Witan Investment Trust plc announced that, as required by the terms of the trust deed in respect of the Secured Bonds, it has given notice to the Trustee that it wishes to redeem the Bonds early and 30 days' notice of the early redemption is being provided to bondholders. With the terms of the Trust Deed, bondholders will receive a break payment reflecting the difference between the coupon and the return available on UK Gilt Edged securities with a comparable redemption date. Although the final redemption amount will be fixed nearer to the redemption date, the estimated cost not already reflected in the Company's daily NAV announcements is approximately £6m, or 0.4% of the net asset value (including income, with debt at fair value). The approximately £85 million repayment proceeds will be funded from existing cash resources and short-term borrowing facilities. The early redemption, particularly in current volatile conditions, will enable the Company to make greater use of low-cost short-term borrowings repayable at will. At current interest rates, there would be an estimated £3 million p.a. interest saving if the £65 million Secured Bonds were replaced with short-term borrowings, or up to £3.9 million at times when part or all of the borrowings were not drawn. It will also increase the Company's flexibility should it subsequently wish (within its existing policy on gearing) to take advantage of current low interest rates to extend the term of the borrowings rather than waiting until 2025 to do so.