JPMorgan Mid Cap Investment Trust plc commences share repurchases on January 25, 2017, under the program mandated by the shareholders in the Annual General Meeting held on October 27, 2016. As per the mandate, the company is authorized to repurchase up to 3,597,177 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for a share shall be 25 pence. The maximum price which may be paid for a share shall be an amount equal to the higher of, either 105% of the average of the middle market quotations for an 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 purchased, or the price of the last independent trade, or the highest current independent bid. Any repurchase 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) at the date following not more than seven days before the date of repurchase. The authority will expire on April 26, 2018, unless the authority is renewed at the next Annual General Meeting or at any other General Meeting prior to such time. As of September 22, 2016, the company had 23,997,180 shares in issue.