The shareholders of Bellway plc (LSE:BWY) authorized a share repurchase program at its Annual General Meeting on January 11, 2013. Under the program, Bellway will repurchase up to 12,147,120 ordinary shares, representing 9.99% of its ordinary issued capital and 20,000,000 9.5% Cumulative Redeemable Preference shares 2014, representing 100% of its issued preference share capital. The minimum price which may be paid per ordinary share will be £0.125.

The maximum price which may be paid for any ordinary share will 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. The minimum price which may be paid per preference share will be £1. The maximum price which may be paid for any preference share will be an amount calculated in accordance with the provisions contained in the Articles of Association. The share repurchase program will expire at the conclusion of the next Annual General Meeting or after 15 months, whichever is earlier, unless previously renewed, varied or revoked by the company in a General Meeting.

As of January 11, 2013, the company has 121,596,818 ordinary shares in issue.