Tate & Lyle plc (LSE:TATE) commences share repurchases on January 13, 2017 under the program mandated by the shareholders in the Annual General Meeting held on July 21, 2016. As per the mandate, the company is authorized to repurchase up to 46,643,284 ordinary shares, representing 10% of its outstanding share capital. The minimum price which may be paid for each share shall be the nominal value of that share and the maximum price which may be paid for a share is the higher of 105% of the average of the middle market quotations 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 shares are contracted to be purchased, and the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange as stipulated in commission–adopted Regulatory Technical Standards pursuant to article 5(6) of the Market Abuse Regulation. The repurchases will be made on the open market. The company may either cancel shares which have been repurchased or hold them as treasury shares and either resell them for cash, cancel them, either immediately or at a point in the future, or use them for the purposes of its share incentive plans. The Directors would only use the authority after taking account of the market conditions prevailing at the time, the needs of the company including the need to hold shares in treasury to satisfy awards made under the company’s share incentive plans, its opportunities for expansion and its overall financial position. The Directors would exercise the authority to purchase ordinary shares only if they considered the effect would be an increase in earnings per share and would be in the best interests of shareholders. The company is hereby unconditionally and generally authorized for the purpose of Section 701 of the Act to make market purchases, as defined in Section 693 of the Act. The share repurchase program shall expire at the conclusion of the Annual General Meeting in 2017 or on September 30, 2017, whichever is the earlier, except in relation to the purchase of shares the contract for which was concluded before the expiry of such authority and which might be executed wholly or partly after such expiry, unless such authority is renewed prior to such time. As of June 7, 2016, the company had 468,236,322 ordinary shares in issue and had 1,803,472 ordinary shares in treasury. On January 13, 2017, the company authorized the repurchase of over 2,000,000 ordinary shares, for a total of £15 million. The repurchases will be carried out on the London Stock Exchange. The company intends to hold these shares in treasury to satisfy awards made under employee performance share plans. The repurchases will be executed in accordance with the Listing Rules and the company's general authority to make market purchases of its ordinary shares. The repurchases will end on the expiry of the authority granted in the company’s Annual General Meeting on July 21, 2016.