International Biotechnology Trust plc (LSE:IBT) commences share repurchases on March 2, 2023, under the program mandated by the shareholders in the Annual General Meeting held on December 6, 2022. As per the mandate, the company is authorized to repurchase up to 6,124,285 shares, representing 14.99% of its issued share capital. The maximum amount is equal to 105% of the average of the closing middle market quotations for an ordinary share (as derived from the London Stock Exchange Daily Official List) for the five Business Days immediately preceding the day on which that ordinary share is contracted to be purchased; and the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange at the time the purchase is carried out.

The minimum price that may be paid for such an ordinary share is 25p per share. The authority is valid until the conclusion of the next Annual General Meeting or 15 months from the passing of the 2023 Annual General Meeting. As of October 28, 2022, 41,383,817 ordinary shares were in issue, of which 571,458 ordinary shares were held in treasury.