Baillie Gifford Shin Nippon PLC (LSE:BGS) commences share repurchases on March 29, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2022. As per the mandate, the company is authorized to repurchase up to 47,106,447 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is the nominal value and the maximum price which may be paid for each ordinary share is the higher an amount equal to 5% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System.

The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company's obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company. As of March 11, 2022, the company had 314,252,485ordinary shares in issue.