Witan plans to buy back Aviva’s stake

The Board of Witan Investment Trust announces that it has agreed in principle with Aviva Investors Global Services Limited (“AIGSL”) as agent acting in its capacity as investment manager for and on behalf of Friends Life Limited, to purchase up to Friends Life’s entire holding of 31,636,753 shares (representing 15.8 per cent. of the issued share capital of the company – about £239m worth at the current share price).

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 per cent. 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.

WTAN : Witan plans to buy back Aviva’s stake