Witan - Annual results commentary

[richfool]

Witan (WTAN), the global 'multi-manager' investment trust, has warned it is still unclear how stock markets will react to another US interest rate rise next week.

‘Although equities [shares] are capable of making progress even if bond yields are rising, this depends on the extent of any change in yields and its cause,’ said Witan chief executive Andrew Bell in commentary with its annual results.

However, the widening in the discount, with the shares closing 4% below NAV at the end of the year, meant shareholders saw a smaller total return of 18.4% on their investment.

There was better news on the quarterly dividends which rose 11.8% to 19p per share, the 42nd consecutive year of increases, with payouts fully covered by earnings and leaving £6.5 million spare to go into revenue reserves.

http://citywire.co.uk/investment-trust- ... der+Weekly

I'm a happy holder of Witan.

[tjh290633]

The RNS is at http://www.investegate.co.uk/witan-inv- ... 00070820Z/

The important bits are:

For 2016, the Board has declared a fourth interim dividend of 6.25 pence per share, to be paid to shareholders on 31 March 2017, making a total distribution for the year of 19.0 pence (2015: 17.0 pence). This represents an increase of 11.8%, well ahead of the 1.6% rate of CPI inflation in the year to December 2016. This is the 42nd consecutive year that Witan has increased its dividend.

The Company pays dividends quarterly. The first three payments for 2017 (in June, September and December) will, in the absence of unforeseen circumstances, be paid at a rate of 4.75 pence per share (2016: 4.25 pence), being one quarter of the full year payment for 2016. The fourth payment (in March 2018) will be a balancing amount, reflecting the difference between the three quarterly dividends already paid and the payment decided for the full year.

2017 dividend schedule*

Ex-Dividend Date             Pay date         Dividend type   Dividend payable per share
                                                                                        
2 March 2017              31 March 2017       Fourth interim (2016)   6.25p        
                                                                                        
18 May 2017               16 June 2017        First interim           4.75p
                                                                                        
24 August 2017            18 September 2017   Second interim          4.75p                     
                                                                                        
16 November 2017          18 December 2017    Third interim           4.75p

* Please note that the dates and amounts for the first, second and third interim dividends could be subject to change.

TJH