Stenprop Limited (JSE:STP) commences share repurchases on January 22, 2019, under the program mandated by the shareholders in the Annual General Meeting held on September 12, 2018. As per the mandate, the company is authorized to repurchase up to 42,263,271 shares, representing up to 14.99% of its issued share capital. The shares will be purchased at a minimum price of 1 pence per share and maximum price which is higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the date on which that ordinary 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 on the trading venues where the purchase is carried out. The repurchased shares will be held in treasury. The plan will expire at the conclusion of the next Annual General Meeting of the company or December 12, 2019, whichever is earlier. As of July 19, 2018, the company had 291,769,295 shares in issue including 9,826,189 shares held in treasury.