Securities Trust of Scotland plc (LSE:STS) commences share repurchases on December 21, 2020, under the program mandated by the shareholders in the Annual General Meeting held on September 24, 2020. As per the mandate, the company is authorized to repurchase up to 15,700,306 shares, representing 14.99% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 5% above the average of the middle market quotations for the ordinary shares taken from the London Stock Exchange Daily Official List for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out at the relevant time. The minimum price which may be paid for an ordinary share is 1p. The program will be valid till the next Annual General Meeting in 2021, or 15 months from the passing of this resolution, whichever is earlier. As at June 20, 2019, the company had 104,738,538 shares in issue.