The Schiehallion Fund Limited (LSE:MNTN) commences share repurchases on November 27, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2023. As per the mandate, the company is authorized to repurchase up 75,014,457 shares, representing 14.99% of its outstanding share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is $1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority 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 as derived from the London Stock Exchange Trading System.

The shares purchased may either be cancelled or held as treasury shares, which may then be used for for future reissue, resale, transfer or cancellation. The offer will expire at the conclusion of the Annual General Meeting of the Company to be held in respect of the year ending January 31, 2024. As of MArch 2, 2023, the company had 500,430,002 ordinary shares and 700,000,000 C shares in issue.