Television Broadcasts Limited (SEHK:511) announces a share repurchase program. Under the program, the company will repurchase up to 138,000,000 shares, representing 31.51% of the issued share capital. The shares will be purchased at a purchase price of HKD 30.50 per share. The offer, if accepted in full, will result in the company paying approximately HKD 4,209 million to the accepting shareholders. Shares repurchased will be treated as cancelled. The consideration for the offer will be paid in cash and will be funded by existing cash resources of the Group. The offer will be made in full compliance with the Takeovers Code and the Share Buy-back Code. All shares validly tendered will be repurchased to the extent that the aggregate number of shares repurchased pursuant to the offer will not thereby exceed the maximum number. If the number of shares validly tendered exceeds the maximum number, the number of shares to be repurchased from each accepting shareholder will be reduced proportionally so that the number of shares repurchased by the company in aggregate is equal to the maximum number. The offer is not conditional upon a minimum number of shares being tendered for repurchase. The offer is subject to the passing of an ordinary resolution by way of a poll to approve the offer by the independent shareholders, either voting in person or by proxy, at the Extraordinary General Meeting (EGM), the passing of an ordinary resolution by way of poll to approve the whitewash waiver by the independent shareholders, either voting in person or by proxy, at the EGM, the whitewash waiver being granted by the executive and such whitewash waiver not having been withdrawn and no regulatory authority having objected to close of the offer by way of notification in writing on or prior to the date of the EGM. As of January 24, 2017, the company has 438,000,000 issued shares.