JPMorgan European Smaller Companies Trust plc (LSE: JESC) commences share repurchases on November 13, 2018, under the program mandated by the shareholders in the Annual General Meeting held on July 10, 2018. Under the program, the company will repurchase up to 23,982,184 ordinary shares, representing 14.99% of its issued capital. The minimum price which may be paid for an ordinary share will be the nominal value of such ordinary share. 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 by 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 repurchased shares will be cancelled or held in treasury. The share repurchase program will expire on January 9, 2020 or at the next Annual General Meeting in 2019, whichever is earlier. As at March 31, 2018, the Company had 159,987,885 shares in issue.