British Empire Securities & General Trust plc commences share repurchases on January 5, 2018, under the program mandated by the shareholders in the Annual General Meeting held on December 20, 2017. As per the mandate, British Empire Securities will repurchase up to 17,323,920 shares, representing 14.99% of its share capital. The minimum price payable per ordinary share will be 10p. The maximum price which may be paid for any ordinary share shall be equal to the amount 105% of the average of the closing price of the company's ordinary shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased or in the case of a series of buy-backs the greater of the last independent trade or the highest independent bid. The share repurchase program will expire at the conclusion of the next Annual General Meeting of the company, or after 15 months, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting. As of November 9, 2017, the company had 129,526,165 shares in issue, out of which 13,956,317 shares were held under treasury.