The shareholders of Euromoney Institutional Investor plc (LSE:ERM) authorized a share repurchase program at its Annual General Meeting on January 26, 2012. Under the program, the company will repurchase up to 12,129,440 shares, representing 10% of its issued capital. The maximum price at which shares may be purchased is an amount equal to 105% of the average of the middle market quotations derived from the Daily Official List for the ten business days immediately preceding the day on which the ordinary shares are contracted to be purchased, and the minimum price at which ordinary shares may be purchased is 0.25 pence per ordinary share, in both cases exclusive of expenses. The program will expire at the conclusion of the next Annual General Meeting, unless previously renewed, varied or revoked by the company in a general meeting. As of December 9, 2011, the company has 121,294,398 shares in issue.