Octopus Titan Vct plc (LSE:OTV2) commences share repurchases on October 6, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 14, 2022. As per the mandate, the company is authorized to repurchase up to 193,009,172 shares, representing 14.99% of its issued ordinary share capital. The minimum price which may be paid shall be £0.10 per share.
The maximum price, exclusive of expenses, which may be paid for an ordinary share is an amount equal to 105% of the average of the middle market quotations for an ordinary share taken from 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. The program will be valid till the next Annual General Meeting or for 15 months, whichever is earlier. As on December 31, 2021, the company had 1,298,498,396 ordinary shares in issue and no shares in its treasury.