UIL Limited (LSE:UTL) commences share repurchases on December 17, 2020, under the program mandated by the shareholders in the Annual General Meeting held on December 8, 2020. As per the mandate, the company is authorized to repurchase up to 12,880,000 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share for the five business days immediately preceding the day on which the 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 current highest independent bid for an ordinary share on the trading venue. The shares purchased will be cancelled immediately upon completion of the purchase or held, sold, transferred or otherwise dealt with as treasury shares. The authority shall expire at the conclusion of the next Annual General Meeting of the company. As of October 27, 2020, the company had 85,939,314 ordinary shares in issue.