The shareholders of John Lewis of Hungerford plc (AIM:JLH) authorized a share repurchase program at its Annual General Meeting on January 21, 2013. Under the program, the company will repurchase up to 28,011,827 shares, representing 15% of its issued capital. The minimum price which may be paid per ordinary share will be the nominal value of a share.

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 program will expire at the conclusion of the next Annual General Meeting or after 12 months, whichever is earlier, unless previously renewed, varied or revoked by the company in a general meeting.