Templeton Emerging Markets Investment Trust plc (LSE:TEM) commences share repurchases on September 28, 2021, under the program mandated by the shareholders in the Annual General Meeting held on July 8, 2021. As per the mandate, the company is authorized to repurchase 35,413,235 shares, representing 14.99% of its issued share capital. The minimum purchase price shall be the nominal value of an ordinary share.

The maximum price, which may be paid for an ordinary share shall be an amount equal to the higher of, either 105% of the average of the middle market quotations for an ordinary share calculated by reference to the London Stock Exchange Daily Official List for 5 business days immediately preceding the day on which the ordinary share is purchased, or the higher of the last independent trade price and the highest current independent bid price on the London State Exchange. Any shares purchased pursuant to this authority may be cancelled or held in treasury. Unless previously renewed, revoked, or varied, the authority hereby conferred shall expire at the conclusion of the next Annual General Meeting of the company to be held in 2022.

As of May 24, 2021, the company had 236,245,731 shares in issue.