Foreign & Colonial Investment Trust Plc (LSE:FCIT) commences share repurchases on May 12, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 10, 2021. As per the mandate, the company is authorized to repurchase up to 80,250,000 shares, representing approximately 14.99% of its issued share capital. The minimum price (excluding expenses) which may be paid for each ordinary share is 25 pence. The maximum price (excluding expenses) which may be paid for each ordinary share is an amount equal to the higher of 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the date on which the ordinary share is contracted to be purchased and an amount equal to higher of the price of the last independent trade for an ordinary share and the highest current independent bid for an ordinary share on the trading venues where the purchase is carried out. The authority is valid till the next Annual General Meeting or till June 30, 2022, whichever is earlier. J.P. Morgan Securities plc acted as a broker to the company.