Australian Leaders Fund Limited (ASX:ALF) announces a share repurchase program. Under the program, the company will repurchase up to 45,629,098 shares, representing 20% of its issued capital. The Buy Back price will be calculated using the after tax NTA on 31 January 2020, net of expenses and any deferred tax assets on the balance sheet at the time. The Buy-Back will be funded from surplus cash. The purpose of the program is capital management for the benefit of security holders. The repurchased shares will be cancelled.