The Mercantile Investment Trust plc (LSE:MRC) commences share repurchases on July 13, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 24, 2023. As per the mandate, the company is authorized to repurchase up to 141,579,378 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 the highest of 105% of the average of the middle market quotations for the ordinary shares taken from the London Stock Exchange plc 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 price of the last independent trade and the highest current independent bid.

The minimum price which may be paid for an ordinary share shall be the nominal value of the share. The repurchased shares will be cancelled or held as treasury shares. The program will be valid till the next Annual General Meeting in 2024, or November 23, 2024, whichever is earlier.

As at April 3, 2023, the company had 944,492,180 issued shares and had 154,411,518 shares in treasury.