The shareholders of ITE Group plc (LSE:ITE) authorized a share repurchase program at its Annual General Meeting on January 31, 2013. Under the program, the company will repurchase up to 24,886,340 ordinary shares, representing 10% of its issued share capital. The company is generally and unconditionally authorized for the purpose of sections 693 and 701 of the Companies Act 2006, to make one or more market purchases within the meaning of section 693(4) of the Companies Act 2006.

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 in 2014, or after 15 months from this repurchase program, whichever is earlier.

As of December 21, 2012, the company had 248,863,407 shares in issue.