JPMorgan Elect plc - Managed Income (LSE:JPEI) commences share repurchases on January 21, 2020 , under the program mandated by the shareholders in the Annual General Meeting held on January 20, 2020. As per the mandate, the company is authorized to repurchase up to 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is the nominal value of the share and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be held as treasury shares, which may then re-issued at a premium. The authority shall expire at the conclusion of the next Annual General Meeting of the company or 18 months from the passing of the resolution, whichever is earlier. As of December 12, 2019, the company had 356,933,818 shares in issue.