JPMorgan Brazil Investment Trust plc (LSE:JPB) commences share repurchases on October 31, 2016, under the program mandated by the shareholders in the Annual General Meeting held on September 7, 2016. As per the mandate, the company will repurchase up to 6,346,144 Ordinary shares, representing 14.99% of its issued share capital. The minimum price which may be paid for an ordinary share is 1 pence. The maximum price which may be paid for a share shall be an amount equal to the highest of either 105% of the average of the middle market quotations for a an Ordinary share, taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is contracted to be purchased; or the price of the last independent trade; or the highest current independent bid. Any purchase of shares will be made in the market for cash at prices below the prevailing net asset value per share (as determined by the Directors). The authority is valid till March 6, 2017. As of July 18, 2016, the company had 42,335,854 ordinary shares outstanding excluding treasury shares.