Next plc (LSE:NXT) commences share repurchases on January 5, 2016 under the program mandated by the shareholders in the Annual General Meeting held on May 14, 2015. As per the mandate, the company is authorized to repurchase up to 22,915,000 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share will not be less than 10p, the nominal value of each ordinary share and the maximum price which may be paid for each ordinary share will not be more than 105% above the average middle market quotations for the ordinary shares taken from the Daily Official List of the London Stock Exchange for the five business days immediately before the date of purchase.

The company will also enter into agreements to be entered into between the company and each of Goldman Sachs International, UBS AG, Deutsche Bank AG and Barclays Bank plc and are approved and the company be and is authorized to enter into the Program Agreements and all and any forward trades which may be effected or made from time to time under or pursuant to the program Agreements for the off-market purchase by the company of its ordinary shares of 10 pence each for cancellation. This program will expire at the conclusion of the next Annual General Meeting of 2016 or on August 1, 2016, whichever is earlier. As of March 18, 2015, the company had 152,873,556 shares in issue.