UIL Limited(LSE:UTL) commences share repurchases on January 16, 2018 under the program mandated by the shareholders in the Annual General Meeting held on November 22, 2017. As per the mandate, the company is authorized to repurchase up to 13,520,000 shares, representing 14.99% of its issued share capital. The minimum price which may be paid shall be £0.10 per share. The maximum price that can be paid is the higher of 105% of the average of the mid-market quotations of the ordinary shares for the five business days immediately before the date of purchase; and the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. Any ordinary shares purchased by the company may be held in treasury or cancelled. Any purchase of shares would be funded from the company’s own cash resources or, if appropriate, from short-term borrowings. The board intends to seek a renewal of such authority at subsequent AGMs. Unless renewed, the authority hereby conferred shall expire at the conclusion of the Annual General Meeting to be held in 2018 save that the company may, prior to such expiry, enter into a contract to purchase ordinary shares which will or may be completed or executed wholly or partly after the expiration of such authority.