The shareholders of Debenhams plc (LSE:DEB) authorized a share repurchase program at the Annual General Meeting on January 8, 2013. Under the program, Debenhams will repurchase up to 126,244,214 shares, representing 10.04% of its issued share capital. The minimum price which may be paid per ordinary share will be 0.01 pence being the nominal value of each ordinary share.

The maximum price which may be paid for any ordinary share will be 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 of the company and the highest current independent bid for an ordinary share of the Company as derived from the London Stock Exchange Trading system (“SETS”). The share repurchase program will expire at the conclusion of the next Annual General Meeting or after 18 months, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting. As of January 8, 2013, the company has 1,286,828,853 shares in issue and 29,760,167 shares in treasury.