Wentworth Resources plc (AIM:WEN) commences share repurchases on December 17, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 15, 2021. As per the mandate, the company is authorized to repurchase up to 18,554,913 shares, representing 10% of its issued share capital. The minimum price that may be paid for a share will be $0.01.

The maximum price that may be paid for a share will be the higher of an amount equal to 105% of the average of the closing middle market price for a share as derived from the AIM appendix to the London Stock Exchange Daily Official List for the 5 business days immediately prior to the date the shares are contracted to be purchased or an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid for a share as derived from the London Stock Exchange Trading System. The purpose of the program is to reduce the issued share capital of the company. The repurchased shares will be held as treasury shares or cancelled.

The authority will expire at the end of the next AGM of the Company or 15 months after the date the resolution was passed, whichever is the earlier. As of May 4, 2021, the company had 185,549,139 issued shares.