P.
Morgan Cazenove
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Andrew Ross (Chair)
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J.P. Morgan
Cazenove
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+44 (0) 20
3493 8000
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William Simmonds
Rupert Budge
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