International Biotechnology Trust plc commences an Equity Buyback Plan for 5,851,887 shares, representing 15.05% of its issued share capital, under the authorization approved on December 12, 2023.

International Biotechnology Trust plc (LSE:IBT) commences share repurchases on December 13, 2023, under the program mandated by the shareholders in the Annual General Meeting held on December 12, 2023. As per the mandate, the company is authorized to repurchase up to 5,851,887 shares, representing 15.05% of its issued share capital. The maximum amount is equal to 105% of the average of the closing 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 day on which that ordinary share is contracted to be purchased; and the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange at the time the purchase is carried out.

The minimum price that may be paid for such an ordinary share is 25p per share. The authority is valid until the conclusion of the next Annual General Meeting in 2024 or 15 months from the passing of the 2023 Annual General Meeting. As of December 12, 2023, 41,383,817 ordinary shares were in issue, of which 2,500,210 ordinary shares were held in treasury.