2024-03-18 10:19:37
(Alliance News) – Witan Investment Trust PLC on Monday announced an increase in net asset value for last year, as well as the departure of its chief executive Andrew Bell following 14 years at the helm of the company.
The London-based investment firm, which has diverse stakes including Apax Global Alpha Ltd, Unilever PLC, Amazon.com Inc, Microsoft Corp and Nintendo Co Ltd, said net asset value per share as of Dec. 31 had risen 10% to 249.57p from 226.80p the previous year.
Witan declared a dividend of 6.04p for 2023, up 4.1% from 5.80p the previous year. “The board expects dividend coverage to further improve in the coming years, alongside continued annual dividend growth,” the company said.
Looking ahead, Witan said its performance remains in line with its benchmark in terms of total net asset value return, and superior in terms of total share price return.
Additionally, Witan said CEO Andrew Bell will retire in the coming year, and will continue in his current role until the review is completed. He was CEO for over 14 years.
The board said it “has decided to take the opportunity to conduct a review of Witan’s investment management arrangements and is seeking proposals for the future management of the company’s portfolio.”
Bell will remain CEO until the review is completed and will serve throughout the necessary transition period. “Witan’s portfolio will continue to be managed in accordance with the current investment approach, throughout the review process,” the company said.
Witan shares were down 0.5% at 241.71 pence each on Monday morning in London.
By Tom Budszus, Alliance News Editor
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