The shareholders of Smiths News Plc (LSE:NWS) authorized a share repurchase program at its Annual General Meeting on January 24, 2013. Under the program, the company will repurchase up to 18,381,937 shares, representing 10% of its issued share capital. The minimum price which may be paid per ordinary share will be £0.05.

The maximum price which may be paid for any ordinary share shall be equal to the amount 105% of the average of the closing price of the company's ordinary shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased. Unless previously renewed, varied or revoked by the company in a General Meeting, the program will expire at the conclusion of the next Annual General Meeting or on February 28, 2014, whichever is earlier. As of October 31, 2012, the company had 183,819,376 shares in issue.