Value and Income Trust PLC (LSE:VIN) commences share repurchases on January 18, 2021, under the program mandated by the shareholders in the Annual General Meeting held on September 3, 2020. As per the mandate, the company is authorized to repurchase up to 6,827,941 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1 and the maximum price which may be paid for each ordinary share is the higher 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 of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be 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. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled or sold. The authority shall expire at the conclusion of the next Annual General Meeting in 2021 or 15 months from date of passing of the resolution, whichever is earlier. As of July 28, 2020, the company had 45,549,975 ordinary shares in issue. J.P. Morgan Securities plc acted as a broker to the company.