IC Top 100 Fund Witan Investment Trust (WTAN) plans to buy back up to 31.6m of its shares from Friends Life, which is selling its entire stake in the investment trust. The stake represents around 16 per cent of Witan's issued share capital, worth about £231m. Witan's shareholders will get to vote on whether this goes ahead on 26 May, as this buyback would be in addition to the trust's existing ability to buy back 14.99 per cent of its shares over the next 12 months.
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