Essex Bio-Technology Limited announces an Equity Buyback for 57,473,500 shares, representing 10% of its issued share capital, under the authorization approved on April 29, 2022.

Essex Bio-Technology Limited (SEHK:1061) commences share repurchases on May 12, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2022. As per the mandate, the company is authorized to repurchase up to 57,473,500 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company.

The repurchases will be funded out of funds legally available for the purpose in accordance with the Memorandum and Articles, the Companies Act and other applicable laws of the Cayman Islands. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual general Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of April 29, 2022, the company had 574,735,000 shares in issue.