Kings Arms Yard VCT PLC (LSE:KAY) commences share repurchases on June 18, 2020, under the program mandated by the shareholders in the Annual General Meeting held on June 15, 2020. As per the mandate, the company is authorized to repurchase up to 64,572,882 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1. The maximum price (exclusive of expenses) which may be paid for each ordinary share shall be an amount equal to the higher of 105% of the average of the middle market quotations for the ordinary shares, as derived from the Daily Official List of the London Stock Exchange, for 5 business days before the day on which the purchase is made, the amount stipulated by article 5(1) of the Buy-back and Stabilization Regulation Act 2003. Any shares purchased will be held as treasury shares, which may then be cancelled or sold for cash. The repurchases will be made out of distributable profits of the company. Unless previously revoked, varied or renewed, the share repurchase program shall expire after 15 months from the date of passing of this resolution or, if earlier, at the conclusion of the next Annual General Meeting in 2020.