Witan Investment Trust to Buy Back Friends Life Stake
April 28 2016 - 6:22AM
Dow Jones News
By Tapan Panchal
LONDON--Witan Investment Trust PLC (WTAN.LN) said Thursday that
it has conditionally agreed to buy back Friends Life Ltd.'s entire
15.8% stake in the company.
The investment trust has agreed in principle with Aviva
Investors Global Services Ltd. to purchase Friends Life's entire
holding of 31.64 million Witan shares. Aviva Investors is acting as
investment manager for Friends Life.
The repurchase by Witan is conditional on shareholder approval
and will be made at a price equivalent to a discount of 6.5% to the
prevailing published net asset value of Witan.
Friends Life is a part of FTSE100 listed insurance company Aviva
PLC (AV.LN).
Shares of Witan at 0933 GMT traded 1.9% lower at 769 pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
April 28, 2016 06:07 ET (10:07 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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