The shareholders of British Assets Trust plc authorized a share repurchase program at its Annual General Meeting on January 29, 2013. Under the plan, the company will repurchase up to 43,637,731 shares, representing 14.99% of its issued capital. The minimum price which may be paid per ordinary share will be £0.25.

The maximum price which may be paid for any ordinary share shall not be more than the higher of 5% above the average closing price on the London Stock Exchange of an ordinary share over the five business days immediately preceding the date of purchase and the higher of the last independent trade and the highest current independent bid on the London Stock Exchange. The share repurchase program will expire at the conclusion of the next Annual General Meeting or on July 29, 2014, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting. As of November 26, 2012, the company has 291,112,282 shares in issue.