Herald Investment Trust PLC (LSE:HRI) commences share repurchases on May 9, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 19, 2022. As per the mandate, the company is authorized to repurchase up to 9,581,146 shares, representing 14.99% of its issued share capital. The minimum price per ordinary share will be 25p.

The maximum price which may be paid for any ordinary share shall be equal to the higher of, either the amount 5% above 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 the higher of the last independent trade and the highest current independent trade on the London Stock Exchange. The authority is valid till the next Annual General Meeting in 2023, or 15 months from the date of passing of this resolution, whichever is earlier. As of February 18, 2022, the company had 63,916,916 issued and outstanding shares.