Highbridge Multi-Strategy Fund Limited (LSE:HMSF) commences share repurchases on December 18, 2018 under the program mandated by the shareholders in the Annual General Meeting held on August 2, 2018. As per the mandate, the company is authorized to repurchase up to 15,104,879 shares, representing 14.99% of each class of shares in issue. The maximum price which may be paid for a share shall be the higher of an amount equal to 105% of the average of the middle market quotations for a share for the five business days immediately preceding any such purchase; and the price of the last independent trade and highest current independent bid on the London Stock Exchange when the purchase is carried out, provided that the company shall not be authorized to acquire shares at a price above the estimated prevailing net asset value per share on the date of purchase; and the minimum price which may be paid for a share shall be one penny. The purpose of the program is to either cancel or hold such shares as treasury shares. The program will expire on the earlier of December 31, 2019 or the date of the next Annual General Meeting of the company save that the company may, prior to such expiry, enter into a contract to purchase shares, which trade may be executed wholly or partly after such date.