Octopus Renewables Infrastructure Trust plc (LSE:ORIT) commences share repurchases on June 4, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 84,682,637 shares, representing 14.99% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 5% of the average of the middle market quotations for the ordinary shares for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out at the relevant time.

The minimum price which may be paid for an ordinary share is 1p. The repurchased shares will be cancelled or held as treasury shares. The program is being carried out for managing capital efficiency and increasing the shareholder value and net asset value.

The authority shall expire at the earliest of the next Annual General Meeting in 2024 or, if earlier, on the expiry of 15 months from the passing of this resolution. As of March 28, 2023, the company had 564,927,536 shares in issue and had no shares in treasury.