The Independent Investment Trust PLC (LSE:IIT) commences share repurchases on June 22, 2020, under the program mandated by the shareholders in the Annual General Meeting held on April 9, 2020. As per the mandate, the company is authorized to repurchase up to 8,202,134 shares, representing 14.99% of its issued share capital. The shares will be repurchased at a minimum price of £0.25 per share. and at a maximum price not more than the higher of 5% above the average closing price on the London Stock Exchange of a share over the 5 business days immediately preceding the date of purchase and the higher of the last independent trade of, and the highest current independent bid for a share on the London Stock Exchange. The shares may be repurchased to be retained as treasury shares for future reissue, resale, transfer or for cancellation. The plan will be valid up to the conclusion of the Annual General Meeting of the company to be held in respect of the year ending November 30, 2020. As of January 24, 2020, the company had 54,717,378 shares in issue.