Downing Renewables & Infrastructure Trust PLC (LSE:DORE) commences share repurchases on June 14, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 8, 2023. As per the mandate, the company is authorized to repurchase up to 27,669,664 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 5% above the average of the closing mid–market value of ordinary shares for the five business days before the purchase is made and the higher of the price of the last independent trade and the highest current independent bid for the ordinary shares on the trading venue where the purchase is carried out.

The shares purchased may either be cancelled or held as treasury shares. The program will be funded out of the available cash resources of the company. The authority shall expire earlier of the next Annual General Meeting in 2024 or December 31, 2024, unless revoked by the company.

As of March 29, 2023, the company had 184,587,487 ordinary shares in issue and 35,000 shares were held in treasury.