The Scottish Investment Trust PLC (LSE:SCIN) commences share repurchases on January 29, 2016 under the program mandated by the shareholders in the Annual General Meeting held on January 29, 2016. As per the mandate, the company is authorized to repurchase up to 15,745,859 shares, representing 14.99% of the aggregate issued shares. The minimum price which may be paid for a share shall be 25p per ordinary share and the maximum price which may be paid for a share shall be the higher of 105% of the average of the middle market quotations as derived from the Daily Official List of the London Stock Exchange for the five business days immediately preceding the date of purchase and the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out.

The company is authorized in accordance with section 701 of the Companies Act 2006 and in substitution for any pre-existing such authority, to make market purchases within the meaning of section 693 of the Act. Unless previously varied, revoked or renewed, the share repurchase program shall expire on April 29, 2017, save that the company may, prior to such expiry, enter into a contract to purchase shares under such authority which will or might be executed wholly or partly after the expiration of such authority and may make a purchase of shares pursuant to any such contract. As of December 9, 2015, the company had 105,042,426 shares issued and outstanding (none of which is held in treasury).