The shareholders of ITE Group plc (LSE:ITE) authorized a share repurchase program at its Annual General Meeting on January 26, 2012. Under the program, the company will repurchase up to 24,856,874 ordinary shares, representing 10% of its issued share capital. The minimum price which may be paid for such ordinary shares is 1 penny per share. The maximum price which may be paid for an ordinary share cannot be more than an amount equal to the higher of either an amount equal to 105% of the average of the closing middle market price for an ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately prior to the day the purchase is made and the price stipulated by Article 5(1) of Commission Regulation (EC) No 2273/2003 (the Buy-back and Stabilization Regulation). Unless previously renewed, varied or revoked, the share repurchase program shall expire at the earliest of the conclusion of the next Annual General Meeting or after 15 months, whichever is earlier. As of December 20, 2011, the company has 248,568,749 shares in issue.