SVM UK Emerging Fund plc (LSE:SVM) commences share repurchases on September 25, 2019, under the program mandated by the shareholders in the Annual General Meeting held on September 13, 2019. As per the mandate, the company is authorized to repurchase up to 600,500 shares, representing 10% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 5% above the average closing price on the London Stock Exchange 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 5 pence. 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 program will be valid till the next Annual General Meeting in 2020, or 15 months from the passing of this resolution, whichever is earlier. As at June 30, 2019, the company had 6,005,000 shares in issue.