J. Smart & Co. (Contractors) PLC (LSE:SMJ) commences share repurchases on February 5, 2020, under the program mandated by the shareholders in the Annual General Meeting held on December 19, 2019. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The shares will be repurchased at a minimum price is 2p 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 be valid until the end of the next Annual General Meeting or, if earlier, until the close of business on February 11, 2021. As of July 31, 2019, the company had 43,275,000 shares in issue.