Ellipsiz Ltd (SGX:BIX) commences share repurchases on April 14, 2023, under the program mandated by the shareholders in the Annual General Meeting held on October 25, 2022. As per the mandate, the company is authorized to repurchase up to 16,666,828 shares, representing 10% of the issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made.

While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 110% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The repurchase program will be funded from internal sources of funds or external borrowings or a combination of both. The shares purchased will be deemed cancelled immediately on purchase unless such shares are being held by the company as treasury shares for future sale; or transfer for the purposes of or pursuant to any share scheme, whether for its employees, directors or other persons; or for transfer as consideration for the acquisition of shares in or assets of another company or assets of a person; or otherwise for such other purposes as may be prescribed by the Minister for Finance.

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 carried out to the full extent, unless varied or revoked in a General Meeting.