M&G Credit Income Investment Trust plc (LSE:MGCI) commences share repurchases on July 14, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 8, 2022. As per the mandate, the company is authorized to repurchase up to 21,041,915 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 5% of the average of the middle market quotations for an ordinary share for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share.

The repurchases will lead to an increase in the net asset value per share for the remaining shareholders. The authority shall expire at the conclusion of the Annual General Meeting of the company to be held in 2023. As of March 24, 2022, the company had 140,373,022 ordinary shares in issue and 4,372,749 ordinary shares in treasury.