Second Chance Properties Ltd (SGX:528) commences share repurchases on January 11, 2017, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 29, 2016. As per the mandate, the company is authorized to repurchase up to 75,539,615 shares, representing 10% of its issued share capital. The purchase price to be paid for the shares pursuant to the purchases or acquisitions of the shares must not exceed 105% of the average closing price of the shares, in case of a Market Purchase and, 120% of the average closing price or highest last dealt price of the shares, in the case of an Off-Market purchase pursuant to an equal access scheme. Purchases or acquisitions of shares may be made either by on-market purchase transacted on the SGX-ST through the ready market, through one or more duly licensed stock brokers appointed by the company for the purpose and/or by off-market purchases effected pursuant to an equal access scheme as defined in Section 76C of the Companies Act. The purchased shares will be cancelled immediately on purchase or acquisition. The company intends to use a combination of internal sources of funds and/or external borrowings to finance purchases or acquisitions of shares. Purchases or acquisitions of shares pursuant to the share buyback mandate may be made, at any time and from time to time, on and from the date of the forthcoming Extraordinary General Meeting, at which the adoption of the share buyback mandate is approved, up to the earlier of the conclusion of the next Annual General Meeting of the company, the date by which the next Annual General Meeting is required by law to be held, the date on which the purchases or acquisitions of shares pursuant to the share buyback mandate are carried out to the full extent mandated, or the date on which the authority conferred by the share buyback mandate is revoked or varied by shareholders in a General Meeting. As of November 23, 2016, the company has 755,396,152 shares in issue.