The shareholders of Cairn Energy plc (LSE:CNE) authorized a share repurchase program at the Annual General Meeting on May 16, 2013. Under the program, the company will repurchase up to 90,429,772 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for any such ordinary share shall not be less than the nominal value of that share at the time of purchase and the maximum price (exclusive of expenses) which ... may be paid for any ordinary share purchased pursuant to this authority is an amount equal to the higher of, either an amount equal to 105% of the average of the middle market prices shown in the quotations for the company’s ordinary shares in the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which that ordinary share is contracted to be purchased; or an amount equal to the higher of the price of the last independent trade of an ordinary share and the highest current independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The plan will be valid till the next Annual General Meeting in 2014 or till June 30, 2014, whichever is earlier. As of April 12, 2013, the company has 603,267,330 issued ordinary shares.
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