The shareholders of Ingenuity Property Investments Limited (JSE:ING) authorized a share repurchase program at its Annual General Meeting on January 27, 2012. Under the program, Ingenuity Property Investments will repurchase up to 20% of its issued capital and 10% of its issued capital in case of repurchases by a subsidiary in any one financial year. The repurchases will be implemented through the order book operated by the JSE trading system, without prior understanding or arrangement between the company and the counterparty. The repurchases will be made at a price not greater than 10% above the weighted average of the market value of the ordinary shares for the 5 business days immediately preceding the date on which the transaction was effected. Ingenuity Property Investments and/or its subsidiaries cannot repurchase shares during a prohibited period. The share repurchase program will expire at the next annual general meeting or after 15 months, whichever is earlier.