The shareholders of Mitchells & Butlers plc (LSE:MAB) authorized a share repurchase program at its Annual General Meeting on January 26, 2012. Under the program, the company will repurchase up to 40,950,326 shares, representing 10% of its issued capital. The minimum price which may be paid per ordinary share will be 813/24p. The maximum price which may be paid for any ordinary share is an amount equal to the higher of 105% of the average of the middle market quotations for an ordinary share, as derived from The London Stock Exchange Daily Official List, for the five business days before the day on which such share is purchased and that stipulated by Article 5(1) of the Buyback and Stabilization Regulation 2003. The program will expire at the conclusion of the next Annual General Meeting or on March 26, 2013, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting. As of December 15, 2011, the company had 409,503,265 shares in issue.