8 Jun 2018 11:52
LEI: 213800KOK5G3XYI7ZX18
8 June 2018
Witan Pacific Investment Trust plc
Publication of Circular
Witan Pacific Investment Trust plc (the "Company") has today published a circular in connection with the appointment of its auditor. On 26 April 2018 the Company published its annual report and accounts for the year ended 31 January 2018 including notice of the Company's annual general meeting to be held on 13 June 2018 (the "AGM"). The resolutions due to be put to shareholders at the AGM include resolutions concerning the appointment of Ernst & Young LLP ("EY") as auditor of the Company following an audit tender process carried out earlier this year.
Regrettably, EY has now informed the Board that it has come to light that a small amount of tax work carried out by its Indian network firm for the Company in February 2018, prior to EY's selection as auditor, technically precludes EY from accepting the proposed appointment as auditor for the year to 31 January 2019 under the Financial Reporting Council's revised Ethical Standards. The Board has concluded that resolutions 8 and 9 at the AGM in connection with the appointment of EY can no longer be put to shareholders and the Board intends to withdraw these resolutions. The Board is therefore proposing that the Company's existing auditors, PricewaterhouseCoopers LLP ("PwC"), be appointed for one further year.
Accordingly, the circular published by the Company today convenes a general meeting at which the appropriate shareholder authorities will be sought to reappoint PwC as auditor in place of EY for the year to 31 January 2019 (the "General Meeting"). The General Meeting will be held at 11.00 a.m. on 26 June 2018 at the offices of J.P. Morgan Cazenove, 60 Victoria Embankment, London EC4Y 0JP.
A copy of the circular has been submitted to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/nsm.do. A copy of the circular will also be available on the Company's website, www.witanpacific.com.
Enquiries:
James Hart
Witan Investment Services Limited
Tel: 020 7227 9770
James.Hart@witan.co.uk
Link Company Matters Limited - Corporate Secretary
Email: WitanPacificInvestmentTrustPLC@linkgroup.co.uk