AVI Japan Opportunity Trust PLC (LSE:AJOT) commences share repurchases on October 3, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 3, 2022. As per the mandate, the company is authorized to repurchase up to 20,568,034 shares, representing 14.99% of its share capital. The minimum price which may be paid for a share shall be 1p and the maximum price which may be paid for an ordinary share shall be the higher of 5% above the average of the mid-market value of the ordinary shares for the five business days immediately preceding the date on which the relevant share is contracted to be purchased and the higher of the price of the last independent trade and the highest current independent bid for an ordinary share of the company on the London Stock Exchange.

The authority shall expire on the date which is 15 months after the date of the passing of the resolution or, if earlier, the date of the next Annual General Meeting of the company, unless previously varied, revoked or renewed. As of March 11, 2022, the company had 137,211,702 shares in issue and had no shares in treasury.