Cambium Global Timberland Limited (AIM:TREE) commences share repurchase on December 4, 2018, under the program mandated by the shareholders in the Annual General Meeting held on September 20, 2018. As per the mandate, the Fund is authorized to repurchase up to 14.99% of its issued capital. The minimum price which may be paid per ordinary share will be £0.01. The maximum price which may be paid for any ordinary share will be equal to the amount 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. The share repurchase program will expire at the conclusion of the next Annual General Meeting to be held on 2019 or, if earlier, on the date falling 18 months after the passing of this resolution.