Downing Strategic Micro-Cap Investment Trust PLC (LSE:DSM) commences share repurchases on July 7, 2021, under the program mandated by the shareholders in the Annual General Meeting held on July 7, 2021. As per the mandate, the company is authorized to repurchase up to 7,791,532 shares, representing 14.99% of the issued share capital. The minimum price that may be paid for each ordinary share will be the nominal value per share and the maximum price that may be paid for each share will be the higher of 105% of the average of the middle market quotations (as derived from the Official List) of the ordinary shares for the five dealing days prior to the date on which the market purchase is made and the higher of the price quoted for the last independent trade of and the highest current independent bid for, any number of ordinary shares on the trading venue where the purchase is carried out. The repurchased shares will be sold, transferred, held in treasury otherwise will be cancelled. The repurchase is valid till next Annual General Meeting of the company to be held in 2022.

Shore Capital acted as financial adviser and broker to the company.