JPMorgan American Investment Trust plc (LSE:JAM) commences share repurchases on May 11, 2016, under the program mandated by the shareholders in the Annual General Meeting held on May 11, 2015. As per the mandate, the company is authorized to repurchase up to 40,075,474 shares, representing 14.99% of its share. The minimum price which may be paid for a share shall be 25p and the maximum price which may be paid for a share shall be an amount equal to the highest of 105% of the average of the middle market quotations for a share taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is contracted to be purchased. The authority shall expire on 31st October 2015 unless the authority is renewed at the company’s Annual General Meeting in 2015 or at any other general meeting prior to such time.