J. Smart & Co. (Contractors) PLC (LSE:SMJ) commences share repurchases on February 23, 2021, under the program mandated by the shareholders in the Annual General Meeting held on January 28, 2021. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital as of the date of notice of meeting.

The shares will be repurchased at a minimum price is £0.02 per share exclusive of expenses and the maximum price which may be paid for an ordinary share shall be the higher of 105% exclusive of expenses of the average market value of the company's equity shares for the five business days prior to the day the purchase is made according to the Daily Official List of the London Stock Exchange and the higher of the price of the last independent trade and the highest current independent bid for an ordinary share on the trading venue where the purchase is carried out. The shares repurchased will be cancelled. The purpose of the program is to enhance the earnings per share and equity shareholders' funds per share.

This authority will expire at the earlier of 15 months from the date of passing of this resolution and the conclusion of the next Annual General Meeting. As of July 31, 2020, the company had 42,610,000 shares in issue.