The Berkeley Group Holdings plc (LSE:BKG) commences share repurchases on January 12, 2016 under the program mandated by the Annual General Meeting held on September 6, 2016. As per the mandate, the company is authorized to repurchase up to 13,665,718 shares, representing 10% of its share capital. The shares will be repurchased in the market. The minimum price that may be paid for each ordinary share is 5p exclusive of expenses, and the maximum price that may be paid for each ordinary share is an amount equal to 105% of the average of the middle market quotations for the ordinary shares as derived from the Daily Official List of the London Stock Exchange plc for the five business days immediately preceding the day on which such share is contracted to be purchased; and the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out, as stipulated by article 5(1) of the EU Buyback and Stabilisation Regulation 2003 (No. 2273/2003). The shares repurchased by the company under the authority would either be cancelled or held as treasury shares. The shares will be repurchased for the purpose of satisfying employee share schemes. The shares will be repurchased in accordance with section 701 of the Act. Unless previously renewed, revoked or varied, the share repurchase program shall expire at the earliest of the conclusion of the next Annual General Meeting or on October 31, 2017. As of June 30, 2016, the company had 138,257,183 shares in issue and holds 886,833 shares in treasury.