Downing Strategic Micro-Cap Investment Trust PLC (LSE:DSM) commences share repurchases on October 5, 2020, under the program mandated by the shareholders in the Annual General Meeting held on July 1, 2020. As per the mandate, the company is authorized to repurchase up to 8,164,603 shares, representing 14.99% of the issued share capital. The minimum price that may be paid for each ordinary share is 0.001 pence and the maximum price that may be paid for each share shall be the higher of an amount equal to 5% above the average of the market values of the ordinary shares for the five business days immediately preceding the date of purchase as derived from the Daily Official List of the London Stock Exchange and the higher of the price quoted for either the last independent trade of or 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 2021.