The shareholders of Wolseley plc (LSE:WOS) authorized a share repurchase program at its Annual General Meeting on November 29, 2012. Under the plan, the company will repurchase up to 27,390,080 ordinary shares of 10.45 pence, representing approximately 9.56% of its issued share capital or if resolution 18 is not passed or does not become effective, 28,635,080 ordinary shares of 10 pence, representing approximately 10% of its issued share capital. The minimum price (exclusive ... of expenses) which may be paid for each ordinary share will be, if resolution 18 is passed, 10.45 pence; or if resolution 18 is not passed, 10 pence. The maximum price (exclusive of expenses) which may be paid for each ordinary share is the higher of, either an amount equal to 105% of the average of the middle market quotations of an ordinary share of the company as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the 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. Treasury shares may be subsequently cancelled, sold for cash or used to satisfy options issued to employees for the purpose of employee share schemes. Further, the Directors intend to use this authority to buy back shares only if they believe that to do so would have a positive effect on earnings per share and would be in the best interests of shareholders taken as a whole. The plan will expire at the conclusion of the next Annual General Meeting of the company or after 18 months, whichever is earlier. As of November 28, 2012, the company has 286,442,905 shares in issue and no shares in treasury.
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