J. Smart & Co. (Contractors) PLC (LSE:SMJ) commences share repurchases on January 9, 2017, under the program mandated by the shareholders in the Annual General Meeting held on December 15, 2016. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The company cannot pay a price per ordinary share which is less than the nominal value (2p per ordinary share) or more than 105% of the average of the middle market quotations of the ordinary shares taken from the London Stock Exchange Daily Official Listing for the five business days immediately before the day on which such ordinary shares are purchased. The purpose of the program is to enhance the earnings per share and equity shareholders' funds per share. This authority will be valid until the end of the Annual General Meeting to be held in 2017. As of July 31, 2016, the company had 45,304,000 shares in issue.