The shareholders of Scottish Investment Trust plc (LSE:SCIN) authorized a share repurchase program at its Annual General Meeting on January 27, 2012. Under the program, the company will repurchase up to 17,080,045 shares, representing 14.99% of the aggregate issued shares as of December 12, 2011. 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. 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. Unless previously varied, revoked or renewed, the share repurchase program shall expire on April 30, 2013. As of December 12, 2011, the company has 113,942,926 shares in issue.