The shareholders of Topps Tiles plc (LSE:TPT) authorized a share repurchase program at its Annual General Meeting on January 23, 2013. Under the program, the company will repurchase up to 28,586,053 shares, representing 14.89% of its issued capital. The minimum price exclusive of any expenses, which may be paid for an ordinary share is 31/3p.

The maximum price, exclusive of any expenses, which may be paid for an ordinary share is an amount equal to 105% of the average of the middle market quotations for an ordinary share derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the date on which such ordinary 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. As of November 26, 2012, the company has 191,852,710 shares in issue.