Merger seen completed late Sept, early Oct (Il Sole 24 Ore Radiocor) - London, 26 Jun - The UK investment companies Alliance Trust and Witan Investment Trust said that they have entered into heads of terms for a combination to create Alliance Witan.

"This follows a comprehensive strategic review by the board of Witan of its investment management arrangements," according to a joint statement.

"With net assets of around 5 billion pounds, significant economies of scale, eligibility for FTSE 100 inclusion, powerful and well-established brand recognition on both sides, and proven marketing expertise backed by dedicated resources and budget, Alliance Witan will aim to be the UK's leading global equity investment proposition, at the core of retail investors' portfolios," it added.

The merger is expected to be completed by late September/early October, according to the companies.

Alliance Witan will increase its third and fourth interim dividends for the financial year ending December 31, 2024 so that they are commensurate with the interim dividend payments currently being paid to Witan shareholders. This is currently estimated to represent an increase of 2.6% on the first Alliance Trust interim dividend of the current financial year and a 7.1% increase on the fourth Alliance Trust interim dividend, they added.

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(RADIOCOR) 26-06-24 12:57:44 (0327) 5 NNNN