Miton Group plc (AIM:MGR) commences share repurchases on January 30, 2017 under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2016. As per the mandate, the company is authorized to repurchase up to 8,546,063 shares, representing approximately 5% of the issued ordinary share capital. The minimum repurchase price per share will be 0.1 pence and the maximum price will be no more than 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 immediately preceding the day of purchase and the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange at the time the purchase is carried out. The company will make market purchases of its shares. Repurchases will be on such terms and in such manner as the Board of Directors may from time to time determine. The repurchases will be made for the purposes of section 701 of the Act, within the meaning of section 693(4) of the Act. Unless previously revoked or varied, the share repurchase program will expire at the conclusion of next year’s Annual General Meeting in 2017 or, if earlier, on August 11, 2017, save that the company may, before such expiry, enter into a contract for the purchase of ordinary shares which would or might be completed wholly or partly after such expiry and the company may purchase ordinary shares pursuant to any such contract as if this authority had not expired. On December 22, 2016, the company has given an irrevocable instruction to Peel Hunt LLP to acquire up to 6,606,900 ordinary shares. The maximum price paid per ordinary share shall be the higher of no more than 5% above the average of the middle market quotation of the company's shares for the five business days prior to the day the purchase is made and the higher of the price of the last independent trade and the highest current independent bid for the ordinary shares. Repurchased shares will be cancelled. The shares will be repurchased in order to match the number of shares issued to participants of the Growth Share Plan in 2016. The instruction is subject to a pre-agreed maximum price and general availability of ordinary shares in the market. Due to the limited liquidity in the company's ordinary shares, a buy-back of ordinary shares on any given trading day may represent a significant proportion of the daily trading volume in the ordinary shares on the London Stock Exchange and may exceed the 25% limit of the average daily trading volume as laid down in Article 3 of Commission Delegated Regulation (EU) No 2016/1052. Repurchases are expected to commence in January 2017 and will end upon the publication of the company's results for the year ended December 31, 2016.