British Empire Securities & General Trust plc ( LSE: BTEM) commences share repurchases on December 19, 2018, under the program mandated by the shareholders in the Annual General Meeting held on December 19, 2018. As per the mandate, the company is authorized to repurchase up to 16,705,198 shares, representing 14.99% of its issued share capital. The minimum price which shall be paid for an ordinary share will be 10p. The maximum price which may be paid for any ordinary share shall be the higher of 105% of the average of the closing price of the company's ordinary shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased and the higher of the last independent trade and the highest independent bid. The shares repurchased will be cancelled or held in treasury. This authority shall expire at the conclusion of the next Annual General Meeting of the company, or after 15 months, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting. As of November 9, 2017, the company had 129,526,165 shares in issue, out of which 18,083,880 shares were held under treasury.