Edinburgh Dragon Trust Plc (LSE:EFM) commences share repurchases on December 13, 2019, under the program mandated by the shareholders in the Annual General Meeting held on December 12, 2019. As per the mandate, the company is authorized to repurchase up to 19,200,000 shares, representing 14.99% of its issued share capital. The minimum price which may be paid per ordinary share will be its £0.20.

The maximum price which may be paid for any ordinary share shall be being not more than the higher of either 105% of the average of the middle market quotations as derived shares for the five business days immediately preceding the date of purchase and the higher of the price of the last independent trade and the highest current independent bid relating to a share on the trading venue where the purchase is carried out. The repurchased shares will be cancelled or held in treasury. The program will expire at the conclusion of the next Annual General Meeting of the company or on February 28, 2021, whichever is earlier, unless previously renewed, varied or revoked by the company in a General Meeting.

As of August 31, 2019, the company had 159,611,677 shares in issue and 30,862,829 shares held in treasury.