The shareholders of Adcock Ingram Holdings Limited (JSE:AIP) authorized a share repurchase program on January 31, 2013. Under the plan, the company will repurchase up to 20% of its issued share capital. The number of shares acquired by subsidiaries of the company shall not exceed 5% in the aggregate of the number of issued shares in the company at the relevant times.

Repurchases may not be made at a price more than 10% above the weighted average of the market value on the JSE for the five business days immediately preceding the repurchase. Repurchases may not take place during a prohibited period unless a repurchase program is in place and full details thereof announced on SENS prior to commencement of the prohibited period. Repurchases may only take place if, after such repurchase, the shareholder spread of the company still complies with Listings Requirements of the JSE.

Also, at any point in time, the company may only appoint one agent to effect repurchases on its behalf. After the company has acquired shares which constitute, on a cumulative basis, 3% of the number of shares in issue, the company shall publish an announcement to such effect, or any other announcements that may be required in such regard in terms of the Listings Requirements of the JSE which may be applicable from time to time. The group will, prior to undertaking an acquisition, obtain a working capital letter from its sponsor.

The plan will expire at the conclusion of the next Annual General Meeting of the company or after 15 months, whichever is earlier.