Calculus VCT plc (LSE:CLC) commences share repurchase program on January 3, 2018 under the program mandated by the shareholders in the Annual General Meeting held on August 29, 2017. As per the mandate, the company is authorized to repurchase up to 1,323,009 shares, representing 14.99% of its issued share capital. The minimum price that may be paid per share is £0.01 per share and the maximum price may be an amount equal to the higher of 105 per cent of the average of the middle market quotation per share taken from the London Stock Exchange daily official list for the five business days immediately preceding the day on which such share is to be purchased and the amount stipulated by Article 5(1) of the Buy Back and Stabilization Regulation 2003. The repurchased shares may be cancelled or retained in its treasury for future re-issue. The company may make a contract to purchase shares under the authority conferred by this resolution prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make a purchase of such shares pursuant to such contract. The authority shall expire on the conclusion of the annual general meeting of the company to be held in 2018, unless such authority is renewed prior to such time. As on August 2, 2017, the company had 8,825,947 ordinary shares in issue.