The North American Income Trust plc (LSE:NAIT) commences share repurchases on June 1, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 1, 2021. As per the mandate, the company is authorized to repurchase up to 21,350,952 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.05 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System.

Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, or on July 31, 2022, whichever is earlier. As of April 9, 2021, the company had 142,434,638 ordinary shares in issue.