The shareholders of Marston's plc (LSE:MARS) authorized a share repurchase program at its Annual General Meeting on January 22, 2013. Under the program, Marston's will repurchase up to 57,100,927 shares, representing 10% of its issued capital. The minimum price which may be paid per ordinary share will be 7.375 pence.

The maximum price which may be paid for any 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 share is contracted to be purchased; and 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. Any shares purchased under this authority may either be cancelled or held as treasury shares (treasury shares may subsequently be cancelled, sold for cash or used to satisfy options issued to employees pursuant to the Company's employees' share schemes). The Directors have no present intention of exercising the authority to purchase the company's ordinary shares but will keep the matter under review.

Further, the Directors will only exercise this authority after taking into account the effects on earnings per share and the benefit to shareholders generally. The 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 November 29, 2012, the company has 601,171,615 ordinary shares of which 30,162,339 shares are held in treasury.