Better Capital PCC Limited (LSE:BECAP) commences share repurchases on December 21, 2016, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 7, 2016. As per the mandate, the company is authorized to repurchase up to 57,096,555 2012 shares, representing 16.47% of its issued share capital. These shares will be repurchased from BECAP12 Fund LP (Fund II). Initially the company will repurchase 28,548,278 shares, representing half of the holding of the Fund II and thereafter the remaining shares on one or more occasions as determined by the Board. The 2012 shares shall be purchased at the volume weighted average price ("VWAP") of the 2012 shares on the immediately preceding business day. provided that (in accordance with the Listing Rules) such price shall not exceed and shall be limited to a price per 2012 share being not more than the higher of (i) 5% above the average market value of the 2012 shares for the five business days prior to the day the purchase is made and (ii) the value of a 2012 share calculated on the basis of the higher of the price quoted for (a) the last independent trade of and (b) the highest current Independent bid for, any number of the 2012 shares occurring before the relevant completion date. The company will immediately cancel all the 2012 shares it acquires from Fund II. The repurchase of 2012 shares by the company from Fund II is being implemented in order to crystallize value for 2012 shareholders. This authorization will be valid till June 30, 2021. As of December 21, 2016, the company has 346,600,520 2012 shares in issue.