The shareholders of JPMorgan European Smaller Companies Trust plc authorized a share repurchase program at its Annual General Meeting on July 16, 2013. Under the program, the company will repurchase up to 5,343,473 ordinary shares, representing 14.99% of its issued capital. The minimum price which may be paid for an ordinary share will be 25 pence. The maximum price which may be paid for a share will be an amount equal to the highest of 105% of the average of the middle market quotations for a share taken from and calculated reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased; or the price of the last independent trade; or the highest current independent bid. The share repurchase program will expire on January 15, 2015 or at the next Annual General Meeting, whichever is earlier.

The company's shareholders approved a tender offer to repurchase up to 5% of the shares.