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Error forces EGM for the Witan trust

Henderson Investors is facing a bill of about £10,000 after making an error in the 1997 annual report of the £1.3bn Witan Investment Company.

A proposal to allow a buy-back of up to 3 per cent of Witan&#39s shares was not heard at the AGM as planned on March 17. An outline of the proposals confused "minimum" price payable with "maximum" price payable.

The proposal stated that the minimum price which may be paid for an ordinary share is 5 per cent above the average middle-market price of the shares for the five preceding business days.

But that is the maximum price payable, with the minimum price being the nominal value of the shares, 25p.

Shareholders are being sent a corrected version of the proposal, which will be voted on at an extraordinary general meeting on April 7. Henderson, which manages Witan, is paying for the EGM and postal costs of sending out the amended buyback details.

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