Alliance Trust and Witan have combined to form Alliance Witan PLC

In connection with the combination of the assets of the Company with the assets of Witan Investment Trust PLC ("WTAN") which was approved by WTAN Shareholders on 9 October 2024, the Board of Alliance Witan PLC (the "Company" or "ATST") is pleased to announce that the Company will acquire approximately £1,539 million of net assets from WTAN in consideration for the issue of 120,949,382 New Shares to WTAN Shareholders in accordance with the Scheme.

The number of New Shares to be issued was calculated based on an ATST FAV per Share of 1274.592460 pence and a WTAN FAV per Share of 286.293752 pence, producing a conversion ratio of approximately 0.224615 of a New Share for every WTAN Share rolling over, each calculated in accordance with the Scheme. As set out in the shareholder circular published by the Company on 12 September 2024 (the "Circular"), fractions of New Shares arising as a result of the conversion ratio will not be issued under the Scheme and entitlements to such New Shares will be rounded down to the nearest whole number.

See the RNS announcement for further details.

See June announcement on the London Stock Exchange (LSE), press release and Kepler research note on the proposed combination.

Alliance Trust and Witan: Better together

Chair of  Witan, Andrew Ross and Alliance Trust’s Dean Buckley discuss the benefits of the transaction for shareholders.