Trian Investors 1 Limited (LSE:TI1) commences share repurchases on December 6, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 14, 2021. As per the mandate, the company is authorized to repurchase up to 39,621,428 shares representing 14.99% of its shares. The minimum price which may be paid for an ordinary share, or any different classes of shares, is ?0.01 and the maximum price which may be paid for an ordinary share, or any different classes of shares, is an amount equal to the higher of 5% above of the average of the mid-market prices for an ordinary share, or the relevant class of shares, as derived from the Specialist Fund Segment of the London Stock Exchange, for the five business days before the purchase is made and either the higher of the last independent trade or the highest prevailing independent bid at the time of purchase. The authority shall expire at the Annual General meeting of the company to be held in 2022 or, if earlier, the date falling 18 months from the passing of the resolution.